Client Retention

[Felthorn3]

Hey guys,

Just getting into the FE business(and insurance as a whole) and wanted to try and pick the brains of those more experienced regarding client retention and policy persistency. What are some best practices you have outside of policy reviews, sending thank you cards, sending birthday cards and making "happy birthday" phone calls?

Thanks a bunch!

 

[HoosierLife]

Hey guys, Just getting into the FE business(and insurance as a whole) and wanted to try and pick the brains of those more experienced regarding client retention and policy persistency. What are some best practices you have outside of policy reviews, sending thank you cards, sending birthday cards and making "happy birthday" phone calls? Thanks a bunch!

It's all a waste of time. Just answer phone calls and be available to do bene changes and things of that sort. Maybe a thank you card, but I've stopped even that and haven't noticed a change.

 

[sirherbie]

I think your best shot at policy retention is having a carrier who drafts correctly and on the clients payday .Also of course beating in the head of the client why they're buying the coverage . As far as delivering the policy vs mailing it I've seen no difference in persistency (matter of fact my highest persistency has been with mailed policy's vs delivered).Selling a competitive product(I assure you another agent will be coming behind you) and drafting the day the client gets paid are essential . We deal with people who get bombed weekly with these cards. I had a appt yesterday show me 2 cards he just recieved and another say I've had 3 agents out here this month. Fe clients are usually broke,lonely people who easily change their mind . I think policy reviews and birthday cards much more important selling middle to upper class clients as loyalty much greater. In Fe it's all about vol and seeing the people. Everyone's opinion will differ.

 

[Newby]

Hey guys, Just getting into the FE business(and insurance as a whole) and wanted to try and pick the brains of those more experienced regarding client retention and policy persistency. What are some best practices you have outside of policy reviews, sending thank you cards, sending birthday cards and making "happy birthday" phone calls? Thanks a bunch!

This will be debated but I would say policy delivery makes the most difference. I've had two this week that went off the rails but got them back solid at delivery. Neither were typical FE people but it happens with them too.

First one was a nice case. Man took $200,000 term and $25,000 WL on him and took two $25,000 FE policies on his wife. I call him to do the policy delivery and he comes unglued. It got worse and worse. He thought he took $50,000 on the whole life for both of them and he thought the premiums were cheaper. In face he was sure of it. His blood pressure was was going up and he was getting all upset and I couldn't calm him down. I told him I would deliver the policies the next day and go over it with him.

Next day I meet with him and go over everything we talked about. Remind him of why he took what he did. And he even had the quotes written right on the brochures I gave him the whole time. He was super nice an apologized and agreed that it was exactly what he wanted. I don't know where that one would have went if I just mailed the policies. Probably not good.

2nd one was a turning 65 Med sup. Sold a Plan G. At policy delivery the guy says he needs to cancel it because someone else came to his house and gave him the exact same thing for $40 per month less (impossible. ) He was sorry for wasting all my time, etc.

That one turned out to be a Hi-deductible Plan F. Bankers agent forgot to mention any deductible. Got it back and now I'm working the referal chain backwards (got to love when that happens. ) His friend who had Refered him got sold the same thing and they failed to mention the deductible to him too. Plus he bought life insurance from them.

These same types of things happen with FE too. Simple Misunderstandings or snakey competition can spoil your fresh sale right off the bat and the policy delivery can be the best tool you have to solidify it. I don't deliver every single policy. I used to but I'm too busy for that these days. But when you are new and have more time than leads, I would definitely deliver every one.

 

[jdeasy]

Hey guys,

Just getting into the FE business(and insurance as a whole) and wanted to try and pick the brains of those more experienced regarding client retention and policy persistency. What are some best practices you have outside of policy reviews, sending thank you cards, sending birthday cards and making "happy birthday" phone calls?

Thanks a bunch!

I don't think there's any one thing. It's a process with several steps for me.

The first step is setting the appointment. I do those myself and that's my first contact. I send thank you cards after the sale. I deliver policies. I answer my phone and return phone calls. Most of my clients contact me when they move, change banks, change beneficiaries, need the cash value statement at the welfare office, etc.

I'm dropping a letter by a home on my way out this morning. Guy has had his policy for 6 years. he lost his extra help because he didn't send in the info on time. I drafted a letter last night with the current CV and printed off his last annual from the company website. He should be able to take that to their office today and get his benefits restored. Over the years I've probable gotten 10 referrals from this guy.

I do not send other cards after the initial thank you card. I do not do annual reviews. This week I also tracked down a AmCon that's been on the books 5 years. The lady hadn't made a payment since Oct and we had been unable to locate her. The automatic premium loan was keeping the policy in force.

I found her in Carbondale, Il. She was very thankful that I found her. Said she lost my card and didn't know the name of the company since she had never called them. We did a 3 way call with Aetna and got it back on bank draft. Did I get anything out of that other than my 5% renewals? Not at this time. But you never know. And she said she needed to change her beneficiary so I mailed her a form to do that with a stamped envelope addressed to me for her to send it back. I will send it on to the company for her.

^^Just some examples.

 

[Gooner]

Neither were typical FE people

So OP ask about FE...and this is the advice...bravo sir, bravo.

----------

I don't think there's any one thing. It's a process with several steps for me.

The first step is setting the appointment. I do those myself and that's my first contact. I send thank you cards after the sale. I deliver policies. I answer my phone and return phone calls. Most of my clients contact me when they move, change banks, change beneficiaries, need the cash value statement at the welfare office, etc.

I'm dropping a letter by a home on my way out this morning. Guy has had his policy for 6 years. he lost his extra help because he didn't send in the info on time. I drafted a letter last night with the current CV and printed off his last annual from the company website. He should be able to take that to their office today and get his benefits restored. Over the years I've probable gotten 10 referrals from this guy.

I do not send other cards after the initial thank you card. I do not do annual reviews. This week I also tracked down a AmCon that's been on the books 5 years. The lady hadn't made a payment since Oct and we had been unable to locate her. The automatic premium loan was keeping the policy in force.

I found her in Carbondale, Il. She was very thankful that I found her. Said she lost my card and didn't know the name of the company since she had never called them. We did a 3 way call with Aetna and got it back on bank draft. Did I get anything out of that other than my 5% renewals? Not at this time. But you never know. And she said she needed to change her beneficiary so I mailed her a form to do that with a stamped envelope addressed to me for her to send it back. I will send it on to the company for her.

^^Just some examples.

I tend to do the same. Send a thank you and answer my phone...even if I know I'm going to get cussed out...lol

 

[Baseball7]

I answer a lot of calls and try and put repeat callers in my phone so I know who's calling from the client base. Can't hurt to put notes about their coverage or them in your phone as well. You're not going to save or sell everyone either.

 

[OttoGraf]

Some great pointers I agree with. Also, if you get a sense in your gut that the potential client is a deadbeat don't waste your time. That alone has increased my persistency greatly over the past couple of years.

 

[Felthorn3]

Thanks for all of the info, guys! Big help

 

[WinoBlues]

Service what you sell, or I am happy to. Call your clients, or I am happy to.