Re: Does Having a CRM Affect the Value of Your Book of Biz?
Speaking from the L & Health side, I feel it is imperative to have a CRM. Not only to provide information about your client and what they have purchased but also to input and store the conversations you or you office has had with your clients. Dates, times, who spoke with who and what about, etc.
In reference to the second part of your question, other factors that will determine value, is what type of business is it. FE, Med Supp, under 65 health, etc. Each one will have a different persistency ratio. Also, the seasoning of the business. By that I mean is it a block of new business or has the business been on the books for a long time and is not going anywhere. Renewal commission will also be part of the factoring in process. With our Health blocks of business after the first year comp, you have comp for years 2-5, then in years 6+ you have a lower comp. So your payout will also be a factor. Your question is not just one dimensional, there are a number of moving parts.