Nobel Prize Framework For Easy Insurance Sales | Insurance Agency Playbook

Fasten your seatbelts, as the Insurance dudes take you for a fun and exciting ride through the world of quantum physics today. That’s right! Jason and Craig sit together to discuss and deconstruct Richard Feynman’s infamous theory and create the ultimate Insurance Simplification Framework to help break down intensely complex insurance processes for clients and to build up your knowledge as well. The framework includes 4 steps, Step one is to pick an insurance concept you want to water down. Step two is to try teaching it to a child, quite literally. Because teaching something more than once really helps solidify your own concepts. The next step is to review and redefine where your learning is lacking, this analysis will give you a deeper look into your teachings and learnings about the concept. And the last step is to make notes and revisit your teachings often! And that, ladies and gentlemen, is the Insurance framework.
📻 Tune in to the episode to learn about the concept in depth and detail. Join us on this journey of insurance awesomeness today!

The Insurance Dudes are on a mission to find the best insurance agentsaround the country to find out how they are creating some of the top agencies. But they do not stop there, they also bring professionals from other industries for insights that can help agents take their agencies to the next level. 

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About Jason and Craig:

Both agents themselves, they both have scaled to around $10 million in premium.  After searching for years for a system to create predictability in their agencies, they developed the Telefunnel after their interviews with so many agents and business leaders.  

Taking several years, tons of trial and error, and hundreds of thousands of dollars on lead spend, they’ve optimized their agencies and teams to write tons of premium, consistently, and nearly on autopilot!

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Transcript

Speaker 1: 0:00

Hey, welcome back to the Insurance Dudes, the podcast where we make insurance as thrilling as a roller coaster ride.

Speaker 2: 0:07

I'm your host, Craig Pretzinger, along with and I'm your host, jason Feldman, ready to shake up the insurance world with you.

Speaker 1: 0:14

Mr Craig. Oh well, that's fantastic here, mr Jason. Today we've got a mind-blowing concept that's gonna change the game for insurance professionals everywhere. Insurance dudes are on a mission to escape big handcuffs by our agencies?

Speaker 2: 0:29

How? By uncovering the secrets to creating a predictable, consistent and profitable agency sales machine. I am Craig Pretzinger, I am Jason Feldman. We are agents. We are insurance dudes. Let me guess, craig, you finally figured out how to read minds and know exactly what coverage each client needs? Ha?

Speaker 1: 0:55

Not quite, mr Jason, but what if I told you we could use the same learning technique as one of the greatest minds in history to sell more insurance?

Speaker 2: 1:04

Wait, are we talking about Einstein, maybe Newton? Or how about that guy who invented the internet, al Gore?

Speaker 1: 1:14

Close, but not quite. We're talking about Richard Feynman, the Nobel Prize-winning physicist, and his technique. You're never gonna guess what it's called the Feynman technique, and that's what we're gonna dive in today.

Speaker 2: 1:29

Physics and insurance. Craig, you've officially lost your models. How are we going to link quantum mechanics to liability coverage?

Speaker 1: 1:41

Oh, bear with me, mr Jason. The Feynman technique is a simple four-step process for learning and explaining complex concepts, and we're gonna show our listeners how to adapt it specifically for the insurance industry.

Speaker 2: 1:57

All right, Mr Craig, I color me intrigued. Let's break it down for our listeners. Let's do it.

Speaker 1: 2:05

Step one we need to identify the concept we want to learn. In our case, this could be a new insurance product or a new marketing strategy for insurance, or a tricky policy or a client's unique situation Cool.

Speaker 2: 2:20

Well, step two teach it to someone else, or pretend to Imagine you're explaining it to a five-year-old, which you might be in this case right, or to your dear old granny, who thinks liability is just a fancy word for lion.

Speaker 1: 2:39

Even your grandma doesn't trust us Step three review and identify any gaps in the understanding. So this is where you realize that maybe you don't quite understand Co-insurance as well as you thought you did, and finally, step four simplify your explanation and use analogies.

Speaker 2: 3:01

Analogies are big. If you can relate insurance concepts to everyday things like cars, houses, pizza or even I don't know tinker toys, then you're golden Legos, legos. Yeah, that's where I should have went. Tinker toys are for the old Fogies, right.

Speaker 1: 3:17

Right, and that, my friend, is the Feynman technique in a nutshell. But here's where it gets really exciting for our listeners.

Speaker 2: 3:26

Let me guess, Mr Craig, you've come up with a catchy insurance-themed name for it Bingo.

Speaker 1: 3:33

We're going to call it the Insurance Simplification Framework. It's our secret weapon for turning complex insurance jargon into client-friendly explanations.

Speaker 2: 3:43

All right, all right, I like it. So how does this framework work in practice?

Speaker 1: 3:48

Well, let's do it again. So first let's identify the insurance concept that you need to explain. Let's say it's the difference between term and whole life insurance.

Speaker 2: 3:57

All right, all right. Step two explain it like you would a child Term insurance is like renting a house and whole life is like buying a house Easy peasy.

Speaker 1: 4:08

Does a kid know the difference between renting the house and buying the house? Mr Jason. I don't know, but we'll assume he does so, easy peasy right. Step three we're going to review the client's understanding. So now we're going to ask them if they get the house analogy or if they need another example. So hey, mr Client, do you understand the difference when I say term insurance is like renting versus the whole life is like owning? Do you understand that analogy? If they don't do, bust down another one.

Speaker 2: 4:40

And finally, step four simplify even further if needed, which I would say most of the time it is needed Term insurance is temporary. Whole life is permanent, boom done.

Speaker 1: 4:52

Ah, boom, shaka, laka. You know what, mr Jason? This reminds me of a client I had a few years back. They were struggling to understand why they needed both home and auto insurance, so what we did was we walked them through, showed them the enormous discount they get when we bundled everything together, and it actually by doing a lot of the legwork to uncover what they needed. We found additional items, and this happens all the time. Right, you start asking additional questions and you uncover a second house. You uncover a motorcycle, a boat, all kinds of stuff.

Speaker 2: 5:28

That is brilliant, mr Craig. You took a complex situation and you made it more relatable with a simple analogy Did I oh?

Speaker 1: 5:38

you did oh good, Well, thank you. That's how easy. It is right? That's the power of the insurance simplification framework. It's not just about explaining things to clients. It's where we're deepening our own understanding of the products we sell.

Speaker 2: 5:53

So true, when teaching something, you learn it twice. It's like the old saying if you can't explain it simply, you don't understand it well enough. I like to say if you want to amplify, you need to simplify.

Speaker 1: 6:09

Exactamundo, as Fonzie once said many times. And when we understand our products inside and out, we're going to sell them with a lot more confidence. Right, our sales team is going to be that doctor of insurance. They're going to build more trust, they're going to make them like them and, ultimately, we're going to close more deals.

Speaker 2: 6:29

Love it. So let's recap for our listeners here the insurance simplification framework Identify number one. Number two, explain. Number three, review and number four simplify. To amplify your message, use analogies, tell stories and make assurance relatable. So it's not boring.

Speaker 1: 6:52

And it's okay to say it's boring, because, guess what they think it's boring. They don't even want it. So we have to make it interesting by telling the stories to keep them engaged, otherwise they're not gonna be listening, they're gonna tune out. And we wanna hear from you listeners. How will you use this framework in your own insurance practice. What creative analogies can you come up with? Share it on the page. Yeah.

Speaker 2: 7:15

Yeah, maybe you'll compare umbrella insurance to a literal umbrella, protecting you from a downpour of lawsuits.

Speaker 1: 7:26

Oh, Mr Jason, or maybe you'll explain deductibles using a pizza analogy the more slices you're willing to give up, the lower your premium.

Speaker 2: 7:35

The possibilities are just endless, mr Craig. Okay, before we wrap up, let's give our listeners some food for thought. No pun intended.

Speaker 1: 7:45

Oh man, I'm starving. But question one how can simplifying complex insurance concepts benefit not just your clients, but also your own understanding and confidence, and your team too?

Speaker 2: 7:58

right, yeah, of course. Okay. Question number two how can you apply this framework beyond the client interactions, like training new agents or writing marketing materials?

Speaker 1: 8:10

And question number three what obstacles might you face in applying this framework and how can you proactively address them?

Speaker 2: 8:18

Love it. Ponder those questions Insurance dudes and dudettes, and join us in making insurance a little less boring and a lot more understandable, so that you will have longer, happier clients.

Speaker 1: 8:34

Boom. That's a wrap for today's episode. Remember, keep it simple, keep it fun and keep selling insurance like the rock stars that you guys are.

Speaker 2: 8:45

And if all else fails, just picture Richard Feynman explaining quantum physics to a room of insurance agents. If he can do that, you can explain anything to your clients or your team. Until next time. This is Craig and Jason.

Speaker 1: 9:01

Your insurance dudes Son and all.