BTC 101 DAY 2 01/29/2015 version 1.

1
Agenda

Role Play Life Insurance

DAY 3
Life Stage
DAY 1

DAY 2
Financial Handling Concepts
Planning Objections Product
Four Areas of Prospecting Details
Financial Riders
Setting the
Planning Appointment Underwriting
Sales Policy
Presentation Commitment
Delivery Ceremony
Compliance
Second Meeting
Re-establish rapport

Recap highlights of fact-finding

Obtain clients confirmation

Present the proposal

Fill-out necessary forms

Demo
Role-play
Practice a complete
presentation of the Life Stage
Financial Planning.
Debriefing

How did it go?

Were the steps followed?
What could have been done better?
Second meeting
ADMINISTRATIVE SIDE:

Collect documents

Collect payments

Explain next steps

Ask for referrals

Congratulate and thank the client

The Sales Process
Prospecting

1
Policy delivery
Setting the
and after-sales
service
4 2 appointment

3
Sales presentation
Life Stage Financial Planning
Introduction

Establishing
1 the need and
Closing fact-
5 Handling
2 finding

objections

Presenting Asking for

the solution 4 3 premium
commitment
Objections

Obstacles or Opportunities?
The amateur agent often considers an objection as a resistance to
buy.

The professional agent welcomes the objection because he or she

knows its a sign of interest.

They are expressions of the prospects fears.

Objections

Identify the most

common sales
objections.
Types of Objections

NO MONEY NO NEED

FOUR MOST
COMMON
OBJECTIONS

NO HURRY NO TRUST
Types of Objections
OBJECTIONS HOW IS IT UNDERLYING HOW TO HANDLE
EXPRESSED? FEARS
NO MONEY I cant afford it. Being unable to pay - Find a more
affordable amount
NO NEED I already have Buy something I - Review the
insurance. dont need financial needs
analysis
NO HURRY Let me think about Not wanting to - Create a sense of
it. make a hasty urgency
decision
- Show cost of
waiting

NO TRUST Is Pru Life UK a Making a mistake - Sell the company

stable company?
- Establish
credibility
- Assure client
Handling Objections
1. Maintain confidence and empathize
Maintain your poise and build the prospects confidence by displaying
empathy and patience.

2. Defer the objection

Ask permission to answer the objection later to rob some of its
potential strength.

3. Clarify the objection

Find out the reason for the objection.

4. Answer the objection

Answer the objection to your prospects satisfaction. Use the four-step
strategy for handling objections.
Four-step strategy in handling objections

Acknowledge the objection

Uncover the reason for the objection

Respond to the objection

Bring prospect back on track

Four-step strategy in handling objections
STEPS SAMPLE SCRIPT
1. Acknowledge the objection P: I cant afford it. (NO MONEY)
A: I hear what you are saying.

2. Uncover the reason for the A: Why do you say that?

objection P: Well I have a lot of expenses.

3. Respond to the objection A: Can you afford to save P3,000 a month?

4. Bring prospect back on P: Yes.

track A: Let me show you what P3,000 can do for you
and your family.
Four-step strategy in handling objections
STEPS
1. Acknowledge the objection
2. Uncover the reason for the
objection
3. Respond to the objection
4. Bring prospect back on track
SAMPLE SCRIPT
P: I already have insurance. (NO NEED)
A: Thats great Mr. Prospect.
A: May I know how much your current coverage is?
P: Im not sure. I have several policies.
A: Which company/ies did you buy from and when was the
last time you purchased a policy?
P: About 2 years ago.
A: Maybe it is time to review what you have and what you
currently need.
A: Mr. Prospect, have there been any changes in your
situation since you last purchased your policy?
(Did you get married, new kids, promotion, purchase assets?)
P: Yes. My wife and I are expecting our first child.
A: Would you like to provide for your childs future needs?
P: Yes, of course.
Four-step strategy in handling objections
STEPS
1. Acknowledge the objection
2. Uncover the reason for the
objection
3. Respond to the objection
4. Bring prospect back on track
SAMPLE SCRIPT
P: Its not one of my priorities today. Let me think
about it. (NO HURRY)
A: I hear you Mr. Prospect.
A: So what are your priorities today?
P: Im saving for a trip to Europe for next year.
A: How much are you planning to save for your
trip?
P: Php500,000
A: Thats fantastic Mr. Prospect! How would you
like to start saving for your future trips?
P: That would be a good idea.
A: How much can you comfortably set aside?
Four-step strategy in handling objections
STEPS
1. Acknowledge the objection
2. Uncover the reason for the
objection
3. Respond to the objection
4. Bring prospect back on track
SAMPLE SCRIPT
P: Is Pru Life UK a stable company? (NO TRUST)
A: I understand your concern, Mr. Prospect.
A: Why do you say that?
P: There are fly by night companies.
A: Let me tell you a little more about Pru.
Our parent company, Prudential plc, has been in
business for over 160 years. Today, Prudential is the
largest life insurance group in Asia and one of the
largest in the world.
In the Philippines, Pru Life UK has been around since
1996. We are in the top 5 out of the 38 life insurance
companies in the country.
A: Would you like to see how Pru Life UK can help you
achieve your financial goals?
P: Yes.
Workshop
OBJECTIVE:
I dont have the
Develop strategies/response
options for the following objections
? budget.

using the 4 Step Strategy in

Handling Objections.

INSTRUCTIONS:
? God will provide.

Divide yourselves into 4 groups

each taking on a particular I would like to
objection.
Team representative to report
? discuss this with
my wife first.
results to entire assembly.

I dont believe in
? life insurance.
Coffee break
The sales process
Prospecting

1
Policy delivery
and after-sales
service
4 2 Setting the
appointment

3
Sales presentation
The Sales Process
Prospecting

1
Policy delivery
and after-sales
service
4 2 Setting the
appointment

3
Sales presentation
Weekly success formula

30 Prospects

10 Appointments

7 Sales
The more prospects
you see, the more
interview
sales you will have!

1-2
Prospecting

This is the process of looking for qualified potential

buyers of your products.

The best sources of prospects are your natural

market and your clients.

It is the lifeblood of your business. If you dont learn

and do prospecting regularly, your business shuts
down.
Prospecting
How do I build
my prospect NATURAL
reservoir? MARKET

SOURCES OF
PROSPECTS

REFERRED
LEADS
Family Tree Exercise
You
FATHER MOTHER
Your Spouse
Your Children UNCLE/AUNT SPOUSE UNCLE/AUNT SPOUSE
Your Siblings COUSINS SPOUSES COUSINS SPOUSES
CHILDREN CHILDREN
Their Spouses 1. 1.
2.
Their Children 3.
2.
3.
Your Fathers Siblings UNCLE/AUNT SPOUSE UNCLE/AUNT SPOUSE
Their Spouses COUSINS SPOUSES COUSINS SPOUSES
CHILDREN CHILDREN
Their Children 1. 1.
2.
Your Mothers Siblings 3.
2.
3.
Their Spouses UNCLE/AUNT SPOUSE UNCLE/AUNT SPOUSE
Their Children COUSINS SPOUSES COUSINS SPOUSES
CHILDREN CHILDREN
Your Spouses Siblings 1. 1.
2. 2.
Their Spouses 3. 3.
Their Children
Your Spouses Father YOUR CHILDREN
1.
His Siblings
YOUR 2.
Their Spouses YOU SPOUSE 3.
Their Children
Your Spouses Mother
Her Siblings SIBLING SPOUSE SIBLING SPOUSE SIBLING SPOUSE
CHILDREN CHILDREN CHILDREN
Their Spouses 1. 1. 1.
Their Children 2. 2. 2.
3. 3. 3.
Workshop: My family tree
Instructions:
Work on your personal family tree.
Be ready to share your output to
the class.
Asking for referrals

Ask for the prospects help.

Prompt the prospect for the names. Ask for 3 names

during the first meeting.

Get information on each referral.

Thank the prospect and ask permission to use the

prospects name.
Asking for referrals
Instructions
STEP 1:
Ask for the prospects help service? If you dont mind, I would like to
STEP 2:
Prompt the prospect for the
names . Ask for 3 names
during the first meeting.
STEP 3:
Get information on each
referral
(contact number,
occupation, marital status,
number of dependents)
Power tracks
Mr. Prospect, how did you find my
ask for your help. In my business, I need
to continue meeting new people.
Could you please give me 3 names:
Who are the people close to your heart
whom you would like to benefit from this
idea?
Can you tell me more about Mr. _____?
May I have his contact number please?
What does he do for a living? How old is
he? Is he single or married? Does he
have any dependents?
Asking for referrals
Instructions
If the client is reluctant to
give you names:
STEP 4:
Thank the prospect and ask
permission to use the
prospects name
Power tracks
Mr. Prospect, how did you find my service?
Do you think this program will benefit your
loved ones? Wouldnt you want them to
have the same benefits?
Thank you for sharing these names with
me. When I call them Id like to mention
that you and I have done some work
together. Would that be alright? Ill be sure
to let you know the results of my call.
Asking for referrals -via text
Hi (Referrers Name), good morning!
I am currently undergoing a training
program at Pru Life UK and I need
your help. Today, we are given the task
of getting names whom we can share
ideas about Life Stage Financial
Planning. May I ask for at least 10
names of your friends who you think
can benefit from this idea? Hope to
hear from you within the hour. Thank
you! (Agents Name)
The sales process
Prospecting

1
Policy delivery
Setting the
and after-sales
service
4 2 appointment

3
Sales presentation
The sales process
Prospecting

1
Policy Delivery
Setting the
and after-sales
service
4 2 appointment

3
Sales presentation
Setting the appointment

Practice
Relax

Enthusiasm & Confidence

Smile
Primary objective is to
secure an appointment
and not to make a sale. Sell only the interview
Setting the appointment

Identify yourself and the company.

State the reason for your call.

Set the appointment.

Confirm agreed date and time.

Primary objective is to
secure an appointment
Thank the prospect.
and not to make a sale.
Telephone approach for natural market
Instructions Power tracks
Step 1: Hello. Good morning/afternoon/evening! May I
Identify Yourself speak with (Prospects Name), please?
and the
Company. Hi, (Prospects Name)! This is (agents name) of
Pru Life UK. Is this a convenient time to call you?

How have you been?

Step 2: I have recently joined Pru Life UK. I called because
State the reason I would like to share with you a unique idea which
for your call. many of our clients have found valuable and
interesting. This will only take a few minutes to
present.
Telephone approach for natural market
Instructions Power tracks
Step 3: May I see you on (day 1) or (day 2)?
Set the appointment. Shall we meet at (time 1) or (time 2)?
Wheres a good place to meet you say, at
(venue 1) or (venue 2)?

Step 4: Great! I look forward to seeing you on (day) at

Confirm agreed date (time) at (venue).
and time.

Step 5: Thank you! Have a good day!

Thank the prospect.
Role-play

Find a partner. Identify Partner A

and Partner B.

Round 1: Partner A delivers

the script; no objections yet.

Switch roles.
Role-play
How did it go?
What went well?
Were the steps followed?
Is it easy to do?
Lunch break
Compliance
BTC COMPLIANCE
TRAINING
 Overview
I. Market Conduct Guidelines
II. Code of Business Conduct
III. Corporate Governance
IV. Compliance
Regional Compliance Standards
V. Fraud
VI. Anti-Bribery and Corruption and Conflict of Interest
VII. Anti-Money Laundering and Counterterrorist Financing
AML
Sanctions
CTF
VIII. Data Privacy
 Market Conduct Guidelines (MCG)

Otherwise known as I.C. C.L. 33-2013

A comprehensive set of rules of conduct and
behavior of all agents in the industry to
protect the policyholders and the insuring
public.
Issued by the Insurance Commission (IC).
Non-compliance shall be subject to
disciplinary action under Section 438 of the
2013 Amended Insurance Code.
 Duty to Insurance Profession

Agents are not allowed to:

To operate or engage to any form of sub-agency
Selling without appropriate license
Conduct prejudicial to the interest of the
Company
Threaten prospects, clients, company staff and
other agency force member.
Non-disclosure of full information which could
have enabled clients to make an informed choice
or decision
 Duty to Insurance Profession

Agents are not allowed to:

Using abusive language or behavior
Maligning and making disparaging remarks about the
Company, fellow Agents, its own products and other
insurance industry
Committing financial fraud and tampering of company
forms
Advancing of premium, Rebating and giving discounts
Overselling a product, and Churning or Twisting
existing policies in order to make a sale
 Duty to Insurance Profession

Agents are not allowed to:

Poaching businesses of another agent or sulutan
Misrepresentation of product features and benefits of
any of its insurance or investment plans
Using or modifying any proposal or illustration material
without prior clearance
Co-mingle his personal funds with the clients premium
payments
Manipulate sales to qualify for incentives, contests or
awards
 Duty to Insurance Profession

Agents must:
Comply with local laws such as MCG, AMLA,
Insurance Code, Anti-Terrorism, Company rules
and regulations.
Attend Compliance Refresher training
Report other agents breach of Agency Contract,
MCG, or violation of any applicable law
Act in the best interest of their prospects or
clients
Agents Business Conduct During Sales Presentations

Agents must ensure:

Prospects/Clients understand what they are
buying and signing.
No pre-signing of official blank forms.
Prospects/Clients must disclose any pre-
existing medical condition
 Agents Business Guidelines

During the opening interview, agents must:

Possess a calling card disclosing the following:
types of insurance and financial advisory service
he is authorized to provide and
contact details.
 Agents Business Guidelines

During presentation and closing, agents must:

Document the clients information relating to
his financial situation, needs, objectives, risk
profile and priorities.
Conduct product disclosure
Explain the Sales Illustration and Product
Summary
Disclose any charges and expense
 Agents Sales Process

Agents must:
Recommend based on clients financial
objectives, financial situation and particular
needs.
Have reasonable basis for recommendation
Recommend products that are suitable for
clients
Note: A product should not be recommended to a client unless there has
been sufficient fact-finding.
 Use of Terms and References

Agents must avoid:

Avoid referring to the Companys products as
anything other than insurance.
Suggesting Non-Guaranteed items as
Guaranteed
Suggesting premium requirements
Disappear
Suggesting clients/prospects can get
something for nothing
 Field Underwriting

Agents must:
Ensure that accurate, truthful and complete
disclosure of information in the application
form.
Personally ask and record the response of
clients in every medical question in the
application form.
Duly complete the Agents Confidential Report
 Best Practices on Documents

Agents must:
Ensure that the client signs the final form of
documents and initial all changes thereto.
Not let customers sign in blank forms.
Not add or change information on a signed
document
Should not sign or initial on behalf of their clients
Not sign as witness without having seen the
client sign the document
 Premium Collection

Agents should:
Encourage their clients to pay premiums
directly to the Company.
Remit the collected premium within the given
period specified by the Company.
All premiums collected must be issued a
corresponding provisional receipt.
 Delivery of Policies

Agents must:
Ensure that all documents for delivery to the
client are delivered without undue delay.
Discuss all product features, benefits and
charges (e.g. cooling-off period)
 Duty to the Company

Agents must:
Use only Company-approved advertising,
marketing and sales materials.
Use illustrations generated and approved by the
Company.
Strictly comply with the guidelines on roadshows.
Ensure protection over the clients personal
information.
Comply with the Companys AML-CFT policies.
 Duty to the Company

Agents must:
Never misappropriate any monies entrusted to
them for payment to and from the Company.
Never forge signatures or initial on any form or
document.
Cooperate and to any Company representative
assigned to conduct investigation or audit.
Notify the Company of any changes in their
personal particulars.
Company Policies
and Guidelines
 Code of Business Conduct

Each business should operate with policies

and procedures which are consistent with the
values and the standards set out in this Code
and the requirements of the Group
Governance Manual
The following standards of conduct apply to all
employees and other persons acting on behalf
of the Group.
 Code of Business Conduct
In all dealings, agents must:
Engage in honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between
personal and professional relationships.
Maintain effective procedures to comply with the Data Privacy
Policy.
Comply with all applicable laws, rules and regulations.
Comply with anti-money laundering and counter-terrorist
financing practice, law and legislation.
Forbid corruption and the paying or receipt of bribes.
 Code of Business Conduct

In dealings with customer, agents must:

Treat customers fairly, openly and honestly.
Provide high standards of service.
Operate effective complaints processes to deal with
situations where these standards are challenged.
Aim to provide and promote a range of products and
services that meet customer needs and are readily
understandable.
Maintain effective procedures to comply with the Data
Privacy Policy.
 Code of Business Conduct

In dealings with competitors, agents must:

Conduct business in accordance with our Code
of Conduct and compete vigorously but
honestly.
Avoid disclosing proprietary or confidential
information in any contact with competitors.
Compliance with Code of Business Conduct

Failure to comply with this Code or the Group

Governance Manual may lead to disciplinary
action and, where breaches of the law take
place, may lead to criminal proceedings against
the individual or individuals concerned.
 Corporate Governance

Are processes, customs, policies, laws and

institutions affecting the way our company is
directed, administered or controlled.
It also governs the relationships among
principals stakeholders and other stakeholders
 Regional Compliance Standards

RCS is the official documents that set out the

compliance policies and rules of all Prudential
businesses operating in the region.
Non-compliance may damage the companys
reputation and will result to imposition of
penalty or sanction to the agent.
RCS 15: Marketing & Sales Promotion

All revisions made in the approved marketing

and sales materials must be subjected to the
same review and approval process of the
Company.
 Branding Guidelines
1. All collaterals must have been coordinated and
approved by Brand and Communications and passed
compliance standards.

2. LOGO: Prudence is a symbol integrity and security.

Mirror - signifying the ability to see oneself as
one really is
Arrow - the confident sign of the skilled
marksman
Serpent - the symbolic representation of
wisdom
BrandingGuidlines_2162013_CJD
 Branding Guidelines
3. LOGO: Triangle, Square & Rectangle only.

4. LOGO: Colors: 2 Color Logo White Background

All white or Black Colored Background
Color: Pantone 485 Red and Pantone 417 Gray
5. LOGO: Free Space: nothing in her line of sight.
Exclusion zone: P on all sides
 Branding Guidelines
6. Disclaimer page should always be included in any
presentation and other external collaterals.

7. For other concerns, call: Brand and Communications

Anna Gizelle V. Camua
Senior Manager, Brand Activation and Community
Relations
Gizelle.V.Camua@prulifeuk.com.ph
+63 2 8846070
RCS 26: Insurance Process & Financial Information

All sales presentations to clients must be fair,

clear and not misleading
All relevant information must be provided to
the clients
All sales presentations to clients must include
clear explanations and illustrations to enable
the customer to understand the nature of the
product.
RCS 28: Prohibition on Insurance Sales Malpractices

Examples of Sales Malpractices

Involvement in Cross-selling Forging of Replacement of
money laundering signatures policies
Financing of Use of unauthorized Misrepresentation Non-disclosure/
premiums promotional inadequate
materials disclosure of facts
Giving of rebates or Breach of Pre-signed forms Unauthorized policy
discounts confidentiality changes
Acceptance of Premium Pre-contract or pre-
remunerations or embezzlement license selling
benefits
RCS 29: The Replacement of Insurance and Investment Products
Switching, Twisting and Churning

Make the client aware that replacements are

not generally in their best interests unless
there has been a material change in their
circumstances.
 Agency Standards

Objective is to ensure that Agency Force are:

Informed about the Company and its
initiatives in relation to the productivity and
growth of the Agency Force.
Acts in a professional manner in all its dealings
with clients
Complies with all applicable laws and
company standards.
 PCA Confidential Helpline
Letter:
PCA Help Line Officer, Prudential Corporation Asia
13th Floor One International Finance Centre
1 Harbour View Street, Central, Hong Kong Prudential
Corporation Asia
Email:
pcahelpline@prudential.com.hk Compliance Help Line
(your email address will be hidden) Anonymity: No need
Telephone: to leave your name.
(852) 2918 5495 Your name and
(caller ID disabled so your calling number will be contact details are
hidden) needed if you would
like a response from
In Person Iain Johnston (or Steve Bickell) us regarding next
steps.
Fax: (852) 3112 0139
 Fraud

Fraud is an intentional deception perpetrated to secure

an unfair gain or benefit. Types of fraud may include:
Internal fraud
External fraud
Commission related false sales information
Claims fraud
Obtaining monies by deception
Insider dealing
Fraudulent mis-selling
 Anti-Bribery and Corruption Policy

Bribery is offering, soliciting for or accepting any

gift or hospitality that could influence a decision
to gain a financial or other advantage;
Corruption is the abuse of entrusted power for a
private gain.
Note: The Prudential Group absolutely forbids
corruption and the offering, solicitation, payment of
bribes for any purpose.
 UK Bribery Act

It is a British Law that applies to Pru Life UK

because we are a British Headquartered
company
Unlike the Philippine Law, the UK Bribery Act
punishes Bribery even between private (non-
government) individuals

80
 Bribery is NOT

Normal and appropriate hospitality

Giving a token, ceremonial gifts at a religious time or
other special time
Use of any recognized fast track or express lane
processes which are available to all on a payment of
fee
Offering reasonable resources to help someone make
a decision efficiently provided that they are
supplied only for that purpose

81
 Are ALL gifts disallowed?

You MAY NOT accept or give:

o Cash or cash convertible gifts such as GCs
o Extravagant lunches or dinners
o Goods or services supplied on non-commercial
terms
o Holidays

If you are unsure about any gift offered, please speak

to your manager or contact the Compliance Office.
82
 The Agents Role

If you are concerned that a potential act could

constitute bribery, you may contact:
Your Agency Leader
Your Sales Director
Compliance
Call the PCA Helpline
 Conflict of Interest

When an agent has a personal interest sufficient

to influence his official duties, in connection
with Prudential business, such as:
When providing financial advise to client
Financing the clients premium in order to
maintain his persistency rate
Utilizing company facilities for businesses
other than Pru Life
 The Agents Role

Declare/report any conflict of interest which

may arise while you are still connected with Pru
Life UK.
 Money Laundering

Money Laundering is a crime whereby the

proceeds of an unlawful activity as defined in
the AMLA* are transacted or attempted to be
transacted to make them appear to have
originated from legitimate sources.
*AMLA= Anti-Money Laundering Act

Source: Republic Act 9160 as amended

http://www.amlc.gov.ph/amla.html
3 Stages of Money Laundering and its Examples

Placement purchasing a life insurance policy

Layering making top-ups, partial
withdrawals, inclusion of riders, etc.
Integration use the proceeds of the
insurance policy to purchase stocks, real
estate, vehicles, etc.
 High Risk Clients
1. Politically Exposed Persons (PEP)
2. Relative/Close Associates (RCA) of PEP
3. High Net Worth (HNW) refers to a client with a
single premium of at least Php 30M or its dollar
equivalent and/or a client with an aggregate
premium of at least Php 65M or its dollar
equivalent
4. Special Interest Person (SIP)/Special Interest
Entity (SIE) refers to natural or juridical person
who is identified in other official lists
 High Risk Clients
5. Individual/Entity Listed on a Sanctions List (SAN)
persons and/or entities listed in sanctions list issued by
international organizations or bodies
6. Persons with High- Risk Occupations (HRO)
7. National/Resident of High-Risk Countries/Territories
(NRH)
8. National and/or Resident of a Sanctioned
Country/Territory (NRS) a natural or juridical person
who is a national and/or resident of a sanctioned country.
Note: The place where the client is located at the time of
the business transaction shall be considered his current
location/residence
9. Persons with Suspicious Transactions (PWS)
 AML Red Flags
Are indicators, markers, situational identifiers
which offer clues as to whether or not a
transaction may be suspicious.
 Covered Transaction
A transaction in cash or other equivalent
monetary instrument involving a total amount in
excess of Five Hundred Thousand Pesos
(Php500,000.00) within one (1) banking day*
In case of insurance products:
Premiums that will accumulate a total amount
exceeding Five Hundred Thousand
(Php500,000.00) in the first policy year.
*R.A. 9160 as Amended
 Suspicious Transaction
Are transactions with covered institutions, regardless of the
amount involved, where any of the following circumstances
exists:
o There is no underlying legal or trade obligation, purpose or
economic justification on the client's purchase of insurance
policy.
o The client is not properly identified.
o The amount of premium does not match with the clients
business or financial capacity
o The transaction is in any way related to an unlawful activity
o Any transaction that is similar, analogous or identical to the
above circumstances
Reporting Chain
Pru Life UKs Reporting Chain

Compliance
Team
Distribution
Head
Sales
Directors
Agency
Leaders
Agents

IF YOU DETECT (not just suspect) THAT PRU IS BEING USED AS AN

INSTRUMENT TO LAUNDER MONEY OR FINANCE TERRORISM,
IMMEDIATELY REPORT THE MATTER TO COMPLIANCE

93
 Tipping Off
Under international standards (to which we
submit being part of the Prudential Group),
persons are deemed to have unlawfully tipped
off a suspect if he/she alerts the suspect that a
Suspicious Transaction Report is going to be
made.
 Financing Terrorism

How What Purpose

Possesses Property Unlawful and willful
Provides Funds intention of carrying out or
facilitating the commission
Collects Financial Services of terrorist activities by an
Uses Other Related Services individual terrorist,
Makes Available terrorist association, group
or organization.

Note: It shall not be necessary that the funds were actually used
to carry out terrorist acts to be found guilty of the crime of
Financing of Terrorism.
 Penalties

Imprisonment
Fine
Termination of Contract
Inclusion in IC Negative List
Guidelines in the Acceptance of Cash and Third Party
Payments

GENERAL RULE:
Cash payments are acceptable but only for initial and
renewal payment.
Limit when paying in cash Over The Counter (OTC)
Peso: Five Hundred Thousand Pesos (Php 500,000.00)
Dollar: Ten Thousand Dollars (US$ 10,000.00)
Acceptance Limit applies on a Per-Policy Owner, Per-
Transaction Basis.
Guidelines in the Acceptance of Cash and Third Party
Payments

Cross-currency payment, i.e. peso for a dollar-

denominated plan and vice-versa, regardless of
amount, is generally not allowed.
Payments beyond the cash acceptance limit may be
paid in personal or managers check for peso
premiums, and demand draft for dollar premiums.
Third-party endorsed checks are not acceptable.
 Data Privacy Act of 2012

The Data Privacy Act of 2012 was enacted to

ensure that personal information in information
and communications systems in the government
and in the private sector are secured and
protected.
 Dos of Data Handling
Collecting Information Data collection should be for legitimate and adequate
to its purpose.
Seek clients approval before storing and processing
their personal information.
Data collected must be secured properly.
Storing Information Always follow security procedures, use encryption,
observe proper record keeping and record retention.
Releasing Information Always make sure you that you are:
authorized to release personal information
releasing information to the right person
Keep a record of when and to whom the personal
information was released to
Transferring Information Record and register
Get authorization and approval from management
Use secure methods
Only send as much as is needed.
 The Agents Role

Follow any policies, processes, guidance or

procedures provided to you by Company.
Report any concerns you may have about
personal information usage or management to
compliance@prulifeuk.com.ph or contact any
member of the Compliance team.
Agency Standards via AIS
 Objective

To be familiar with the Agency Information

System (AIS) and to be able to access the
Agency Standards.
 Step 1: Log-in to the AIS

Log-in to the AIS using

your Agent Code as
User ID and password

Note:
On your initial access to the AIS, both your User ID and Password will be
your Agent Code. You will be prompted to change your password before
you can proceed to navigating the AIS. This is for data/information
security purposes.
Step 2: Click on Services

On the upper right

corner, click on SERVICES
Step 3: Click on Quick Guides

Click on QUICK GUIDES

 Step 4: Select Agency Standards

Select AGENCY
STANDARDS and wait for
it to download
Agency Standards: Table of Contents

Once downloading is completed, you will find

the Table of Contents which will show the
sections found in the Agency Standards (AS).
You are required to read and understand the
contents of the AS.
 Acknowledgement Form

At the end of the AS, you are required to print

and accomplish the Acknowledgement Form
and submit this to the Licensing Department.
The Acknowledgement Form can also be found
in your Welcome Kit.
Compliance exam
Coffee break
The sales process
Prospecting

Policy delivery
and after-sales 1 Setting the
service appointment

4 2
3
Sales presentation
The sales process
Prospecting

Policy delivery
and after-sales 1 Setting the
service appointment

4 2
3
Sales presentation
Policy delivery
Insurance Policy

Delivery receipt

Quick guide to claim requirements

Birth certificate (if any)

I am your Policy letter (optional)

Token of appreciation (optional)

Policy delivery
Build rapport and congratulate the client

Re-establish the need and recap the highlights of the fact-

finding

Explain the policy details and ask for clarifications

Get the client to sign the Delivery Receipt

Ask for referrals

Mention your commitment to serve & congratulate client again

Demo
WHAT TO DO WHAT TO SAY
A. Build rapport and Hello, Mr. Prospect. How have you been?
congratulate the client Congratulations, I am happy to inform you
that I now have your Policy with me.

B. Re-establish the Its good that you have decided to take steps
need and recap in ensuring your goals of _______(mention
highlights of fact- goal of client). With this policy, we do not only
finding protect yourself, but save funds for the future
as well.
Demo
Demo
WHAT TO DO WHAT TO SAY
D. Get the client to At this point, may I please ask you to sign this form?
sign the delivery (Take out the delivery receipt.)
receipt

E. Ask for referrals

G. Commitment to To continuously provide you good service, I will
serve and be updating you every 6 months regarding your
congratulate the policy and re-evaluate your current needs.
client again.
.
Once again, thank you and congratulations on
taking the first step in securing your future.

Good day!
Role play

Practice policy delivery with a

partner.
Debriefing
How did it go?
Were the steps followed?
What could have been done better?
Client Suitability Form
 Objectives
To conduct sufficient fact-finding to develop a
recommendation consistent with the clients
needs, objectives, financial status, risk profile
and insurance.
To recommend financial product/s based on
the result of the assessment made.
 Why is this important?

Must have a documented and reasonable basis of

recommendation made to a client with respect to
their clients financial situation, financial objectives
and risk appetite.
Agents are not licensed investment advisors and
therefore should not act beyond the authority
provided by their agency insurance license.
Client Suitability Form

How to fill-out

124
 Page 1, top

Ask client to read

Write the clients full name, status, age, birthdate and occupation

Place a check on the approximate monthly income

Write the names of dependents (optional)

Rank the clients financial needs according

to priority (1 as top priority)
 Page 1, bottom

Compute for the clients top priority need.

Show amount needed for the critical illness Show amount needed for the chosen need
being considered. (estate conservation, wealth
accumulation).

Indicate the minimum and maximum amount that the client

is willing to set aside as an annual premium.
 Page 2, top Indicate the details of the recommended policy
(if unit-linked, please accomplish the Risk
Profiler in section VI).

Indicate the identified priority and the

following needs it will address.
Indicate the premium commitment and if it is
within premium range limits identified by the
client.

Indicate the shortfall and if the recommended

product address the identified shortfall. If answer is YES, indicate how the
recommended product will provide
for the shortfall.
 Page 2, bottom
Indicate the chosen policy.
Place a check on the basis for the
chosen policy. Indicate reason why the client chose
another policy instead of the
recommended policy based on the
assessment.

Have the client sign and indicate the date.

Accomplish the Risk Profiler if the

product is a Unit-linked product.
 Page 3, top
Accomplish the Risk Profiler if the
product is a Unit-linked product
(continued).

On each question number, encircle the score

that corresponds to the letter of choice. Place
the total score in the box.
 Page 3, bottom
Refer to the table to find out the scoring
interpretation and the recommended funds.

After assessing the clients risk profile, ask

how he wants it distributed in the fund/s.

If the client decides to purchase a VUL product or choose a different fund/s which is not
a result of the assessment, have him read the acknowledgement and affix his signature
and date.
 Page 4, top
Based on the product purchased, ask the client to read and acknowledge
the appropriate column by affixing his signature and date.
 Page 4, bottom
Agent should read and understand the Agents
Acknowledgement and affix his signature and date on the
blank provided.

Agency Leader should read and understand the Agency

Leader Acknowledgement and affix his signature and date
on the blank provided.
 Important Reminders

Start using the form.

The form is downloadable from the AIS,
website, Equotes.
This becomes a NB mandatory requirement
Improper use of the suitability may subject
the agent and the leader to applicable
disciplinary actions by the company
Road to Pru Life Contracting
Special Cases:
For government
employees:
- Letter of approval signed
by immediate manager
using official letter head of
his/her office
For agents transferring
from another
insurance company:
- Clearance & PTR
1. Agent Application Form (TIN, SSS)
2. P1,840 Training and Licensing Fee (1 License)
Training Fee: P310 + Licensing Fee: P1,530
OR
P3,370 Training and Licensing Fee (2 Licenses)
Training Fee: P310 + Licensing Fee: P3,060
3. 6 pcs. 1x1 pictures (red background)
4. 2 photocopies of any government-issued ID; for
students, brgy/police/nbi clearance will do (student ID
is not allowed)
5. P1,010 Insurance Commission exam fee (1 exam) OR
P2,020 for 2 exams
6. Exam requirements: test permits, 4 pcs. 1x1 ID
pictures, certificate of training, and NBI or Brgy.
clearance
Disclaimer
A subsidiary of financial services giant Prudential plc, Pru Life UK started its
operations in the Philippines in 1996. Prudential plc has an extensive network
of life insurance and mutual funds operations around the world, active in the
United Kingdom (UK), Europe, the United States (US) and 13 markets in Asia.
It has 26 million customers worldwide and manages 351 billion of assets as of
31 December 2011.

Prudential plc is a United Kingdom-registered company. Pru Life UK and

Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered
company), Philippine Prudential Life Insurance Company, Prudentialife Plans,
Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered
companies).

Pru Life UK is a life insurance company and is not engaged in the business of
selling pre-need plans.