Reminding clients of late payments?

Dec 13, 2007

  1. modernist
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    modernist New Member

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    Just looking to see what some of you are doing to remind your clients that their payments to the carrier is late. Is your agency emailing them, calling them etc.? I'm just looking for a system that I can work with that would just send them a friendly reminder. Something that perhaps can be seen as more of a service to them in their eyes. The carrier already sends them notices so I thought maybe some of you where sending something direct from your agency in addition to that. Hopefully something other than mail. Thanks
     
  2. 1manshow
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    1manshow Guru

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    Early in my career I considered the same option and was advised to either implement a system and stick to it religiously, or leave it alone. It must be fair and equal to all policyholders and not just the "A" clients. This advice came from an attorney who had previously represented a deceased claimants family who was sueing to collect from a lapsed policy. Apparently the servicing agent had called many times in the past concerning delinquent payments but had discontinued the practice and subsequently the claimant passed after his coverage had lapsed.

    The thought of that happening would have never even crossed my mind.
     
    1manshow, Dec 13, 2007
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  3. lifesettlementadvisor
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    lifesettlementadvisor Guru

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    When calling about late payments on the life policies. You can suggest to your client doing a life settlement if they are having problems keeping the policy in force:biggrin:
     
  4. Martian
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    Martian Expert

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    You could always call and ask about anything that has come up that they need any help with. Or make it sound as if you are reviewing client policies and are getting a survey on the service. It might be enough to jog their memories without actually saying hey when are you going to pay your bill.
     
    Martian, Dec 13, 2007
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  5. Martian
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    Martian Expert

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    Even calling to ask for referrals might do it.
     
    Martian, Dec 13, 2007
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  6. Survivor
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    Survivor Super Genius

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    We have debit agents at our office. I hear them calling all the time, "Hey Sheila, its Bob, your insurance man. You got some money for me?"
    "Oh, I get paid Friday."
    "I gotta have it by 3 Friday or your insurance is gonna lapse."


    It's funny to hear, but it works -- at least for that type of client.
     
    Survivor, Dec 13, 2007
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  7. TXINSURANCE
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    TXINSURANCE Guru

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    Even calling no one answers their phones, your voice mail needs to be something that will scare them

    "you policy is in danger of lapsing past your grace period and if that happens you will need to re apply subject to underwriting and pre existing conditions and claims may not be paid, this can ruin your credit, cause a collection agency to come after you , and we will be forced to take your next born child in trade..."

    and they still won't call back...


    But yes there is value in chasing these down ONE TIME, ACROSS THE BOARD, STANDARD procedure - we collect a ton of $$$ each month, unfortunately it is usually the same $#@! every month...
     
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