“In the insurance industry, you don’t know what’s going to happen in the future,
so make time for your dreams.”
Caroline Liang is a financial advisor for the insurance industry, based in New Zealand. She owns the successful insurance company, AssureMe. Specializing in personalized risk planning for individual families and business owners.
With over fifteen years of extensive industry experience, Caroline first began her journey with Genius Group back in March 2019, at a time where business was significantly dropping but there wasn’t a clear way to solve the problem.
Changing Perspectives
Caroline joined Crystal Circle and attended Wealth Dynamics Bali in October 2019. Both opportunities enabling her to put her philosophy of learning and action into practice.
From joining, Caroline shares, she was able to transform the success of AssureMe by simply freeing her mind. With the introduction of the traditional Chinese theory of Yi Jing, Caroline was able to re-tap into past learnings and revealed a new way of looking at the business, in particular shining a new light on AssureMe’s complicated processes.
In the Insurance industry, 50% of the energy alone is used in dealing with customers due to the complexity of the products and explaining the way insurance works at the different entrepreneurship levels.
So by understanding that AssureMe’s biggest challenge wasn’t their product. It was helping customers to understand the insurance gap and needs, and for them to be able to tailor their own situation to gain an efficient risk management plan and solution.
Moving Forward in Understanding
When the crisis hit, this created a trigger point for AssureMe to put all this learning into action. Caroline joined the Genius Institute program intending to help the customers who needed immediate support in the crisis.
Business owners were having real experiences during the virus crisis time period, but what information did the business owners need to know to be adequately covered.
- How much loss they would have in their business.
- How much financial impact it would have on your family.
All the things AssureMe needed to asses to protect their cash flow and capital. As well as protect the owner and their wealth.
However, it soon became clear the understanding issues were still impeding progress. If the members of the Crisis Leadership Academy couldn’t understand what AssureMe had to offer.
How could potential customers?
The first step was clear. Something needed to be created which explained AssureMe’s offerings in a simple and accessible way, a tool to support customer decision making. In Key Person Insurance specifically, one of the top issues is understanding how much they might need to payout. To solve this, AssureMe created a risk planning tool using the nine levels of Wealth Dynamics.
The spectrum already had well-defined parameters and was a tool business owners within the Genius U community knew. They could easily use it to comprehend what human capital risks they faced in their business, and choose the appropriate level of insurance needed.
Design Your Life by Planning for the Future
By April 2020, three new customers approached AssureMe for Risk Management, each with over a million-dollar value in revenue. Proving the solution worked.
Sadly, not everyone manages to get the right coverage at the right level and it’s only after do the people left behind who suffer the consequences. For example, a CEO lost $10Million due to a heart attack during the crisis and was unable to recover the losses. Another was diagnosed with liver cancer, passed away in May 2020, leaving behind unprotected companies in the USA, Japan, China, and NZ.
Caroline believes risk planning is important in any business growth strategy. This is the foundation to get life right by getting business right. Assure Me advocate business owners to get covered as soon as possible, and not to wait till everything is too late.
A Life Well Lived
Before joining the programs AssureMe often spent many months explaining the different levels of insurance, but as customers became able to understand and make decisions much quicker, it shortened the pipeline saving Assure Me and Caroline precious time and resources. This equated more time working with more customers and increased profits.
Meaning Caroline has been able to work less, only working 9 months of the year, leaving the rest for traveling the world. In the insurance industry, Caroline shares, you don’t know what’s going to happen in the future, i.e. illness, so make time for your dreams.
For Caroline, that means traveling to one new country each year. In 2019, Caroline visited 5 countries and 75 cities alone, the best kind of overachievement, wouldn’t you agree?
Challenges Faced
- Business Owners struggled to understand their financial risks
- Unsure about what level of coverage they needed
- Unsure about what is key person insurance
Solutions Found through Genius Institute Programs
- Innovated risk planning strategy to suit 9 levels of business owners insurance needs
- Risk Assessments in efficiency and accuracy
- To Solve Human Capital risks in business increases business sustainability, growth better and increase the resale value
Results Produced
- New tool shortens pipeline creating a 9-month working year
- Creating programs for Risk education
Caroline’s Information
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