The old adage time is
money is nowhere more truly accurate than in the insurance industry. Taking
your time and dragging your feet won’t put money in your pocket. If you are a
serious insurance advisor you know how important it is to get your applications
processed quickly. Competition in the insurance industry is as fierce as ever,
and one of the only ways to stay competitive is to get things done quickly.
When a client calls
you to set up insurance, they are likely thinking that the process will be a
quick one – especially with the online insurance options, online quoting and
the ability to arrange insurance online all available at the click of a mouse.
Once the client has selected an insurance plan and the paperwork is filled out,
the rest is in your hands. How you handle your client from here on out is
crucial.
But what if it really
isn’t in your hands, and instead is in the hands of your insurance company and
they are the ones that decide to take their time. What if they drag their feet
when processing your applications? This is something that you may have very
little control over – but that doesn’t mean that the impacts are not very real.
In this competitive
environment, while some loyal clients may wait on you, other less patient
clients simply won’t and why should they? After all, there are countless other
companies out there that can easily offer the same or similar products without
the wait. There really is nothing stopping a client from turning to the
competition if you take too long processing their application. Taking too long
will mean lost business and a decrease in customer retention.
The internet and the
sheer abundance of online insurance companies offering quotes make this
competition even stiffer. It is a very simple thing for a client to jump on the
internet and find a quote that they feel meets their needs and offers the same
benefits as the plan they originally chose from you.
The impacts of
processing times are not just short term. Processing applications quickly can
also mean a big payout in the end in the form of future business. Even if you
manage to land your client even after providing a slow turn around, if a client
feels unsatisfied with their initial dealings, when the time comes to purchase
additional insurance products they may look elsewhere. However, if they feel as
though their needs were met efficiently and effectively, and all in a timely
manner, they will not hesitate to turn to you with their business in the
future.
If you work for an
insurance company that takes forever processing insurance applications, or if
you work with a managing general agency that does not recognize the importance
of expedience, maybe it is time to consider switching.
At IFCG we appreciate
the importance of time, and if you want to learn more about our process and its
many benefits, please contact us by calling 416-849-1653 or visit www.joinifcg.com.
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