Insurance has become such a nightmare of a process to get done.
Did you know that there are seven steps that need to be completed before you actually even
get to application stage?
Having helped thousands of people with insurance applications over time, it's very rare that
we get to the end of the process and everybody feels super excited.
In this video, I'm gonna share with you the seven steps that need to get done as well
as some tips for making sure that things are easier for you, helping you to get this sometimes
nightmarish task off your list and completed in the most pain-free and effective way. Stay tuned.
In an earlier video, I'll include the links to, I spoke about Darius's article about procrastination.
And in that same article, he talked about the motivation that we had to get tasks done
when we decided that we're gonna do it.
This diagram shows that at the start of a task, we're so motivated to be productive
and get that task done, but as the task progresses, we get to a point where our productivity drops
and our motivation to get that task complete falls away, almost altogether.
Unfortunately, the insurance process is a bit of a nightmare and takes a really long
time.
So, all good intentions start off at high productivity levels, high motivation to get
things done, but by the time you've gone through the whole process, your motivation and your
energy required to get that job done has really dropped and tapered off quite dramatically.
There are actually seven steps that need to happen before you even get to a stage where
you can submit an application when you go through the process with an advisor, which
to me, indicates that this time required is so much bigger than what most people think.
The ease of their advertisements on TV for no questions asked, application in minutes,
all those sorts of things, are really quite real when you take this into consideration
of how long things actually take to get done when you go through the channel of seeking
help from an advisor.
So here are the seven steps that I believe need to get done before you even get to the
application stage.
Step number one is that you need to actually connect with the decision to get the insurance
in the first place.
So, we spoke about that internal motivation before.
You need to have a powerful drive and a powerful reason for getting insurances sorted out in
the first place.
That might be buying a house, getting investment property, starting a family; these are the
big triggers that I see as the major reason that people contact me in the first place.
Secondly, you're then tasked with the job of finding the person to work with, so you
need to start doing some research, you need to ask friends and family for referrals, you
need to look into them online.
You also need to educate yourself on what questions to ask so you know what to expect
when you go into that first meeting.
Once you've picked that appropriate person, the third thing you need to do is you need
to meet with that person and then share your personal story, and go through the process
of giving them all the information that they need to help you with your journey to get
insurance.
From there, you're often asked to gather all the information that you'll need, so that's
statements from your current providers, superannuation statements, driver's licences, signing forms,
all that sort of thing which you're required to do to get the information across to the
person you've asked to help you out, so that they can further assist you with what they
need to do.
From there, all the hard work from you're end has really been done, so the fifth thing
that needs to happen is you need to wait for that person to then go and do the legwork,
to research your current providers, to also come back to you with a gap analysis based
on the information that you've provided them, do the quotes and processing, and all that
sort of thing, and put together that report to go through together with you.
You then sixth, need to sit down with them and go through that together and listen to
how they've justified the numbers and where the pricing comes from and the structure that's
been set up and all that sort of thing, and go through that whole process.
And then finally number seven, you need to actually digest all that information, come
back with alternates, make sure that the scenario and the strategy that's been put forward and
decided upon actually suits you.
So you can see that the seven steps that are required, and we haven't even got to the stage
where we submit an application.
Going back to that original diagram, you can see that, with even the best intentions, at
the start our motivation might of been really high, and we might of connected it 100% with
the fact that we're starting a family and all those sorts of things, but now we've gone
through seven steps, and potentially weeks, of back and forward, and chasing and talking
about it.
It's actually difficult to remember why we started in the first place.
I'm a massive believer in getting the right advice, and I do believe speaking to someone
who does this day in day out's the right move.
The reason I say that is that there's other people that have done this before and perhaps
seen things that you might not of thought about yourself.
For me, I'm super passionate about trying to make those seven steps are smooth and as
pain-free as possible, but unfortunately they need to be followed.
So here's three tips for you that I have to make this process as easy and simple as possible.
The first piece of advice I have is once you've decided that you've got that internal motivation,
is to chunk down the task that you need to get done.
I use an online tool called Asana, for everything in my life, from running the business to personal
tasks, all that sort of thing.
So if you're looking at those sorts of things, Asana, Trello, all those sorts of things are
really, really good for this.
But an old school way of doing it such as a diary or your calendar will work equally
as well.
I believe with the seven tasks there's three key areas that need to be focused on and three
ways to chunk this down even further.
The first chunk of time that you need to set aside is to look at the first two tasks on
that list.
That's number one, connecting with the internal motivation required to get this done, and
number two, doing the research into the person that you're gonna work with.
Put some time aside to do some research into what you're looking for, so that's gonna be
asking friends for referrals, who they've used in the past, going onto LinkedIn, going
onto their website, Googling things through Finder, doing as much research as you possibly
can, so that when you do eventually meet with people, you've got the right questions to
ask that person in that first meeting.
Once you've done that, the second chunk of time needs to come down to that meeting itself.
And things that you can do to be more prepared for that are having the statements that you
have for your super funds, for your insurance providers, bank statements, all that sort
of thing handy, so that you're ready to go with all that information.
Then you can also put aside some time after the meeting to get all the required follow
up that that person might request from you as well.
Once you've got all that information across, it really is on the other person that you've
met with to come back to you with what they believe you need.
So the third chunk of time that you need to set aside is for reviewing their recommendations
and also asking questions and having that plan further tailored based on the questions
that you've now learned that are more relevant to your personal situation.
Unfortunately as advisors, we have this ridiculously lengthy process that we have to follow, but
without understanding of the time frames that it takes to get done, it's often misunderstood
that it's us taking our time for the sake of it.
For me, chunking this down into smaller bite size pieces, not only keeps you motivated,
but gives us an understanding of where we are on that journey.
My goal is that for anyone that's looking to get insurance, the process should be as
simple as possible and by the time that you have the insurance cover in place, you actually
feel like you've got what you wanted out of it.
You've connected with the internal motivation, you've go the outcome that you desired, and
you can move on and just get on with your life.
We've got a number of ways for making this easier for people and there's some super interesting
technologies that are around for collecting information and all that sort of thing too.
If you wanna put in the comments below, interested, I can flick you a couple of things that we're
using to try and help make this process a lot easier.
I understand that getting insurances sorted out is a bit of a nightmare and not the most
exciting thing that you'll do in a year.
Hopefully, by giving you the seven steps that I think are really important in the lead up
to an application, you'll be able to set aside the appropriate amount of time that you need
to do to chunk this down into achievable goals so that you don't feel that you're again failing
to get this done or you don't understand what steps are involved to get this sorted out.
In addition to this, I hope that the tips that I provided by chunking it down and some
of the strategies that I use to get these goals done for people, really do help you as well.
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