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

[Glen Shelton]

I agree with what's been said.

I think a monthly premium reminder might actually increase your fall off rate.

 

[Baseball7]

Not the first time I heard the key to persistency is people forgetting they have it after they settle into it. Just hope they forget to fill out lead cards to! What we need is a Mailhouse opt out form like Omaha offers people when they buy.

 

[jdeasy]

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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Why would you not think it'd help?

Just not in the wheelhouse of the FE market. I'm in my 8th year of fulltime FE and today I got my second text ever from a client.

Will that stuff increase over time? Maybe. That's why I said it wouldn't hurt. But after reading some of the other responses I'm more inclined to agree that it may cause more problems than it helps.

 

[rousemark]

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.

Don't think you want "illicit referrals" Not a bad idea.. Some say it won't work, some say it will... but no one will know for sure until it is tried. It kind of makes you the information age "debit agent" like the physical ones they are used to dealing with.. Only you just remind them to pay instead of actually collecting the premium. My State farm coverage is on bank draft and I get notices from them prior to the draft being made.

I would get them to sign a permissions for but that is easy enough, you just include it in your application package. If it is automated system should not take too much work on the agents part and as you say, if just produces few sold referrals per year of increases your persistency by a couple of points, it could well be worth it.

 

[Newby]

You could also text them to confirm your appointment. Lol

It kind of hits me the same way. Might remind them to stop the payment.

 

[SammyJ]

I instituted a program about a yr ago texting about 20 fe customers before their due date (all had 1st or 3rd draft dates). I sent a text 2-4 days ahead of time to remind them. Each person I did it to I called them after I wrote the app and made them put my name as a contact. I made them fill in the contact right then "Sam the ins man". I did this for the first 3 months of their policy . I saw no difference in persistency so I stopped.Actually a few who lost my card called me back to cancel. As others said the more you do for fe clients the worse it is . There's no allegiance .Out of site out of mind. Just like delivering policy's . Saw no increase in persistency. Its a good idea but it just doesn't work.

 

[Baseball7]

How many of you guys deliver a majority of your policies?

 

[John Galt]

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.

Are you trying to get on my goodside? Cause you just did!!

 

[SammyJ]

Thanks Boss man . You get to be with daisy duke every day.

 

[jdeasy]

How many of you guys deliver a majority of your policies?

I deliver most all of them. I occasionally mail them but it's very rare that I don't personally deliver.