Policy Delivery Poll

[goillini52]

Correct me if I'm wrong but doesn't the coverage start with the first successful draft (except for 5Star's TIA, which also requires a successful first draft)?

There are some companies that state the coverage doesn't start until the successful draft and the policy is delivered, and there health hasn't changed since the application was made..

 

[ewait1]

Great input and insight. Thanks.

 

[Glen Shelton]

BUT, if a person is delivering to "cement the sale", as I've heard some say, I would think they need to take a hard look at their presentation and what's going wrong that it needs cementing at delivery.

^^^
I agree with this.

However, I think there are always at least a few deals where it can help "cement" the sale by delivering in person V. mailing ...

Finding a way to write another policy in the house is the BEST way to cement a sale!

 

[John Galt]

I have the carrier deliver mine, i dont split my commission on 2 trips, ive already been there one time and did my job.

 

[goillini52]

I went back to delivering policies 4 years ago and stayed with it. I deliver them all except for maybe a handful a year.

I get a lot of additional business at delivery. I just had one a few days ago where I delivered and they had a friend there that needed life ins. I wrote him a $73/mo and then he told me he also wanted coverage on his 2 daughters and his 2 grandchildren. I told him we would take care of that when I deliver his policy.

I don't track that stuff but it sure seems to be worth it to me.

BUT, if a person is delivering to "cement the sale", as I've heard some say, I would think they need to take a hard look at their presentation and what's going wrong that it needs cementing at delivery.

By "cement the sale", I'm referring to a replacement. Sometimes you have to worry about the replaced agent trying to save his business. Also, some sales don't feel as solid as others/buyer's remorse/interference by a relative, etc.. I listed that as one of several reasons to deliver...not saying it's necessary all, or even most of the time.

 

[mudhound]

I used to dev about 99% of my plans. I now do well to dev about 60-70% of them. And, there are times i HAVE to mail them.

 

[shonceman]

My original training required us to deliver policies. In fact, if an agent was caught mailing policies, he could be terminated. Of course that was in the last century (Pony Express was very slow)! I deliver all mine if they're local, but have the company mail if not, if I've sold it by phone or they're any distance from my normal travels. Also if there's any reason I can't get it delivered within a week or so, I'll priority mail them myself.

I like to deliver the local policies, not so much because I need to cement the sale, but because I want to cement the idea that I'm THEIR insurance man. Then, when another agent comes along with a "better deal", they'll think twice about it.

Even on my mailed policies, I'll often call to "make sure you got the policy ok, and see if you have any questions."

 

[Matthew King]

Also, the "Free Look" provision doesn't start until the policy's delivered.

I've always delivered 98.3% of my policies, though I'm starting to mail more of them to those who've been with me a long time.

There are several good reasons to deliver the policy. It helps to build a relationship/cement the deal, gives you an extra shot in case they're having 2nd thoughts, gives you an opportunity to cross sell and get referrals.

That's a good point about the coverage not starting until delivery.

I completely agree with your post here monkey

 

[PA Bill]

I came up in the home improvement industry and since we were forbidden to call or come back, we were taught to "cement the sale" before we left the first time. We did this by first fully explaining their "rescission rights" (free look). You then ask them if they can think of any reason why they may cancel and to please tell you now as you get penalized for cancellations. They will almost always tell you, "Aww don't worry Bill, I'm good with everything (good to get them to say this)".

Then stick your hand out and say, "Business the old fashioned way?" or I simply say, "Welcome Aboard!". You will then cement the sale with a handshake.

 

[Agentguy5]

Good thread!

Cementing the sale, during the sale, is great!

Persistency and placement will be higher for any agent, who hand delivers the policy.

When you go over it with the client, this also helps them feel even more secure than a first meeting.

Also, if the client has any buyers remorse, that second meeting can often remove those thought from their mind.

This is also a good time to get referrals. You can gently remind the prospect that you have time today to help any of their friends or family too!