0:00

Hey , welcome back to the Insurance Dudes

0:02

, the podcast where we make insurance

0:04

as thrilling as a roller coaster ride

0:06

.

0:07

I'm your host , Craig Pretzinger , along with and

0:09

I'm your host , jason Feldman , ready to

0:11

shake up the insurance world with you

0:13

.

0:14

Mr Craig . Oh well , that's fantastic

0:16

here , mr Jason . Today we've got

0:18

a mind-blowing concept that's gonna change

0:20

the game for insurance professionals

0:22

everywhere . Insurance

0:24

dudes are on a mission to escape

0:27

big handcuffs by our agencies

0:29

?

0:29

How ? By uncovering the secrets

0:31

to creating a predictable , consistent

0:34

and profitable agency sales

0:36

machine . I am Craig Pretzinger

0:38

, I am Jason Feldman . We

0:41

are agents . We are insurance

0:43

dudes . Let

0:47

me guess , craig , you finally figured out

0:49

how to read minds and know exactly

0:51

what coverage each client

0:53

needs ? Ha ?

0:55

Not quite , mr Jason , but what

0:57

if I told you we could use the same

0:59

learning technique as one of the greatest minds

1:01

in history to sell more insurance

1:04

?

1:04

Wait , are we talking about Einstein

1:07

, maybe Newton ? Or how

1:09

about that guy who invented the internet

1:11

, al Gore ?

1:14

Close , but not quite . We're

1:16

talking about Richard Feynman , the

1:18

Nobel Prize-winning physicist

1:21

, and his technique . You're never gonna

1:23

guess what it's called the Feynman technique

1:25

, and that's what we're gonna dive

1:27

in today .

1:29

Physics and insurance . Craig

1:31

, you've officially lost

1:33

your models . How

1:36

are we going to link quantum mechanics

1:38

to liability coverage

1:40

?

1:41

Oh , bear with me , mr Jason . The Feynman

1:43

technique is a simple four-step

1:46

process for learning and explaining

1:48

complex concepts

1:51

, and we're gonna show our listeners how

1:53

to adapt it specifically for the

1:55

insurance industry .

1:57

All right , Mr Craig , I color

1:59

me intrigued . Let's break it

2:01

down for our listeners . Let's

2:04

do it .

2:05

Step one we need to identify

2:07

the concept we want to learn . In

2:09

our case , this could be a new insurance product

2:11

or a new marketing strategy

2:13

for insurance , or a tricky

2:16

policy or a client's unique

2:18

situation Cool .

2:20

Well , step two teach it to someone

2:23

else , or pretend to Imagine

2:25

you're explaining it to a five-year-old

2:28

, which you might be in this case

2:30

right , or to your dear old

2:32

granny , who thinks liability is

2:35

just a fancy word for

2:37

lion .

2:39

Even your grandma doesn't trust us Step

2:42

three review and identify

2:45

any gaps in the understanding

2:47

. So this is where you realize that maybe

2:50

you don't quite understand Co-insurance

2:53

as well as you thought you did , and

2:55

finally , step four simplify

2:58

your explanation and use analogies

3:00

.

3:01

Analogies are big . If you can relate

3:03

insurance concepts to everyday

3:05

things like cars , houses , pizza

3:08

or even I don't know tinker

3:10

toys , then you're golden Legos

3:13

, legos . Yeah , that's where I should have

3:15

went . Tinker toys are for the old Fogies , right

3:17

.

3:17

Right , and that , my friend , is the

3:20

Feynman technique in a nutshell . But

3:22

here's where it gets really exciting

3:24

for our listeners .

3:26

Let me guess , Mr Craig , you've come up

3:28

with a catchy insurance-themed

3:30

name for it Bingo

3:32

.

3:33

We're going to call it the Insurance Simplification

3:36

Framework . It's our secret weapon

3:38

for turning complex insurance jargon

3:40

into client-friendly explanations

3:42

.

3:43

All right , all right , I like it . So how does

3:45

this framework work in practice

3:48

?

3:48

Well , let's do it again . So first let's identify

3:51

the insurance concept that you need to explain

3:53

. Let's say it's the difference between term

3:55

and whole life insurance .

3:57

All right , all right . Step two explain

3:59

it like you would a child Term

4:01

insurance is like renting a house

4:03

and whole life is like buying a house

4:06

Easy peasy .

4:08

Does a kid know the difference between renting the house and

4:10

buying the house ? Mr Jason . I

4:12

don't know , but

4:14

we'll assume he does so , easy

4:16

peasy right . Step three

4:18

we're going to review the client's understanding

4:21

. So now we're going to ask them if they get the

4:23

house analogy or if they need another example

4:25

. So hey , mr Client

4:27

, do you understand the difference when I say

4:29

term insurance is like renting versus

4:32

the whole life is like

4:34

owning ? Do you understand that analogy ? If

4:36

they don't do , bust down another one

4:39

.

4:40

And finally , step four simplify even

4:42

further if needed , which I would

4:44

say most of the time it is needed Term

4:47

insurance is temporary . Whole life

4:49

is permanent , boom

4:51

done .

4:52

Ah , boom , shaka , laka . You

4:55

know what , mr Jason ? This reminds me

4:57

of a client I had a few years back . They

4:59

were struggling to understand why they needed both

5:01

home and auto insurance , so

5:04

what we did was we walked them through

5:06

, showed them the enormous discount

5:09

they get when we bundled everything together

5:11

, and it actually by doing

5:13

a lot of the legwork to

5:15

uncover what they needed . We found

5:18

additional items , and this happens all the time . Right

5:20

, you start asking additional questions

5:22

and you uncover a second house

5:24

. You uncover a motorcycle , a

5:26

boat , all kinds of stuff .

5:28

That is brilliant , mr Craig . You

5:30

took a complex situation and

5:33

you made it more relatable

5:35

with a simple analogy Did

5:37

I oh ?

5:38

you did oh good , Well

5:40

, thank you . That's how easy . It

5:42

is right ? That's the power of the insurance

5:44

simplification framework . It's not just

5:47

about explaining things to clients . It's

5:49

where we're deepening our own understanding

5:51

of the products we sell .

5:53

So true , when teaching something

5:55

, you learn it twice . It's

5:57

like the old saying if you can't explain

6:00

it simply , you don't understand

6:02

it well enough . I like to say if

6:05

you want to amplify

6:07

, you need to simplify

6:09

.

6:09

Exactamundo , as Fonzie

6:12

once said many times . And

6:14

when we understand our products inside and out , we're

6:16

going to sell them with a lot more confidence

6:19

. Right , our sales team is going to

6:22

be that doctor of insurance . They're going to build more

6:24

trust , they're going to make them like them and

6:26

, ultimately , we're going to close more deals .

6:29

Love it . So let's recap for

6:31

our listeners here the insurance simplification

6:34

framework Identify number one

6:36

. Number two , explain . Number

6:39

three , review and number four

6:41

simplify . To amplify your message

6:43

, use analogies , tell stories

6:46

and make assurance relatable

6:48

. So it's not boring .

6:52

And it's okay to say it's boring , because , guess

6:54

what they think it's boring . They

6:56

don't even want it . So we have to

6:58

make it interesting by telling the stories to keep

7:00

them engaged , otherwise they're not gonna be listening , they're

7:03

gonna tune out . And we wanna hear from

7:05

you listeners . How

7:07

will you use this framework in your own

7:09

insurance practice . What creative analogies

7:11

can you come up with ? Share it

7:13

on the page . Yeah .

7:15

Yeah , maybe you'll compare umbrella

7:18

insurance to a literal umbrella

7:20

, protecting you from a downpour

7:23

of lawsuits .

7:26

Oh , Mr Jason , or maybe

7:28

you'll explain deductibles using a pizza analogy

7:31

the more slices you're willing to give up

7:33

, the lower your premium .

7:35

The possibilities are just endless

7:37

, mr Craig . Okay , before we

7:39

wrap up , let's give our listeners some

7:42

food for thought . No pun intended

7:44

.

7:45

Oh man , I'm starving . But question

7:47

one how can simplifying complex

7:50

insurance concepts benefit not

7:52

just your clients , but also your

7:54

own understanding and confidence

7:56

, and your team too ?

7:58

right , yeah , of course . Okay

8:00

. Question number two how can you apply this framework

8:02

beyond the client interactions , like

8:05

training new agents or

8:07

writing marketing materials ?

8:10

And question number three what obstacles

8:13

might you face in applying this framework and

8:15

how can you proactively address

8:17

them ?

8:18

Love it . Ponder those questions Insurance

8:21

dudes and dudettes , and

8:23

join us in making insurance

8:25

a little less boring and

8:27

a lot more understandable

8:29

, so that you will have longer

8:31

, happier clients .

8:34

Boom . That's a wrap for

8:36

today's episode . Remember , keep it simple

8:39

, keep it fun and keep

8:41

selling insurance like the rock stars that you

8:43

guys are .

8:45

And if all else fails , just picture

8:47

Richard Feynman explaining

8:50

quantum physics to a room of

8:52

insurance agents . If he

8:54

can do that , you can explain anything

8:56

to your clients or your team . Until

8:58

next time . This is Craig and Jason

9:00

.

9:01

Your insurance dudes Son and all

9:03

.