6 ways in-force policy data can be used to increase insurance sales

You already have important data on your clients – in-force product, life-stage and personal information – so, why not use it to create new business opportunities?

We’ve all heard the old sales adage – supported by various studies and surveys – that it’s cheaper to retain existing customers than it is to attract new ones. Often, in an attempt to expand one’s book of business, advisors are so focused on attracting new clients that they tend to neglect deepening relationships with the clients they already have.

And many existing insurance customers need more attention from their advisor. Consider these important findings from a recent LIMRA study:

  • Only 68% of Canadian households have any life insurance at all compared to 79% in 2006;
  • Six million Canadians believe they need more life insurance.

In addition, LIMRA data shows that there are 14% fewer insurance sales professionals taking care of those clients compared to five years previously, and that a whopping 76% of Canadians would prefer to buy life insurance face-to-face with an agent.

Generate sales opportunities from in force policy data

How best can you capitalize on these potential sales opportunities with your existing client base? It’s relatively easily – and you can create real new business opportunities with the client in-force policy data you already have.

Advisors can use the personal data and in-force product details they currently have on file to deepen relationships and help to ensure clients’ insurance needs are well-met.

Here are a few simple yet effective ways to do so:

  1. Make personal contact with clients in advance of when term policies are due. Check in with your client, ensure personal information is up to date, and assess any potential needs for increased insurance coverage.
  2. Reach out to clients that have policies with anniversary top-up dates or convertible products By checking in with these clients well before policy deadlines, you are providing good service and can discover opportunities for new investments.
  3. Client birthdays and lifecycle milestones provide opportunities to connect in a non-sales capacity. Send them a card, or invite them for a round of golf. Build the relationship.
  4. Examine client age demographics, with an eye to potential changing needs at their stage of life. Depending on the client’s age and situation, advisors can open conversations about education savings planning, retirement planning, estate planning, amount of cash in policies, etc.
  5. Analyze clients’ life insurance, disability and critical illness coverage with an eye to identifying gaps.  Contact clients that are potentially under-insured based on amount of in-force coverage in relation to income levels, etc.
  6. Pay special attention to high net worth clients. These clients have greater needs than affluent investors and may benefit from products such as seg funds, annuities, etc. 

TicoonSales turns data into opportunities

All of the data needed to create these sales and client service opportunities is typically available to advisors. However, it is often scattered in many places – in paper files, in client databases and on product manufacturer portal sites – and not conveniently available to the advisor. As a result, many of these opportunities are missed.

The TicoonSales platform integrates all of this data into one, convenient place. Client personal data is compiled alongside in-force product data in a way that makes it much easier to analyze and assess client needs.

Armed with real data on the needs of existing clients, advisors can focus on doing what they do best: meeting with clients and servicing their insurance needs.