Scroll down for a discussion on What Do You Do to Cover You As$? within the General Insurance Agent Discussions.
Originally Posted by healthagent
I record all of my presentations through Ring Central. Aside from that the best protection is selling the best top tier ...
For what always seems like a bunch of macho-man, gun-toten', don't f--k with me, right-wing, conservative, let's go huntin', I'm gonna kick yo ass, Republicans, you sure are a bunch of weenies.
Yeah, everyone has heard of someone who has been sued, but my bet is that it's mostly an urban myth. Tell me this. Have any of YOU been sued? Have any of you had to make a claim on your E&O?
Bottom line, if agents were being sued left, right and center, E&O insurance would be a hell of a lot more expensive. My guess is that these stories are circulated by the E&O carriers... similar to how the IRS always circulates a story around April 15th about a high-profile, celeb. tax case.
You folks do what you want, but if I called or or visited your office or sat down with you in my home to talk about my personal finances, medical history, and assets... and you told me you were recording me, I'd walk out or throw your paranoid, insulting ass out.
My take would be that if someone has to record our conversation, they will either sell the data, or they need it to cover their ass because they don't know what they are doing... meaning I don't want to deal with them.
YMMV.
Al3,
I have never been sued...however I have had my B/Ds compliance dept call me about a letter a client wrote complaining that I would not return her calls...After reading the letter it was apparent that the client had called the insurance company directly and not me... Then there are the times when a client has a B share mutual fund and say I never told them about the CDSC thank god for the mutual fund disclosure form they signed...These are things from before I was recording the meetings....I am very happy to have the recordings now...I approach my interviews as part of creating a financial plan and I explain that I record the meeting so that I can review later as well as taking copious notes...If presented right I have never had anyone say no....As to recording of calls via ringcentral it is not an automatic feature and I use it when I am authorized to make a change in a clients portfolio and our discussion is 100% over then phone I explain that after our discussion is finished I am going to turn on the recording and quickly recap our conversation. they have no problem with it they understand that we live in a society that can sue on the drop of a hat.
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Originally Posted by Newby
Hey Peter I use ACT and Ring Central too. If you want to go paperless you need to add Paperport if you don't already have it. Also Fineprint is real usefull too.
I haven't used paperport? or fineprint for that matter...I scan the documents into pdf format and save them in a folder specifically for that clients stuff and attach the file in act in the notes section...What does Paperport and fineprint do?
Good point AL,
I've never been sued nor had a claim in my E & O.
However, the best protection I've found in phone sales is this:
Record the calls (I too use Ring central)
Use web conferencing that snags the IP address of the client and allows you to record the web conference (only one I know for sure that does both is AQConference). **This is critical to covering your assets!
Get an external hard drive to store the apps, etc, I have 1TB
Good point AL,
I've never been sued nor had a claim in my E & O.
However, the best protection I've found in phone sales is this:
Record the calls (I too use Ring central)
Use web conferencing that snags the IP address of the client and allows you to record the web conference (only one I know for sure that does both is AQConference). **This is critical to covering your assets!
Get an external hard drive to store the apps, etc, I have 1TB
Careful with storing client data on an external HD - my broker dealer just told me it's totally illegal now because of a new government privacy act....compliance is freaking out because if a hacker hacks your system and copies your hard drive files, they will then have access to the clients' address, DOB, and social security number. Not sure if this is a req in the health insurance industry too, but I'd imagine so because of the private data. I've been told that the new way to store private data online is using an encrypted online server system and whatnot.
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BiggitySwat - Licensed Stockbroker
Life and Health Licenses, Series 7, Series 66.
I suggest using a good contact management system that time stamps comments and notes on each account. Make it mandatory for your staff to leave notes after each client contact. Other than that, stay within the guidelines of your company when writing business and do not cut corners when underwriting cases to get a policy issued.
One thing that really helps, instead of keeping all the notes and files, is delivering more and more "get out of jail free" info and disclaimers as you get closer and closer to the sale, or farther along in the process. Just think of all the things that they could get you on, and file a complaint about against you, and be proactive in the material you deliver to them when you make the sale.
For example, after thanking them for the sale say something like, "Note, we want to make sure you are aware of all of the following, and we have included a FAQ based on questions that have come from past policyholders"
For example, in our business of vacant home insurance we don't give renewals to short term customers. When we deliver the policy document # 1 on our list is, "Please note, you will not get a renewal statement for this policy. It is the insureds responsibility to come back to us if an additional period of insurance is required. Then save the email.
Are you going to keep it a secret? I'm tired of people like you telling us they have "a great lead source", "a great company for life insurance", and "a great contact management program."
If you have this information, please post it.
And welcome to the forum. We're glad to have you here.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
To be totally truthful, I use underwear to cover my ass!
And I for one am very grateful for that. No pictures, no pictures, no pictures.
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"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
As a new agent I'm curious what most of you to cover your ass when writing business such as individual health or life?
Do you make any note and files them away? In this day of conducting so much business on the phone or the internet, it seems the door is wide open for someone to say you failed to mention so and so. Or years go by and an occasion rises when they make a claim and filnd out they actually have x type policy when they thought they had something different. or they claim you said the policy did a certain thing which it does not.
Thanks, I'm almost anal about covering all the bases.
The door is wide open and some agents are getting yanked thru it.
I spoke to one of my associates this past Friday, who had to answer a complaint to the DOI with all records and sales material used in the sale of a Co-pay plan.
The complaint was that he failed to disclose that lab and x-ray are not covered with a copay.
The case was dropped, but not before he was sufficiently rattled. I could tell you more, but I'm not.
Don't listen to people that tell you it never happens, they're not writing enough business.
Don't make things up over the phone, keep in mind that your clients intend to use the insurance that you're selling them and keep that thought while answering their questions and you'll be fine.
If you don't know something, call the carrier, if the answer sounds stupid, call them again and speak to someone else. Eventually, you'll find that a lot of the customer service people know less than you, if you do your job right.
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No Government can be long secure without a formidable Opposition.
A lady who bought a discount plan (from someone else) blamed me for it, while I had presented her a major med.
The jack ass didn't even know who sold it to her.
Open and shut thankfully.
Originally Posted by bill3173
The door is wide open and some agents are getting yanked thru it.
I spoke to one of my associates this past Friday, who had to answer a complaint to the DOI with all records and sales material used in the sale of a Co-pay plan.
The complaint was that he failed to disclose that lab and x-ray are not covered with a copay.
The case was dropped, but not before he was sufficiently rattled. I could tell you more, but I'm not.
Don't listen to people that tell you it never happens, they're not writing enough business.
Don't make things up over the phone, keep in mind that your clients intend to use the insurance that you're selling them and keep that thought while answering their questions and you'll be fine.
If you don't know something, call the carrier, if the answer sounds stupid, call them again and speak to someone else. Eventually, you'll find that a lot of the customer service people know less than you, if you do your job right.
I got this little gizmo that connects my phone to the sound card in my computer. There is software on the computer that automatically starts recording a sound file when the phone is being used, both incoming and outgoing calls. The sound files are time stamped and you can attach notes to the sound files, like the person's name. If you want you can export the sound files to .wav files and attach them to your client database.
Re: What Do You Do to Cover You As$?
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