Is This A Marketable Product To Final Expense Agents? Would Like Your Feedback

[Rearden]

I had an agent of mine give me what I think is a potentially helpful technological solution idea to primarily boost persistency quality and secondly farm for referrals.

What would you guys think of an automated text message solution, designed to remind clients to hold back money to pay their bills, and to illicit referrals from over time?

Most of these people, even on government-assisted cell service, have the capability to receive text messages (but not necessarily send them, which is fine).

Just think of having an automated text message remind the person of their premium being due, and making sure that they do not spend that cash too soon to cover their insurance bill.

As we all know, a majority of lapses occur accidentally, with people forgetting their bills are do. This service could save a lot of those deals in addition to wasted time trying to reach out to them and put them back on draft.

A guy writing $125,000 a year with a 3% persistency improvement would at least realize a four-figure increase in his bottom line.

Plus one could automate referral requests. Or even use voice blast technology to call and remind the client the bill is coming out.

Of course, all of this assumes proper legal disclaimers and opt-in requests are satisfied.

So what do you guys think? Is this a viable you would use? Any thoughts and criticism is welcome.

 

[louiefrias]

It's a fantastic idea.

 

[Tkruger]

If you were able to get a signed consent form to be added to that service by the insured for either Text or Automatic Call reminder then it could work.

That would be the only legal way to pull it off.

 

[Todd King]

I think it's one hell of a good idea!

 

[jdeasy]

It couldn't hurt but really doubtful it would help in the FE market.

 

[SPUR CITY]

I had an agent of mine give me what I think is a potentially helpful technological solution idea to primarily boost persistency quality and secondly farm for referrals. What would you guys think of an automated text message solution, designed to remind clients to hold back money to pay their bills, and to illicit referrals from over time? Most of these people, even on government-assisted cell service, have the capability to receive text messages (but not necessarily send them, which is fine). Just think of having an automated text message remind the person of their premium being due, and making sure that they do not spend that cash too soon to cover their insurance bill. As we all know, a majority of lapses occur accidentally, with people forgetting their bills are do. This service could save a lot of those deals in addition to wasted time trying to reach out to them and put them back on draft. A guy writing $125,000 a year with a 3% persistency improvement would at least realize a four-figure increase in his bottom line. Plus one could automate referral requests. Or even use voice blast technology to call and remind the client the bill is coming out. Of course, all of this assumes proper legal disclaimers and opt-in requests are satisfied. So what do you guys think? Is this a viable you would use? Any thoughts and criticism is welcome.

I personally would NEVER do that. Whenever times get tough the first thing to go is life insurance. I want them to forget my policy is being deducted every month. "IF" you do things correct the first time then persistency should NEVER be an issue.


JMO

 

[Rearden]

I personally would NEVER do that. Whenever times get tough the first thing to go is life insurance. I want them to forget my policy is being deducted every month. "IF" you do things correct the first time then persistency should NEVER be an issue.


JMO

Thanks for your input and definitely understand where you are coming from.

I would have to discount your perspective in a complimentary fashion as your high persistency is not normal to final expense, and what most agents experience.

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It couldn't hurt but really doubtful it would help in the FE market.

Why would you not think it'd help?

 

[SammyJ]

I agree with Spur as i know it won't work as I've tried it. I've tried it for retention and I've tried it contacting customers i couldn't reach using Lee's leads. I can count on one hand receiving any txt back from Fe clients.They're deadbeats who are in this position because most don't pay their bills.

 

[ajmiller]

It couldn't hurt but really doubtful it would help in the FE market.

Agree with this one. I doubt lapses happen on accident in final expense markets. Regardless of what client is saying happened. A text message might in fact do the opposite as intended and cause client to be reminded that they need that extra $50 for the casino, or anything for that matter, and go withdraw from the account even quicker. But I LOVE WHERE YOUR HEAD IS AT "DON'T STOP TIL YA GET ENOUGH"
-Michael Jackson

 

[Rearden]

I agree with Spur as i know it won't work as I've tried it. I've tried it for retention and I've tried it contacting customers i couldn't reach using Lee's leads. I can count on one hand receiving any txt back from Fe clients.They're deadbeats who are in this position because most don't pay their bills.

Did you use it to remind them of the bill, or tell them that they missed their bill?

Thanks for your insight.