Understanding Behavioural Economics for Client Retention and Sales
We might think that our clients make rational, logical buying decisions, but the truth is that the human brain uses mental shortcuts, known as heuristics, to make sense of complex decisions. Whilst these short cuts aid speed of decision making, the results are often irrational.
This session will allow delegates to not only understand these heuristics and cognitive biases, but also to develop the skills and strategies that are essential if we want to influence buying behaviour in the real world, not just in theory.
Learning objectives:
· Identify the top cognitive biases that affect organisational insurance buyers
· Understand the impact of these on decision making
· Implement targeted strategies and framing techniques to mitigate bias-driven challenges
Nick offers a unique combination of skills in the UK insurance training sector – an industry sales specialist and a widely qualified professional coach and trainer. Nick is an Economics graduate with over 25 years corporate insurance broking experience. He was a highly successful sales producer in the UK broking market before progressing into regional and then national sales leadership roles. As National Development Director at HSBC, Nick was one of only 40 people from a global workforce of 265,000 selected as part of the STARS programme to recognise exceptional performance. He is a highly trained consultative sales specialist, and his experience includes a secondment with a major management consultant to design a best practice sales process.
In the mid-2000s, Nick developed a chronic health condition; his journey to recovery fostered a new range of interests, and a passion for health, and performance. He studied widely, qualifying as a Master Practitioner in Neuro-Linguistic Programming (NLP), obtaining a Diploma in Life Coaching, before going on to study Corporate/Business Coaching with The Coaching Academy. He is also a qualified Holistic Lifestyle Coach and Advanced Exercise Coach.
Nick has worked in a self-employed capacity in training, coaching, and consulting since 2017, including as a specialist adviser in Insurance sector M&A (Mergers & Acquisitions) sector. He set up Nick Thomas & Associates in 2020 in response to demand from his industry network for training solutions designed and delivered by people with a background of working in the industry.