Many insurance agencies have found it easy to increase revenue and services offered by adding life and health insurance to the agency portfolio. Numerous prospects already in the agency client list have been overlooked for many years. Here’s how you can improve retention and the agency’s bottom line.
It may surprise a client to find that the company’s most valuable asset was not insured. This would be especially upsetting for an insured who felt that there was always needed coverage in effect. Property, liability and business income insurance were purchased to eliminate serious losses. What went wrong? Why wasn’t this possible major loss…
E&O classes always stress the need to use checklists. P&C exposures change over time and policy coverages must change with them. This is also true with life insurance. The needs that were present at application time probably have changed. A policy that was sold years ago may now require modifications due to changes in the…
Life insurance is purchased with consideration for others. An insured is not going to receive the policy proceeds. Family members are usually the designated recipients. Selecting the way to protect these benefits requires a great deal of consideration.
Many years ago, insurers created a “double indemnity” rider where death from an accident would result in double the face amount being paid. Now most insurers have a better solution.
With an aging population, do you understand what Medicare is all about if asked by a customer? What does it cover? What does it NOT cover? When can someone enroll? When does coverage start? What deductibles and coinsurance apply? What are the costs? What prescription drug coverage is included?
Many insureds receive an increase in benefits when a health insurance policy adds prescription coverage to the benefits that had already been granted. Other insureds may be surprised to find that the addition causes an increase in their out of pocket expenses rather than an increase in coverage. For example….
