Quality of trade, as with all companies, is the most important aspect to maintaining high-quality trade. Quality is defined at three levels. Each phase has an impact on your profits, especially your renewals.
Stage 1The most crucial phase in an Agent’s success is the time when the application is submitted to the field. It is not possible to save a deal that was never meant to be sold. This is where you can make a profit by selling on the basis of your needs. Are the services appropriate for the applicant’s needs? Is it affordable to them? It is important to remember that while the plan may seem reasonable at the start, it must also be affordable in the long-term. Underselling can lead to the belief that policies are less valuable if they cost less. The laptop display that is needs-based is designed to increase sales agent profitability.
Following the correct processes is crucial to quality. Did the paperwork get answered completely, honestly, and accurately? Did the questionnaires contain all required information? Is the applicant aware of the lifetime obligation to pay the monthly payment? Are you able to explain the terms of the agreement when the policy is received by the applicant? How did you prepare the applicant to be rated? How often do managers and sales leaders retrain applicants in the basics of need-based, affordable sales?
Stage 2
The second phase of quality begins once the application has been brought to an Agency office. Does management review the paperwork to ensure that it is correct and complete? Is it possible for other agents to make mistakes in the training process? Are sales managers reviewing details of presentations that were made at home? Are the Agency’s verification processes in place to verify the applicant’s eligibility, affordability, and long-term commitment?
Stage 3
The application becomes official when it is sent to the Home Office. Now we are in the third stage of this quality control process. Is your Agency able to provide a written policy for policy delivery? Are you familiar with how to handle rated cases? Are you and your manager looking over your weekly progress report at the end of each work week? Have you been trained in reading and understanding the action items? The advance report’s loss items, also known as. Cancellations, withdrawals, cancellations, withdrawals, incompletes or declines. Is it possible to print out the weekly advance report, and contact the policyholder to discuss what you can do to get the policy back on its books?
Your long-term profitability will be improved by resolving lapses as soon as they are discovered in your advance reports. You can make it more likely that they will reinstate your policy if you get in touch with them quickly. Many policies that have lapsed are due to bank changes. To resell the policy or obtain new bank information, make an appointment to visit the policyholder’s home. Also, gather the premium and a good health certificate. You can use the “door knock” option if you are unable or unwilling to contact the policyholder. You have a lot of good reasons to visit the house. Show concern for the welfare and well-being of the household in case anything happens.
Quality and its relationship to profitability have many other facets. Acceptable point-of-sale competency is the key to your long-term profitability. Begin working with your manager and State general agent to prepare for the (additional!) renewals.
