Optimum Date for Annual Coverage Review

[LostDollar]

Reading, listening etc

I see that a common practice is to communicate annually with policyholders in the month preceding their birthdays to review coverage and offer additional coverage prior to a rate change.

I also see that there are two age bases for rates; attained age and nearest age.

Wouldn't that make the most desirable annual contact date the month 7 months before the policyholder's birthday?

That would still be an annual contact and it would give the agent the broadest possible range of "pre-rate change" options to consider in relation to client needs exposed in the annual review.

 

[WinoBlues]

Reading, listening etc

I see that a common practice is to communicate annually with policyholders in the month preceding their birthdays to review coverage and offer additional coverage prior to a rate change.

I also see that there are two age bases for rates; attained age and nearest age.

Wouldn't that make the most desirable annual contact date the month 7 months before the policyholder's birthday?

That would still be an annual contact and it would give the agent the broadest possible range of "pre-rate change" options to consider in relation to client needs exposed in the annual review.

Unless the age change would impact the product availability I do not see any difference between age nearest or actual age. I run the quotes based on the recommendation at the time. An upcoming age change may a carrot to get them to move now v later.

Timing - Policy anniversary is more convenient for me. They tend to be getting notices, billings, conversion offers and annual statements then. So their insurance is more apt to be at the front of their mind.

IMohsoHO

 

[DHK]

Reading, listening etc

I see that a common practice is to communicate annually with policyholders in the month preceding their birthdays to review coverage and offer additional coverage prior to a rate change.

I also see that there are two age bases for rates; attained age and nearest age.

Wouldn't that make the most desirable annual contact date the month 7 months before the policyholder's birthday?

That would still be an annual contact and it would give the agent the broadest possible range of "pre-rate change" options to consider in relation to client needs exposed in the annual review.

Why not be in personal contact every 6 months?

Email a fillable PDF document every 6 months to complete and send back to you - along with a phone call.
Priority Approaches

But every year, actually have a visit. Yes, the questions in the PDF are the same each time, but the answers may be different based on changes in life.

Don't forget to send out something every month: