If the monthly insurance premium becomes too much to bear, there are two things you can do- grin and bear it, or call an expert, who ‘really knows the business,’ and ask him or her for honest and transparent advice.
Getting out of insurance to avoid paying hefty premium can never be an option. For, as we often say, ‘Sooner or later, you will need Insurance’ and ‘Never let go the policy you have, you may not be eligible again.’
The ‘Rethink syndrome’ could affect people.
Anand Srinivasan, who was honoured with the ‘New Insurance Adviser of the Year’ Award at the Professional Advisers Association (PAA) Excellence Awards in Auckland on August 3, 2017 (Indian Newslink, October 1, 2017) is an Insurance Adviser of a different kind.
‘Brisk Insurance,’ which he established in 2015, lives by its name in settling claims but takes its time in arranging various policies because, as he says, “It is important to understand the needs of people, their circumstances and other factors. Most people do not read the ‘small print,’ and when there is a claim, realise the perils of not having understood the implications of insurance.”
Soon after migrating to New Zealand in 2005, he began his career in the business development department of an insurance company, rose to the level of Manager three months later and then as National Manager, Key Relationships.
Nine years later, he established ‘Brisk Insurance’ and designs insurance plans specific to circumstances of people covering Life, Disability and Health Insurance advice.
A good example
Mr Sreenivasan often helps people who are not his clients.
“A woman, experienced a hike in her insurance premium and was finding it difficult to pay $726 every month. She had received a trauma claim and was aware that keeping the insurance policy was critical. I removed the optional benefits from her life cover policy – which were not required under her current circumstances and changed her occupation on the income protection policy from Hairdresser to Administration Manager, which was reflective of her current role and increased her waiting period as she had savings. These few changes alone reduced her insurance premium to $490 per month – a saving of $236 per month, with no compromise on amount and quality of cover,” he said.
The woman was not only grateful but was also regretful that she did not seek proper advise earlier, enabling her to save thousands of dollars.
No DIY Please!
Mr Sreenivasan feels sorry for people who buy DIY insurance and keep on paying insurance premiums without taking advice from an insurance adviser.
“That is a recipe for disaster,” he said.
He follows a formula which had benefited those who cared to seek his advice.
“E + R = O is a good equation to achieve. E is an Event that occurs, R is your response that determines O, the outcome. This Formula has stood the test of time for me when a claimable event occurs. Clients tend to be emotionally charged when filing a claim. They therefore need someone who helps balance their expectations and reactions with the insurance company’s requirements, to get the best possible for all parties,” he said.
Mr Sreenivasan believes that technology accords ample opportunities for insurance advisers to grow and offer better services to people.
“It is said that most people look at their mobile phone at least 150 times a day. I often ask myself, ‘Do you feature your service in the client’s world? Smartphones, with Internet has brought the world to your fingertips. Use of technology opens us up to a wide audience and gives us the ability to communicate effectively, be it through social media or blogs. This can have a positive impact on my business.”
Advisers under threat
Unwillingness or inability to change could be costly, he said.
“We are going through an era of change, and can expect rapid changes in all aspects of life. What is new today can become obsolete within five years, so advisers have to change their process and habits of engagement to be in tune with the industry changes,” Mr Sreenivasan said.
The above article is based on an interview by Susan Edmunds in goodreturns.co.nz sent to us by Anand Sreenivasan with permission to adopt it to suit our style. Another article, titled, ‘New regulations to lift professional standards of advisers’ appears in this Section.
Good insurance cover gives you that secured feeling. Anand Srinivasan glides in comfort.