Providing Term Life insurance services to your clients can be a daunting process. From prospecting, to selling, to managing cases until they are finalized, it seems like your to-do list never lets up. If you are looking for ways to streamline the Term Life selling process, we’ve got you covered with the tips and tools you need to increase your process efficiency and improve customer service.
Start With The Right Information
The first step in any consultative sale is getting to know your client. For Term Life insurance, this requires a lot of details. Let the conversation with your client flow naturally but try to guide it toward the information you’ll need to put your client in the best product for their needs, wants, and eligibility. Take note of the information you’ll need later on in the process like financial information and general health information.
Look for Accelerated Underwriting Opportunities
The average insurance underwriting process takes 3 to 4 weeks – that’s not ideal for the customer’s experience, and it leaves items pending in your pipeline. Accelerated underwriting shortens the process from weeks to days for clients who qualify. Clients who qualify won’t need an exam, blood work, or medical records.
Combining accelerated underwriting opportunities with a tool like Vive make it possible to complete the entire cycle in 2-days, application to issue.
Become The Expert
Consultative sales can be challenging when you don’t know the ins and outs of each product. Knowing the products and their features will make you a trusted expert when you’re up-selling a product to a client that provides greater overall value at a higher price. Getting to know your products, or at least where to find the information you may need, initially can save you time in the long run.
If you haven’t explored the Life information and resources throughout our site, now is a great time to familiarize yourself.
Keep Track Of The Status Of Your Cases
You should invest adequate time to follow the status of your cases. What is adequate? That depends on your workload, but we recommend at least once at some point during the day. This may sound like more work, but keeping an eye out for case updates frequently can help you respond to carrier requests sooner rather than last minute.
Tools like Vive make it simple to monitor the status of your cases all in one place, even from multiple carriers.
Leverage Technology
The days of traditional sales are gone. Technology has dramatically changed the landscape of sales, including customer expectations. Customers want convenience and agents now spend nearly 90% more time selling remotely than they did just 6 years ago. Be ready to sell wherever you go.
When you’re using the right technology you’ll notice increased efficiency in your process and improved customer service.
Vive utilizes integrated tools, like the Needs Calculator and Health Analyzer, to find the products that are the best fit for your client, immediately and all on one screen. By creating weighted scores, Vive allows you to quickly gain the product expertise you need to advise your client to the product best suited for them. The Vive score takes into consideration factors such as carrier rating, conversion privileges, product features, and accelerated underwriting.
Vive even consolidates all of your cases across all Vive carriers in the Vive Dashboard, so you can visually see the real-time progress of your cases and always be aware of any changes during the new-business and underwriting process. You can even cut your ordering process time in half with Share-a-Quote. Share-a-Quote allows your Vive-affiliated BGA to start an order and share a link to the quote via email or text. You will also be able to manage and complete orders anywhere you go from your smartphone or tablet.
With Vive you can quote, compare, and submit an order in just 5 minutes. That’s about how long it took you to read this article! So what are you waiting for? Get Vive, and get out there selling more.
