Training Manual for Bank Employees

One Capitas

Training Manual for Bank Employees

I.  The Bank Insurance Platform

a.  Customers will purchase financial products from their bank

b.  Full service banking commitment

c.  Bankers can make informed recommendations

d.  One Capitas is an efficient “virtual insurance department”

II.  Insurance and Personal Risk Management

a.  Income protection

i.  Living too long – annuities

ii. Dying too soon – life insurance

b.  Asset protection

i.  Depletion by expenses – long term care insurance

ii. Depletion by taxes and inflation – single premium life

III.  Asset and account gathering

a.  More bank products owned equals more valuable long term customer

b.  Accounts and account values may decline or be lost without risk management

c.  Insurance products protect bank assets

IV.  One Capitas insurance solutions

a.  Annuities

i.  Deferred or immediate

ii. Income options

iii.  Tax leverage

b.  Term life insurance

i.  Survivor/family income

ii. Mortgage/debt protection

iii.  Insured savings goals (education, wedding, etc.)

c.  Long term care insurance

i.  Insulates assets from spend-down

ii. Reimbursement and indemnity plans

iii.  Stand-alone or hybrid (live-die-quit) designs

d.  Single premium life

i.  Wealth transfer

ii. Tax efficiency

iii.  Alternative for maturing CDs that might otherwise be lost

V.  Recognizing insurance opportunities

a.  Mortgage and loan customers

b.  Savings account customers

c.  Certificate of deposit owners

d.  Business and commercial loan customers

e.  Customers who are charitably inclined

f.  IRA owners

g.  Others

VI.  Initiating insurance conversation

a.  Conversation starters

i.  “Would you have any objection to discussing…”

ii. “When was your last insurance review…”

b.  Gathering pertinent information

c.  Identify personal risk management issues

VII.  Insurance solutions for potential problems

a.  Insurance is “money for future delivery”

b.  Bank can provide insurance products to meet identified needs

c.  Term life, SP life, annuities, LTCI provide solutions

VIII.  One Capitas – four insurance sections

a.  Tools and resources to assist with insurance decisions

i.  Calculators

ii. Product/carrier choices

b.  Policy features and benefits

c.  Personalized case design (amounts, durations, etc.)

IX.  The One Capitas transaction

a.  Specific instructions for each OC insurance section

b.  “Ticket” requirements

c.  Managing customer expectations

i.  Disclosures and authorizations

ii. Tele-app, exam, if required

iii.  Timeline

X.  Policy issue and delivery

a.  Underwriting process monitored by One Capitas

b.  Bank receives issued policy as “writing agent”

c.  Securing signatures or outstanding requirements on delivery

d.  Delivery interview (face-to-face) script

XI.  Referral process

a.  Referral parameters and qualification

i.  By case: maximum face amount, premium, age, etc.

ii. By customer: net worth, income, RMDs, business interest, etc.

b.  Referral technique

i.  Customer-centric

ii. Team approach: banker and advisor collaborate

iii.  Script

iv.  Data gathering

XII.  One Capitas program support

a.  Business Development Coordinator Role

b.  On-site bank training

c.  New employee training

d.  Troubleshooting

e.  Marketing and Promotion

i.  Activity goals

ii. Metrics

iii.  Rewards and recognitions

iv.  Top-down organizational support