A common denominator between the underserved markets in rural areas and the urban ones that Rudy Setiawan prospects in is unfamiliarity about how insurance can protect a household’s financial security when the unexpected occurs.

“I have been to areas where I saw that the population there is predominantly middle to upper class. But as far as financial planning was concerned, they only know the concept of conventional savings and deposits,” the 14-year MDRT member said. “When I came to present the concept of insurance as protection, many questions arose. Therefore, I decided to gather the community at the village hall and hold a question-and-answer session until they understood what insurance is and why it is important to have.”

Insurance, he would explain, is for protection, and the premiums paid for some products are not guaranteed to generate a return like a savings account would. Setiawan asked his audience to consider what would happen if they were struck with an illness or an accident that rendered them unable to work and earn an income. Their savings might be able to handle some of the medical costs, but if the bills are exorbitant, they’ll end up with debt. To help them understand, he told his own story.

Before he was an advisor, Setiawan bought insurance for himself and his wife. Two years later, she was diagnosed with stage 4 cancer in her abdominal wall and required surgery, hospital visits and multiple rounds of chemotherapy over the next two years. Unfortunately, he bought a policy that paid only for daily hospital stays and did not cover her treatments, resulting in much debt and ultimately bankruptcy. Tragically, his wife passed away.

“Just having insurance doesn’t guarantee it will help, especially if you choose the wrong policy or don’t fully understand what you’re buying. It’s even more dangerous if you don’t have insurance at all,” Setiawan said. “Life risks can happen to anyone, at any time. No one is immune to illness, accidents, permanent disability, death or old age.”

Prospecting in the villages

As Setiawan prospected in the remote parts of Indonesia, he learned to be patient. He “followed the flow” by gathering information about local resources — agriculture, fishing and trade — to gauge the purchasing power of residents. Traders generally had more education, children studying in Java or abroad and were more concerned about their health. So, he targeted them as they were easier to talk to. He also noted how many hospitals and health centers were in an area since those places were rich with another target market: doctors, nurses and other medical professionals.

“Explaining the benefits of insurance to them also was easier. They already understand the importance of covering medical costs and the need for retirement funds,” Setiawan said.

What’s your hobby?

Early in his advisor career, Setiawan would visit stores that were run by the owners. “There weren’t many policy closures at first. Back then I didn’t have many options, and this was the method taught to me by the person who introduced me into this profession,” Setiawan said.

But he refined his prospecting strategy in underserved markets by slowly entering their communities. Then he immersed himself deeper through taking on hobbies, which put him in the company of golfers, fish and bird enthusiasts, and spiritual seekers. 

“Hobbies are where people tend to spend money, so it’s definitely the right market to sell policies,” Setiawan said. “Similarly, in spiritual communities, there are usually many loyal financial donors. However, I didn’t rush to present my products to new friends in these communities. I would first build relationships until the right time came, when we were close enough. Then, I would ask for time to present. I always referred to this approach as building a golden bridge.”

City folks

While urban markets might have more middle- and upper-income people who are financially stable, it’s another underserved market as there are many who don’t appreciate the importance of having insurance. 

“Many people think buying insurance is just a waste of money, and believe they’ll always be healthy,” Setiawan said. “They might not have experienced or haven’t realized how expensive medical treatments can be. However, insurance is purchased with a noble purpose — to protect the assets we own so that we don’t have to sell them when faced with illness. Insurance allows us to live life with peace of mind, knowing that we won’t lose everything due to an unexpected event.”

Making appointments with prospects in urban markets is difficult as they tend to be busier. So, Setiawan delves into whether they have a hobby.

“For people or communities like this, I usually look for ways to enter their environment through their hobbies because despite their busy lives, they will definitely find time to do their hobbies,” Setiawan said. “Once I met someone at a decorative fish exhibition. Initially, I had no interest in keeping decorative fish. However, because I wanted to be closer to this prospect, I ended up sharing this hobby with him. I asked him to teach me how to care for decorative fish. Since then, I have often visited his house and learned more about this hobby. Our relationship became very close, even like brothers, so the client did not hesitate to introduce me to his extended family and referred me to his friends and relatives,” Setiawan said.

Furthermore, he communicates with prospects and clients showing empathy and being a good listener.

“If they are comfortable with me, everything will flow, and it will be easy to gain their trust,” he said. “As a financial advisor, I can slowly and more easily convey various information and input so that I can provide the right solutions that suit customer needs. After gaining their trust, the next step is to maintain that trust by providing a fast response, being present whenever the client needs it so that they feel safe and are not disappointed with my service.” 

Lia Eunika Pamela writes for Team Lewis, a communications agency assisting MDRT with content development for Asia-Pacific markets. Contact mdrteditorial@teamlewis.com.