Archive for the ‘Service’ Category

What is #Integrity? How does anyone in the #Sales field prove beyond a doubt that YOU should #trust him/her?

March 15, 2017

I shared on #LinkedIn, earlier today, an interesting read for all concerning the #banking #industry and the pressures their staff are facing today to #mislead, #sell, etc. their #clients into #services they may or may not need. As a former banker, I have seen many of the same “tricks”. For that reason, I was fearful for many years of the open competition (what we called an unbalanced playing field) between the #banks and #insurance sales. In my own jurisdiction, we were known as #brokers because we dealt with several different insurance companies for our clients but many other locales use the word #agent but the difference matters little.

I use the term unbalanced or uneven because most people are not aware of the size of the Canadian banks (#RBC, #TD, etc.) vs. any insurance company. AND less that #LifeInsurance (e.g. #SunLife, #Manulife) dwarf much of the #Property/#Casualty sector in #Canada so that there is no possible way of balance if you eliminate barriers between the different sectors of #finance.

If you don’t believe this then look at what shows in a #Google search on #Wikipedia – RBC has TOTAL ASSETS of C$1.09 #trillion (2015), Toronto-Dominion Bank has TOTAL ASSETS of C$1.08 trillion (2015), Sun Life Financial has TOTAL ASSETS of US$246.853 #billion (2015), Manulife has TOTAL ASSETS of $935,176 #million CAD (2015), #Intact Insurance has TOTAL ASSETS of $21.236 billion (2015).

Some insurance companies (e.g. #Wawanesa, #Economical) are among the largest CANADIAN insurance providers to YOU but because of their “#mutual” status do NOT report Assets to Wikipedia because they are not #PubliclyHeld #corporations. So let’s look at Net Income as a measure. Intact Insurance showed Net Income of $706.0 million (2015) – the LARGEST Canadian Property/Casualty insurance company – and A.M.Best ratings show Wawanesa Insurance with Assets of $2 Billion or greater, Economical Insurance with Assets of $1.25 Billion to $1.5 Billion, #Cooperators Insurance with Assets of $1 Billion to $1.25 Billion. Anyone can quickly see that there is really NO comparison in size between RBC and a small insurance company, correct?

To prove my point, Wikipedia also states that RBC had NET INCOME of $10.026 billion in 2015 which dwarfs the $706.0 million that Intact shows for the same year and only supports my premise that the playing field can never be level.

Today, however, I feel mixed emotions as to whether this would be good or not because I know that insurance sales can be just as focused on sales and, too often, NOT on the real needs of the client! Why do I believe this? I have experienced working with and against people who used the “cut and paste” approach – obtain a copy of the insured’s current #policy, submit for #quotes and find the lowest #price for those coverages being currently provided. Why? Well, many of you will go back to your long-time provider and then ask if he/she can match the policy price, right?

Do you do this? If so, are you not encouraging a level of poor #service from your providers? Maybe, even a bit of #dishonesty because there are those individuals who will overlook something you might truly need just to lower your cost!

Whatever happened to integrity? If #reputation and one’s #handshake are not important to #business, should #government always have to legislate and permit the courts to #adjudicate? We all love to tell #lawyer jokes but are we not the real reason we need the legal profession?

This is why I no longer can involve myself with sales because I feel that my own integrity and reputation are, somehow, discoloured by those around me whose own views of selling are so dissimilar to mine. I am a Consultant, yes, a #Risk #Management consultant and this means that I only work for you, Mr. Business-#owner or #Executive.

Let’s talk and I will again share an earlier post here from LinkedIn that was subsequently posted to my Twitter feed.

“#integrity has always been of paramount importance to me! Too many in #finance – #banks #insurance companies, agents/brokers – put their own interests above that of their clients/customers. As a #RiskManagement consultant I work for my clients to advise 1st because I NEVER sell anything. If you #trust your connections then think again – http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575”

I can be found on #Twitter – twitter.com/WRiskManager – or on LinkedIn – http://www.linkedin.com/in/wriskmanager/ – and also on #Facebook – http://www.facebook.com/WRiskManager-159010316375/ – and look to a growing number of followers on those sites.

Advertisements