Engineering the best protection for clients in construction

From being an associate officer to becoming a customer relations manager and systems, applications, and products (SAP) supervisor, Maricar Genon, a two-year MDRT member from Manila, Philippines, held office positions at real estate firms for nine years. “In my previous jobs, I coordinated with architects and engineers to resolve clients’ concerns with their condominium units.” She developed valuable skills through interacting with stakeholders, including communication, interpersonal, and digital and technology literacy. However, due to the routine nature of her past positions, Genon decided to look for a more challenging career. “When I was invited to join my current insurance company, I saw the passion and fulfillment of our facilitator as she discussed the profession and its challenges. True enough, I found a renewed sense of purpose in financial advising.” 

One of Genon’s first clients is her father, who was diagnosed with kidney cancer and successfully claimed his policy’s critical illness coverage. “Becoming a family advisor helped me expand my client base as my clients saw the value of getting insurance plans for their parents when I shared my experience with my dad.” Her connections in the construction industry, a result of her previous roles, became beneficial when she leveraged them to generate referrals and documented her feedback-based approach on her social media pages, winning over 250 clients and qualifying for MDRT. Most of her clients are architects, engineers, and construction personnel. “With the relationships I had, I was able to tap a unique market. However, it came with new challenges.”  

While some of her clients are professional engineers and architects already earning a decent income, she also services construction personnel who earn around Php 600 (approximately USD 10.50) daily in the Philippines. This amount may be lower for those outside metropolitan areas. They usually work on a contractual basis, making their income patterns unstable. 

A critical concern for Genon’s clients is the higher premiums associated with their high-risk occupation. While office staff typically enjoy standard premium rates, onsite construction personnel who face increased risks of injuries, illnesses, and life-threatening situations are encouraged to avail of insurance plans with higher premiums, benefits, and coverage. One of her clients, a construction assistant handling documentation, could avail of a low premium plan of Php 1,800 (approximately USD 30.64) monthly. Another client, an onsite project manager, had a monthly premium plan of Php 10,000 (approximately USD 170.20). “We have internal guidelines on the recommended plans and premiums based on the client’s risk classification. However, it is important to note that it only guides us in making our proposals and recommendations. We have to consider the client’s budget.” 

To address this concern, Genon emphasizes the importance of clients understanding the trade-off between budget constraints and coverage. “While we highly encourage them to have more comprehensive plans given the nature of their jobs, we understand that not all can afford higher premiums. Therefore, I start by educating my clients on the value of having some protection, even if it’s not the maximum coverage, compared to having no protection at all.” She encourages her clients to start with the coverage they can afford and upgrade as their financial situation improves, such as through promotions or salary increases. This incremental approach ensures clients remain protected within their financial capabilities while understanding the importance of comprehensive coverage.  

Genon shared the story of one of her clients, an engineer, who encountered a minor onsite incident. The client had his hospital expenses reimbursed since his insurance policy had additional coverage for minor accidents. “Fortunately, none of my clients in the construction industry has encountered a serious accident. However, these minor accidents are prevalent at construction sites, so I emphasize the value of having an insurance policy, regardless of the cost of the premium or the extent of the coverage.” 

Since most of Genon’s clients in the construction industry are men who have kids and families to support, she stresses how crucial their roles are as the providers and pillars of their households. “Emphasizing their role in the family and appealing to their emotions by asking questions like ‘What will happen to your kids and family in case you encounter a serious accident on-site?’ drive home the point that it is in their interest to get the best protection for themselves since their loved ones are reliant on them.” 

For fellow MDRT members handling clients in high-risk occupations, Genon offers practical advice: 

1. Thorough Fact-Finding: Conduct detailed fact-finding sessions to understand the client's job responsibilities, risks, and financial situation. 
2. Personalized Solutions: Tailor insurance solutions to align with the client’s budget while highlighting the importance of coverage. 
3. Education and Communication: Clearly explain the differences in coverage levels and the implications of choosing lower versus higher premiums. 
4. Ongoing Support: Provide continuous support and regular reviews to help clients adjust their coverage as their financial circumstances change. 

By adopting a comprehensive and empathetic approach, financial advisors can effectively manage the unique challenges of insuring clients in high-risk jobs and protecting their families. 

 

Contact: MDRTeditorial@teamlewis.com