From Mohan Uncle’s Notebook: Revolutionizing Customer Bonds with Tax-Smart Wisdom

It’s the last quarter of the year, and we are all navigating the complexities of financial planning. Customers increasingly seek protection and strategic ways to optimize their wealth. Surprisingly, during this critical period, I am transported back over 30 years. And the face of Mohan Uncle keeps popping up in my head.

Mohan Uncle used to drop by our place a few times every year. Some days, he would just sip tea and talk to my Dad, but on other days, the two would sit together with a calculator and a notepad and go on for what seemed like hours. I understood they were talking about money… but that’s all my little head could comprehend.

A few years later, I learned that Mohan Uncle was an insurance agent who had sold his first policy to my Dad. But their relationship was much more than that of a client and an agent. It had grown over the years into a beautiful friendship that blossomed in the muck of financial planning. However, their long discussions ensured my siblings and I had a sound education and a comfortable life.

Of course, Mohan Uncle had targets to meet and policies to sell. But his financial planning advice went beyond selling insurance. He knew exactly what we needed and when we needed it. He had plenty of good and free advice for his clients.

There is a lot to learn from Mohan Uncle. The art and science of selling should be built on the foundation of long-lasting relationships with customers. The last quarter of year is one time where businesses can make a positive difference in the lives of our customers by offering them what they need – financial solutions for a better future.  

Businesses should pause and think, are we giving our customers what they want? How is my business contributing to making their lives more comfortable?

Understanding Customer Needs:

Queries on taxes, investments, and budget peek during this period. Tax implications are a crucial driver for the sale of financial products. Businesses can tap into this demand by addressing specific queries regarding tax planning and insurance.

Answering the Call for Financial Solutions:

The key to deepening customer engagement lies in understanding and responding to their questions and addressing their deepest concerns. Common queries during this season could include:

‘How can I maximize my tax deductions with insurance products?’

‘What does budget mean to the taxpayer?’

‘Can life insurance policies help me save on taxes while providing financial security?’

You position your platform as a valuable resource by equipping yourself with informed responses and solutions.

Customer Education:

There are many creative ways to engage with customers and addressing their queries.  Hosting webinars, creating informative blog posts, and offering one-on-one financial planning sessions can transform customer interactions from transactional to relational. Take a look at Aegon Life’s informative blog posts. Our goal is to keep customers engaged with information they can use. Enjoy the read!

Catch Them Young

When we say ‘young’ – we are not just talking about Gen Z (people born between 1997 and 2012) but the Gen Alpha (people born between 2013 and 2025). Yes, Gen Z is at a crucial phase of their lives; many are earning and making major financial decisions. But the Gen Alpha are the real bosses, influencing major financial decisions –they are our future. The Reserve Bank of India (RBI) has started the ‘Project Financial Literacy’ for various target groups, including children. Complex topics have been simplified with the help of stories and pictures. Here’s one for you: Raju and the Money Tree    

Solutions that are Tailormade:

Customers appreciate a personalised approach. By offering tailored insurance solutions that align with individual tax situations, businesses can demonstrate a commitment to their unique financial journey. Utilize customer data to suggest products that fit their needs and create customised financial plans that incorporate tax-smart solutions.

Leveraging Technology for Enhanced Engagement:

Implementing technology solutions like AI-driven chatbots or personalised dashboards can help answer customer queries promptly and efficiently, thereby increasing engagement and satisfaction. For example, a chatbot that can provide immediate, customised tax-saving advice based on customer profiles can be a powerful tool for engagement.

Businesses can build stronger, more trusting relationships by focusing on tax-smart insurance solutions and addressing customer queries with knowledge and empathy, just like Mohan Uncle did. Let’s embrace this period as an opportunity to deepen our customer connections and drive engagement to new heights.

Connect with our team at Aegon Life to explore our tax-efficient insurance products and join us in delivering value beyond protection!