Point-of-sale (POS) software could change the way that insurance is bought and sold. It can make agents more productive, allowing them to immediately show customers what their financial situation looks like, what types of coverage they need, and what they can afford. Buying insurance therefore becomes more convenient, making consumers more comfortable with the process -- and more likely to take action. But what types of systems are best for you? And what features should you look for?
POS for individual-health agents: From field sales to phone sales
POS software for individual health is a relative newcomer. Here's how this type of POS software typically works: First, you punch your client's basic information into a Web-based quote engine. Your carriers' rates and plans are then imported into an email-ready spreadsheet. It can take as little as 60 seconds to work up a detailed multi-carrier proposal, and quotes can be customized by premium, plan type, deductible, co-insurance, copay, carrier, and effective date.
Tips for using individual-health POS software
o Integrate it into your Web site. Many quote engines are available as a standalone tool, but they can also add value to your Web site. Customers who visit your site can compare plans and apply online 24 hours a day. You can then have their information automatically sent to you.
o People shopping for health insurance are looking for convenience. They're not looking for someone to show up at their front door and take up their entire afternoon. Update your advertising to reflect the convenience of your quote engine. Invite them to visit you online for a free, customized quote. And offer "free, 10-minute health insurance consultations" -- a low-risk call to action that may persuade prospects to pick up the phone.
o Use it as a renewal tool. Some quote engines come with an online lead management system; you can set reminders just before your client's renewal date. Before they're hit with an unexpected rate hike, you can take a few seconds to fire off a new email proposal. With this strategy for fighting churn, your clients can compare their updated quotes and apply for a new plan online.
POS for life producers: Professional presentations, faster turnarounds
Some situations, like life sales, demand a face-to-face meeting. In these situations, a point-of-sale system is a good way to keep your prospects interested and help them understand the value of the policy. With POS software, you can show them your sales pitch from a computer. Once you've identified their goals and needs, your POS software can help you educate them and gain their trust.
What to look for in a life POS system
o How robust are the needs analyses, and do they support your typical sales scenario? Your software should include a wide selection of needs analyses to help your sales force demonstrate the benefits of a life policy.
o Is the system compatible with fast online quoting? It's not just a crucial tool for your field agent; when online life quoting is integrated into your Web site, consumers can begin the application process from their homes.
o Do I need this software in multiple languages? If you work a multilingual territory, you will need POS tools that can adapt to your client's language.
Point-of-sale systems can help agents become more accessible and more productive and allow them to quickly write more business. Customers can get faster, more convenient service. And complicated insurance plans are now easier to understand, simple to compare, and straightforward to purchase. Understanding what you need in a point-of-sale system can help you start things off on the right foot.
Jeremiah Desmarais oversees the marketing efforts at Norvax Inc. For more information, visit www.norvax.com or call 866-466-7829.
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