Download New Case Study: Carrier Digitally Transformed Their Claims Experience in 8 Weeks


What Can You Gain By Updating Your Processes?

If your process is stuck in that past, hard to complete, done by snail mail, etc. – What are your chances of selling that beneficiary any of your products in the future?

When I used to give presentations to life agents, I would ask: “What is the easiest life insurance policy sale you will ever make?” I would receive many answers like: Term insurance, monthly payment types, policies from reputable companies, the list would go on and on.

Then I would suggest my answer to this question. “The easiest life insurance policy I ever sold was to a person I had just handed a beneficiary check to!” Think about it, I didn’t have to explain the features and benefits of life insurance. They just felt and experienced the benefits. I didn’t have to “sell” them on the need. They now understand the need. All I had to do was be genuinely interested in helping. Be there to express care and empathy during their time of need and offer my professional opinion.

Here’s how your company can be innovative:

  1. Instead of recreated the innovative wheel, seek out and connect with InsurTechs. You might be surprised at what you find and how easy it is to work with these startups.
  2. Meet your customers when and where they want to. Forcing them down a process that is better for you doesn’t help them!
  3. Increase efficiencies, decrease mistakes, and make it easy to do business with you.
  4. Offer a great customer experience for the claimant. This will increase your chances of making this person a future client.
  5. Make your process easy - No more feeling like you need an attorney to complete the paperwork and your process.
  6. Have a “beneficiary first” mindset.

Here’s how your company can generate revenues from your claims process:

  1. Have a beneficiary first mindset. How would you want to go through the process?
  2. Increasing efficiencies in your process reduce expenses. These reductions go to the bottom line.
  3. Utilize your agency/advisor force! They want to help your clients. You should want to make it easier for these agents/advisors to help your clients. When was the last time you filled out the account opening forms or your product offering forms? Try it, it would be a great exercise!
  4. Think about ALL of the users in your process. Internal employees, claimants, agents, advisors, and potential new clients.

The bottom line - if your processes are stuck in the past, you will decrease your chances of gaining these people as your future clients. Marketing dollars will not help you sell a product to a person who went through your outdated process and was displeased and unimpressed.