Make Your Words Work. Language to Drive Your Disability Insurance Client Discussions

Transcription

1 Make Your Words Work Language to Drive Your Disability Insurance Client Discussions May 12, 2015

2 Agenda Why the Research Sutton White MetLife Meet maslansky + Clint Sievers maslansky + partners The Research Findings Kisha Craig MetLife Putting Your Words to Work Susan Nastasi Doug Rodgers MetLife

3 Why the Research Challenges and opportunities Connecting the dots Research objective

4 Challenges and Opportunities Reaching Consumers Inundated with messages from many angles 3,000 messages per day 1 - plus social media Producers have a narrow window for consumers attention Consumers don t connect the dots Client s rationalize why they don t need DI Many don t associate the risk of NOT having some type of plan in place Sales language focuses on positioning a product instead of solving for a need Clients are less receptive to product pitches Lacks a personalized message Certain concepts derived from: 1

5 Connecting the Dots 63% Most people need disability insurance 1 48% I need disability insurance 1 29% I have disability insurance 1 Disconnect between understanding the need and implementation The concept of protecting income is attractive Not seen as a necessary item How do we reframe the conversation? My clients quickly discount disability. It might be the way that I present it, but that s the way it ends up in my book. - DI Non-seller I don t believe a lay person understands the term disability insurance. I think people immediately tune out when that term is used. - DI Wholesaler Insurance Barometer Study, LIMRA

6 Research Objective The Key Question = How can we help advisors and wholesalers have more effective conversations that provide solutions to more clients?

7 Meet maslansky+ Who we are What we did Today s reality

8 Who We Are Our approach: It s not what you say, it s what they hear Sending a message is easy. Truly communicating is hard Finding the right language is what we do Our experience: Messaging research for MetLife annuity and life insurance products Tested responses to key messages among hundreds of consumers, financial advisors, and producers Message socialization and collateral development to help drive results

9 What We Did Consumer perspective: Employed full-time (50/50 mix of healthcare and non-healthcare workers) Ages 25 50, have children, household income of $75,000+ Conducted three-hour qualitative response sessions in Charlotte and St. Louis participants per response session Industry perspective: Currently selling life insurance; licensed but not currently selling DI Advisors, wholesalers, and brokerage partners 45-minute interviews conducted via phone and web

10 What We Did Quantitative Response Sessions Tested language from marketing collateral from both MetLife and key competitors Consumers saw more than 20 different sales presentations in three categories Protect your lifestyle Negative consequences of losing one s income Strengthen your financial security Positive impact of being prepared for the unexpected Build a foundation Income as an asset and base assumption that clients will need income to sustain their financial plans

11 Today s Reality Clients assume group coverage is enough Advisors worry about harming client relationships Assumptions lead to fewer conversations and fewer sales A more positive, benefits-oriented approach to the disability insurance conversation is needed Advisors and wholesalers need new ideas to overcome initial barriers and continue the conversation

12 The Research Findings Begin the Conversation Shift the Conversation Sustain the Conversation

13 Begin the Conversation Income Protection The idea of protecting clients income is attractive Disability insurance = Income Protection Most clients understand the importance of their income Monthly benefits from DI can help keep your clients financial goals on track until they return to work Position DI as the policy that protects everything else People may not equate the term disability insurance to protecting their income. But that s what it s there for. It s protecting your lifestyle. Non DI Seller Use the right language to have patient, targeted conversations with the right clients Use the ideal client profile to pinpoint best targets

14 Begin the Conversation The Right Clients IDEAL CLIENT PROFILE Employed full time Ages Have children Household income of $75,000 or more Occupation groups include: Medical & dental professionals Business owners Grey & white collar professionals Corporate managers & executives

15 Shift the Conversation A New Approach Protection against disability Protection for income Thinking about it as income insurance makes it real. If I do become disabled and I can t work, my income will still be coming in. That s important. Participant, St. Louis Isolating the DI conversation Connecting DI to a broader insurance conversation I put a lot of stock in life insurance, but now I m thinking...i may really have to switch my focus. Consumer, St. Louis I like the idea of learning about the coverage I already have through work. To be honest, I don t really understand it. Participant, Charlotte Scare tactics & unrealistic promises Stability The reality is that your lifestyle is going to change if you become disabled, and you just want to know if you re going to be able to keep it stable. Participant, St. Louis 15

16 Sustain the Conversation Eliminating Self-Sabotage Consequences of not having DI Realistic benefits of having DI Individual vs. Group Supplemental to Group Using Raw Statistics Customization Comparing DI to Auto/Home Compliment to the Life Insurance One-Size-Fits-All Targeted DI strategies

17 Make Your Words Work Avoid Language Landmines Shift Away Shift Towards Will not/ May not/ Cannot Scare tactics Impacts of no DI Selling against group DI Comparisons to auto/home Overly aspirational language Negativity High pressure Uncertain financial future Raw statistics Focusing on the sale No DI sales strategy Overselling Income protection Stability Strengthen your financial security Supplemental to group DI Complement to life insurance Realistic benefits Positivity Patience May not need Educate Empower the client Targeted DI sales strategies Leading

18 Putting Your Words to Work Building a new conversation Susan Nastasi MPCG Doug Rodgers Brokerage

19 Building A New Conversation An effective client conversation puts the client in control by affirming their smart decision to protect their income, leading them through a positive conversation focused on the benefits of DI, and ultimately empowering them to make their OWN decision.

20 Words that Work in Action Susan Nastasi MetLife Regional Sales Director MetLife Premier Client Group Doug Rodgers MetLife National IDI Sales Manager Third Party Brokerage

21 Kisha Craig

22 Additional Resources Available DI Words that Work Microsite Test Your Knowledge Activity DI Words that Work Playbook DI Words that Work Videos Available on Words that Work and DIAM microsites Wholesaler Talking Points Available upon request

23 Disability insurance is issued by Metropolitan Life Insurance Company, New York, NY All policies, riders and provisions may not be available in all states, at all issue ages and to all occupational classes. Metropolitan Life Insurance Company New York, NY BDDI24852 L [0516][ All States][DC] 2015 METLIFE, INC. PEANUTS 2015 Peanuts Worldwide