A guide to building your practice in the Asian Indian marketMarketing and prospecting to multicultural consumers

TA B L E O F C O N T E N T S

2 Client development process for the Asian Indian market

4 Training

6 Pre-approach

10 Approach — Working with Asian Indian consumers

12 Fact finding

14 Case analysis

16 Presentation and application

18 Client development

20 Ways to measure your success in the Asian Indian market

Welcome to the Asian Indian market!This guide is designed to give you a starting point for working with Asian Indian prospects or consumers, knowing that your individual plan is what will ultimately make you successful.

Working in a multicultural market can be an essential element to maintaining and growing a sustainable practice because the demographic landscape of the United States is changing. Although Asian Indians account for 18.9 percent of the nation’s Asian population, their above-average per capita disposable personal income means they control

25.3 percent of the Asian buying power, or $195 billion. The combined buying power of the Asian market topped $770 billion in 2014 according to The Multicultural Economy, an annual report on minority group buying power produced by the Selig Center for Economic Growth.1

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This guide addresses the client development process for the Asian Indian market. While the process for the Asian Indian market is similar to the process you would use with everyone, there are cultural differences that you should be aware of when working with this market.

Client development process for the Asian Indian market

Asian Indians are diverse in terms of language, place of origin, and financial background. When developing your marketing and branding strategies, be sure to be mindful of this and allow it to guide you in your communication efforts. It’s the only way to market effectively since your awareness and respect for the diversity and nuances that exist within the Asian Indian community will have a direct impact on the acquisition of new prospects and the overall sales process.

While you don’t need to be Asian Indian to find success in the Asian Indian market, based on our consumer research here are some things to keep in mind when working in this market:

• The financial attitudes of Asian Indians are strongly aligned with family goals and aspirations – particularly the strong emphasis placed on children’s education and family security. Be sure to discuss their children’s college plans as part of your consultation when meeting with your Asian Indian prospects.

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• Asian Indian consumers focus on the long-term future. Since they are more focused on the long-term future, Asian Indians say their tendency is more “risk averse” or “conservative.”

• Asian Indians recognize the importance of insurance since it is consistent with their goals of family well-being and security. However, the MassMutual research participants stated that “we often want to know about more than just life insurance such as retirement income products and disability income insurance” – opportunity to cross sell multiple products and services.

• Trust is the most important characteristic when Asian Indians look for a financial representative.2 Some prospects may require multiple meetings to feel comfortable enough to do business. Some may even invite you to join them for a meal or coffee to build the familiarity and rapport they need to allow you to represent them. The sales process may zbe longer than in the general market, but remember that obtaining trust and confidence is a crucial part of your successful relationship long term.

• Family plays an important part in the life of Asian Indians and is the center of all decision-making processes. Be sure to include elders in the decision making process when appropriate — while they may not make the final decision, they like to be asked and participate in the process. Give great importance to their children and their college education.

• Showing proper respect is a key cultural value. Refrain from addressing others by first names unless you have a personal relationship with them. It’s always a safer bet to refer to someone as Mr., Mrs., Dr., etc. When you approach customers this way, you’re demonstrating respect.

Family plays an important part in the life of Asian Indians and is the center of all decision-making processes.

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Training

MassMutual has developed tools and tips to help you kick start your practice from helping you determine if you are ready to work within a multicultural environment, to learning about your clients and their cultural nuances.

• Do your research. We’ve made it easy for you!

– Visit the Multicultural Marketing section on FieldNet for marketing materials, research, and other tools and resources for the Asian Indian Market. The path is FieldNet/Marketing/Target Markets/Multicultural Marketing/Asian Indian Market.

Education and awareness are the first steps in building your multicultural marketing practice.

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Asian Indian consumers…• prefer in person business dealings. Face-to-face meetings help create a solid foundation that is built on

the essentials of credibility and trust.• value and emphasize savings. Given the penchant for saving, there is a strong aversion to amassing

debt. This is consistent with attitudes of other Asian consumers (e.g., Chinese and Korean).• speak English very well, eliminating language barriers that may be seen in some of the other

multicultural segments. While there are numerous regional languages, English and Hindi are two official languages, and in the U.S., English is often considered the more inclusive of the two.

• are extremely brand conscious and prefer to work with a reputable company with a strong financial background. Be sure to talk about MassMutual’s strong financial background as well as our 165-year history.

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Below are some suggestions on how you might go about gaining the trust and interest of Asian Indian consumers

• Cultural insights to keep in mind: – While language may not be an issue,

there still exists a high cultural affiliation among Asian Indians to their culture. They have a distinct, rich culture of their own and are very proud of it. As such, they are highly respectful of their cultural heritage and values.

– One of the key cultural values is respect for elders. Always refer to them by last name with Mr., Sir, Madam, or Mrs. Using the “Namaste” greeting with a gentle head bow is one way to show respect. Touching elders’ feet in India is an integral part of the tradition. You may see families using this tradition or be invited to join.

– Another key cultural value is to live a modest, balanced life. Explain how our products and services can help them maintain their “financial balance.”

– Asian Indians usually have a strong tie with their home country, and are very proud of the economic growth in India. Show your genuine interest by asking about their home country and what region they are from, if they still have family members living there. Ask about their recent economic growth, their view on the future — they’ll be happy to tell you.

Pre-approachFirst and foremost, creating trust and building relationships is the foundation of networking and marketing to Asian Indians.

• Potential actions to take: – Asian Indians are brand conscious.

Take every opportunity to emphasize the MassMutual brand.

– Advertise in local cultural publications. While Asian Indian consumers consume most general media, they also maintain their cultural heritage by viewing their ethnic media. To help get the message out to these consumers, leverage culturally relevant ads available through Adworks to help build awareness of MassMutual’s history, strength, stability and mutuality. For more information about placing ads, visit FieldNet/Marketing/Marketing My Practice/Local Advertising & Media/Custom Ads: Adworks.

– Send Direct Mail utilizing MassMutual’s Direct Connect programs. Allow your market to feel as though they know you, before you’ve even had the opportunity to meet in person.

– Pitch PR stories to local cultural or ethnic newspapers in your community. It demonstrates your awareness and connection to meaningful community people and issues. For assistance with Public Relations, please visit FieldNet/Marketing/Market My Practice/Local Advertising & Media/Press Releases and Templates.

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Hand out your business card frequently; it is one of the least expensive forms of branding/advertising you can do for yourself. Use the right hand to give and receive business cards.

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• Participate in community events and cultural activities. Asian Indian consumers prefer to work with individuals who are active in and support their local community. When you are present at these community events, you are displaying your interest and cultural respect. Introduce yourself and get to meet and mingle with people.

• Develop relationships with centers of influence in the community –leaders of local organizations, professional associations, businesses, active community volunteers, etc. The word of mouth travels far in the multicultural community, and who you know and who you are associated with may make a big difference.

• Share MassMutual’s culturally relevant Asian Indian marketing materials with your prospects. Encourage prospects to visit www.massmutual.com/AsianIndian for basic information about the company. This culturally friendly website provides information on the company’s strength and stability, as well as an overview of the life and disability income insurance products.

Pre-approach (continued)

Know about cultural holidays and celebrations in the Asian Indian market! Examples of some popular events that usually have events associated with them in the Asian Indian market are:

• Holi – a festival of colors in springtime.• Diwali Festival – perhaps the most widely celebrated Asian Indian holidays in autumn time. Commonly

knows as the “festival of lights” celebrating the victory over darkness.• Independence Day – August 15th

Asian Indian organizations or professional associations you may consider building relationships with include:

• Local Asian Indian chamber of commerce• Local temples• American Associations of Physicians of

Indian Origin (AAPIUSA)• Asian American Hotel/Owners Association

(AAHOA)• South Asian Bar Association of North

American (SABA)

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Networking Tips:• Attend culturally oriented fairs and

festivals. If you can, arrange to have a booth with marketing materials featuring your name and contact information.*

• Don’t simply collect business cards. When you meet new people, ask about their hobbies and families. Get to know your market on a more personal level. This will allow you to build the connections you need to do business.

• Share your knowledge and expertise to educate clients and prospects on financial matters when and where possible.

• Be patient and show prospects you’re willing to take the extra time needed to build trust.

• Develop centers of influence. In other words, connect with people who have the reach, respect and authority to put you in touch with other people.

• Go to local colleges and universities to meet students. Look for Asian Indian student organizations. Offer to speak at events and classes about financial topics. This will help you become a trusted source and educator in Asian Indian communities.**

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In this phase of the process you should focus on learning more about the consumer to uncover their needs and interests.

When working with Asian Indian consumers, below are some things to keep in mind for the approach meeting:

• Educate prospects and/or clients about MassMutual. Emphasize key selling points about you and your relationship with MassMutual, as the company may not be well known in local markets. Specifically mention the following about MassMutual:

– We’re a mutual company. Then, define the term by telling them what it means to be a policy owner.

– We’ve served our policyholders for over 165 years.

– We have among the highest financial strength ratings in the industry. When discussing ratings with a potential client, be sure to mention our current ratings and that they are subject to change. (Refer to www.massmutual.com for current ratings.)

Approach — Working with Asian Indian prospects

– We have paid dividends to eligible participating policyholders consistently since the 1860s. Be sure the person you’re speaking with understands dividends aren’t guaranteed and they are not available for all policies and products.

• MassMutual has created cultural marketing materials to help educate Asian Indian consumers on our products, services, and corporate capabilities. Utilize the Quality and Performance brochure (LI7602AI) to help share MassMutual’s history, strength, and stability.

• Asian Indians also show high rates of small business ownership across many industries, such as retail, gas stations and lodging. Since small business owners do not usually receive any group coverage, it may create an opportunity for you to offer education on individual as well as group life insurance and retirement income products.

The approach meeting is your opportunity to make a lasting impression and set the tone for your relationship with prospects.

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• LifeBridge is an effective way to build visibility while educating the community about MassMutual. This program is unlike any of our competitor’s programs and can help position you as someone who is dedicated to giving back to the community. Because of this reason, LifeBridge events receive great public relations attention in multicultural markets.*

• Sell your skills, affiliations, and experience, when appropriate.

– Educate consumers on your credentials and experience. These go a long way in establishing your credibility. In many Asian cultures, longevity, accomplishments, certificates and licenses in a profession can be seen as an indicator of maturity or success.

– Mention college degrees, diplomas and/or licenses when telling a new customer about yourself and the services you can provide.

– Share with your client if you’re a member of a local chamber of commerce, civic group or professional association.

Mention LifeBridge to help develop your market and relationships:

LifeBridge provides free life insurance for income eligible families. It is designed to help protect the dream of providing education for a child if the parent dies before the child completes school. Under the LifeBridge Free Life Insurance Program, MassMutual will issue a $50,000, 10-year term life insurance policy to a trust on the life of a qualifying parent or legal guardian. The $50,000 is used to cover educational expenses of eligible children after the parent’s death. All premiums are paid entirely by MassMutual with no fees ever charged to the qualifying families.

* For more information on LifeBridge, please visit massmutual.com/lifebridge.

This is why the rapport-building process is so important because if you don’t have a solid foundation to start from, talking about finances and financial needs can be a challenge.

From a cultural perspective, there are a few things to keep in mind in the Asian Indian community:

• Although most Asian Indians speak English well, their level of acculturation may greatly vary depending on when they came to the United States. Length of residence in the U.S. is strongly related to knowledge of financial products. Be sure to provide adequate education during your fact finding process.

• Asian Indians are fairly knowledgeable about life insurance in general, partially because life insurance has been available for a long time in India. However, there are gaps in knowledge about the specific steps in the purchase process in the U.S.: 4 in 10 Asian Indians find it difficult to decide which type of individual life insurance to buy, how much coverage to buy, or which company to purchase from.

Here are some tips to establish trust and rapport when communicating with a client or prospect:

• Be knowledgeable about Asian Indian history and recent economic developments. Asian Indians have a great deal of pride on their country’s rapid growth. Even mentioning that you noticed their economic growth or development in the IT field could be a great door-opener to this market.

• Cricket is perhaps the most popular sport in India, and many Asian Indians in the U.S. follow their country’s game against other countries. Asking about this game could be a good ice breaker, as they would welcome your interest in the game and how their country is performing.

• Be honest and genuine. People can spot a phony, so don’t try to be someone you are not.

• Be patient. Expect that several meetings may be required before a purchase decision is made.

• Avoid using humor with clients since humor rarely translates well across cultures.

• Keep your promises. Don’t say you’re going to do something unless you are really going to do it. Promise only what you will deliver, no matter how unimportant it may appear to be to you.

Fact finding

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During this phase of the client development process, your role as a financial professional is to create an environment that helps your clients feel comfortable and open to sharing confidential information.

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When preparing your professional presentation, here are some things to keep in mind when working with Asian Indian consumers:

• Avoid using excessive English clichés. Phrase like “You could get hit by a bus tomorrow” may be somewhat okay with the general population; however, it may come across offensive to consumers with different cultural backgrounds.

• Greetings and business protocol may be different when working with Asian Indian clients. For example, avoid offering a hug or handshake to a female client or family member unless offered first. If the presentation takes place at your client’s house, you are expected to take off your shoes when entering an Asian Indian household. Be sure to use the right hand to give and receive business cards or proposals.

• If whole life insurance is a potential solution, discuss both the death benefits and the living benefits of the product. While the primary purpose of life insurance is for death benefit, mention the living benefits* of the product and how it may help make the educational goals they have for their children attainable. Explain to your client that access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

– College education for their child is extremely important in this culture, and often fully funded by parents. Many Asian Indian parents came to the U.S. to help provide a positive future for their children and are highly motivated to work hard to pay for their children’s’ education at a good school. Topics such as living benefits of the whole life product and how it can be used to help fund their child’s education can be a powerful message.

• MassMutual offers a number of approved financial software systems to help you produce your analysis and product illustrations.

Case analysis

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During your case analysis and preparation, organize all of the information you gathered during the fact finding process to pull together a solution and recommendation for your client.

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Provide your recommendations and demonstrate how they can help meet the client’s needs. It is important to touch upon the themes that resonate well with Asian Indian consumers such as how your suggestions can help with the higher education funding for their children if appropriate.

Below are some tips for the Presentation and Application phase:

• Use personal examples when and where appropriate to help establish a personal connection within the financial context. It reinforces trust and reconfirms your understanding of their needs.

• While a number of culturally relevant support materials have been developed specifically for Asian Indian clients and prospects, most of the materials you would use for your general market clientele also work for this audience.

• MassMutual’s underwriting guidelines and travel restrictions may help you write more business. A full listing is available on FieldNet/New Sales/Life Insurance/Underwriting/Foreign Risk Guidelines.

• As part of the underwriting process, a Paramedical Exam may be required to assess your prospect and/or client’s health. In such a case make sure the paramedic has a good understanding of the marketplace and brings the same sensibilities that you do in your relationship with that potential customer.

Presentation and applicationBegin your presentation by reviewing the important information gathered during the Fact Finding session that led to your recommendation.

Provide your recommendations and demonstrate how they can help meet the client’s needs.

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It also creates the potential for future sales and additional referrals. Since the key to successful client development and management is the ability to continue building upon your relationships, below are some very simple tips:

• Send cards, e-mails and/or make personal phone calls on important holidays and life events. Greeting cards during cultural holidays will be greatly appreciated. Use messaging around family and celebration in your card. You should probably stay away from humorous cards, as they may be taken in a way you did not intend.

• Below are examples of occasions you can use to keep in touch with your client:

– Birthdays and anniversaries – Milestones, such as, weddings,

graduations, births, etc. – Cultural holidays such as Diwali

• Seek referrals from your clients. Recommendations from friends and relatives are extremely valuable when working in the Asian Indian market. The best time to ask for a referral is when a customer thanks you for a job well done or expresses gratitude for your help. That’s the perfect opportunity to ask them to refer other people to you.

• When meeting with a referral, make sure to mention the other person’s name in your introduction and how you were referred (only if you have permission from the referring individual). For example, “ Last week I met with Dr. Singh and helped him with his financial needs and he suggested that I may be of assistance to you.”

Client development

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Keeping in touch with a client after their policy has been delivered and continuing to educate your client on available services is a great way to build and maintain long-lasting relationships.

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The key to successful client development and management is the ability to continue building upon your relationships.

Below are ways that you can measure success in multicultural markets, but be sure to work with your sales manager to set goals for yourself.

• You are the go-to person! Your clients see you as someone who can help them and their loved ones plan for their financial futures. You have successfully been able to stand out from the competition in your target market as a problem solver, solution finder and educator and as a result have clients and organizations coming to you!

• Keep track of your progress! Track the sources of your business to know from where it’s coming. Consider creating a spreadsheet of your activities or contact to track activity. Here are some things to consider track:

– Policies sold (type, premium and FYC) – Events (leads gathered and

sales results) – Seminars conducted (attendees and

sales results) – Organizational connections – Direct Mail pieces sent out (how

many people did you send the piece to, how many calls and sales results)

– Ads placed (what publications, how many calls and sales results)

– Public relations efforts

Ways to measure your success in the Asian Indian market

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To find success, you need to first define what success looks like — and that differs for everyone.

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© 2017 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com.

1 The Multicultural Economy 2013. The University of Georgia, Selig Center for Economic Growth, 2013.2 For more information on LifeBridge, please visit massmutual.com/lifebridge.

* Producers must use Compliance approved signage and materials when exhibiting. Please refer to the Field Compliance Manual regarding gifts/raffles/giveaways, section 6.2.1 (Sales Material) and the Business Gifts and Business Entertainment Policy guide for more information.

** All sales material must be approved in advance. Also, depending on your licensing status, you may also need to obtain your General Agent approval prior to speaking at a school. Please refer to sections 6.34.1. (Public Appearances) and 6.35.10. (Outside Business Activities) of the Field Compliance Manual.