{"id":27356,"date":"2014-09-04T12:11:59","date_gmt":"2014-09-04T02:11:59","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27356"},"modified":"2024-08-28T14:33:57","modified_gmt":"2024-08-28T04:33:57","slug":"fear-of-selling-leading-to-lapses","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/09\/04\/fear-of-selling-leading-to-lapses\/","title":{"rendered":"\u2018Fear of Selling\u2019 Leading to Lapses"},"content":{"rendered":"<p><span style=\"font-size: 14px; line-height: 1.5em;\">The new generation of risk advisers are scared of selling, and this is contributing to the increasing number of lapses experienced by Australian insurers, according to Synchron Director, <strong>Don Trapnell<\/strong>.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_22984\" aria-describedby=\"caption-attachment-22984\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2013\/09\/Don-Trapnell-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-22984\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2013\/09\/Don-Trapnell-2.jpg\" alt=\"Don Trapnell\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-22984\" class=\"wp-caption-text\">Don Trapnell<\/figcaption><\/figure>\n<p>Mr Trapnell observed that one of the primary reasons for life insurance policy lapse is that clients fail to fully appreciate the emotional reasoning behind keeping a policy intact. He said the reason they do not appreciate it is because advisers are now afraid of appearing to be \u2018selling\u2019.<\/p>\n<p>\u201cLife insurance cannot be bought, it must be sold,\u201d Mr Trapnell said. \u201cIt is an emotional rather than a logical purchase. When looked at logically, when clients purchase a life insurance policy they pay premiums for something they can never enjoy. What they are paying for is protection for their family \u2013 and that\u2019s an emotional purchase.\u201d<\/p>\n<p>According to Mr Trapnell, political correctness has bred a new generation of risk advisers, who believe the only way to convince their clients of the need for life insurance is with facts and figures.<\/p>\n<blockquote><p>&#8230;in the area of risk, it is appropriate to introduce emotion into the conversation<\/p><\/blockquote>\n<p>\u201cAlthough it is vital for younger advisers to have technical knowledge, they also need to be mentored by more experienced advisers who have been through a period where \u2018sales\u2019 was not a dirty word.<\/p>\n<p>\u201cLooking at RG146, there isn\u2019t one section that teaches sales skills. There is no acknowledgment that in the area of risk, it is appropriate to introduce emotion into the conversation.\u201d<\/p>\n<p>Mr Trapnell highlighted that if a risk adviser can effectively explain to the client the emotional reasons for keeping a life insurance policy in place, that emotional tie will stay with the client long after they walk out of the meeting.<\/p>\n<p>\u201cWe need newer advisers to learn those skills again. The pendulum of political correctness has swung too far and the reasoning behind the whole purpose of life insurance has swung with it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new generation of risk advisers are scared of selling, and this is contributing to the increasing number of lapses experienced by Australian insurers, according to Synchron Director, Don Trapnell.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3,248],"tags":[],"class_list":{"0":"post-27356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-dealer-groups","7":"category-general","8":"category-training","9":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27356"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27356\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}