Systems Management

Archive for the ‘Management Systems’ Category

Most insurance industry experts agree capturing leads is the cornerstone of a successful insurance sales training program and the insurance sales management systems employed to ensure an producer’s success in generating those leads is pivotal to the overall success of the company’s business marketing strategy.

These three insurance sales management systems are all good systems in their own right, designed to capture leads and create sales opportunities, but when taken together, and in the order described, they guarantee an inexhaustible supply of prospects and a high probability of success.

The Referred Lead Card System is designed to generate good quality leads through referrals. It begins on the initial sales call when an producer interviews a prospect to assess needs and determine whether or not a sales opportunity exists. Before the interview begins, the producer sets out three pre-printed referral lead cards right alongside his/her laptop. At the end of the interview, whether this customer buys or not, the producer asks for three referrals. Using pre-scripted questions, like “Mr. _____, I know you know a lot of people. Who would you want to tell about the products, services and ideas I shared with you today?” and handling objections, like “I don’t like to give names out” with responses, like “I can understand that, but I have found from past experience that many of my referrals were very interested in the products and services I offer and appreciated seeing the type of work I do.”

The producer then completes a card on each referral — a perforated card with all the relevant contact information on top (which the producer then keeps as a filing and phone call reference card) and with a pre-scripted note signed by the customer making the referral on the bottom. This card is then mailed to the new prospects. Five days later the producer calls the new prospect to schedule an interview.

Advocates of the Referred Lead Card System strongly attest to its success and believe it is the single, most significant resource they have in training their insurance producers to sell. Not one of them recommend buying insurance leads. Research shows that only one out of every 13 cold calls results in an appointment. However, two out of every three calls made to qualified lead referrals result in one. Better yet, producers who use the Referred Lead Card System close 80% of the business generated from those referrals.

Quality lead referrals generate sales prospects for the producer. As the list of prospects grows, a sales pipeline is created. It is in the pipeline where gaining trust and creating actual sales opportunities begin. A sales pipeline or “funnel” is typically a series of emails sent to prospects at pre-determined intervals. These emails all pertain to a particular topic of interest and are written with the expressed intent of slowly building a relationship between producer and prospect. Prospects or “subscribers” receive the emails at a comfortable pace with ample time to digest the contents.

The best and most versatile system an insurance company or agency can employ to enhance an producer’s selling experience and ensure operational efficiency of the producer’s pipeline or “funnel” is an Auto-Responder System. This piece of software resides on a mail server that holds, tracks and sends pipeline or “funnel” emails out in an organized fashion to all pipeline prospects on a pre-set schedule. Regardless of when they subscribe, prospects receive the same series of emails that all other subscribers receive, but on their own schedule.

A key advantage to using an Auto-Responder System is that the information and products sent to the prospect are done in a way that brings their understanding and experience level up gradually. However, if prospects are going to stay subscribed, value will be key — value in the form of highly relevant and useful information as well as free products or services that lead the prospect to buy something. The more value added to the sales pipeline, the easier it is to monetize. When adding value or when making product or service recommendations, though, make sure the products and/or services being recommended are reputable ones than can be authenticated. Reputation is everything here.

Prospects stay in an producer’s pipeline for as long as it takes the producer to sell them a product or service. While they are in the pipeline and as they increase their knowledge base and experience level about the products and services being offered, they may elect, with an invitation from the producer, to subscribe to an E-Newsletter. New and long-established customers can also subscribe to this.

E-Newsletters allow producers to add any and all relevant, quality information about product offerings, cutting-edge developments in the industry and any additional material for customers with advanced or experienced product knowledge. They are generally a key component of the insurance company’s or agency’s Internal Marketing System. As prospects gain a greater understanding of the products and services being offered, or if their experience level becomes greater than the information contained in the sales pipeline, the E-Newsletter proves to be the better option for them. The same is true for new and existing customers.

Proponents of the Auto-Responder System and the E-Newsletter recommend using both but recommend keeping two separate lists — one for prospects and one for customers. By using both systems, and keeping their respective lists separate, there is no overlap between them. Prospects sign up for the Auto-Responder to bring their knowledge base and experience level up to speed slowly. Once they have completed the Auto-Responder Series, they can sign up for the E-Newsletter and begin forging a lasting professional relationship with the producer or insurance company. Prospects who take this route tend to be more loyal and profitable to the company. Additionally, they are not overwhelmed by information and their inbox is not overrun by constant emails which can drive them to unsubscribe. New and experienced customers can skip the Auto-Responder Series and simply sign up for the E-Newsletter. That way, they can begin receiving advanced product information and product offerings immediately.

These three insurance sales management systems are all excellent stand-alone systems for capturing leads, and when taken together and in the order listed, they are a dynamic and proven powerhouse of tools, methods and strategies designed not only to capture leads, but create sales opportunities that virtually guarantee the success of every producer and insurance company who uses them.

Reduce sales outstanding time, increase cash-flow and maximise your working capital

As ever-increasing numbers of organisations are looking to lower administration costs whilst continuing to meet their CSR targets, many overlook the financial and environmental rewards of electronic document management.

We live in an age where everything needs to be greener, faster and of course, cost efficient. So developing systems and strategies for delivering and managing financial documents; such as invoices, remittance advice and other receivables, is essential.

Effective invoicing software and systems can automate and streamline an organisations entire accounts process. Enabling businesses to automatically capture purchase orders and issuing invoices to controlling debtors and collecting payments electronically online is a must for any business looking to be green and streamlined.

By introducing an electronic billing system,which integrates with existing enterprise resource planning (ERP) or invoicing software systems, a business can deliver a paperless and economic electronic invoicing process to their customers- e-Billing.

In addition to reducing workforce, material and delivery costs associated with paper based invoicing, businesses also benefit by reducing errors, accelerating settlement times and enhanced brand visibility. But it’s not just businesses that gain here, e-Billing really does represent a win-win scenario for both businesses and customers.

Consumers also benefit greatly from this combined service, enjoying instant delivery or access to their accounts, electronic or online storage, download features (which can plug into a wide range of finance systems) and a much more efficient dispute resolution process.

Key Features of e-billing:

Send electronic invoices and present online Real-time on-line management of all documents & transactions for customers Customers can download and interact with data in multiple formats Full document archiving with search and store features Automated debtor control and notification Range of reporting features including document status (delivered, opened, paid) Scalable multilingual, multi-currency opportunities Easy to use web screens with corporate branding throughout

Integrated Payments

Along with reducing administration costs and lowering environmental impact e-Billing represents the greatest value in the speed of payment and reconciliation. By enabling your customers to pay an invoice in real-time over the internet significantly speeds up the settlement time-line and drastically improves cash flow.

E-Billing system can handle Credit and Debit cards (and a variety of other methods), thus allowing organisations to provide customers with a broad spectrum of payment options and all invoices are reconciled much sooner.

Fast Customer Enrolment with 100% Coverage

Customers can access their online banking modules from hand-held devices in the blink of an eye-lid. Naturally they will expect the same services from their other suppliers. The customer enrolment process through most e-billing systems is straight-forward, timely and simple. In most cases, all a new customer needs to enrol on the e-billing platform is an email address.

Branded registration screens integrated onto your website A swift and simple online enrolment process for customers enables instant access to invoices

Summary of Benefits

Save up to 50% per invoice on processing Instant and traceable invoice delivery Quicker dispute management Significantly reduce input errors Optimise outstanding debtor management Up to 10 years online archiving Faster and effortless access for customers Marketing opportunities through electronic documents A greener, more sustainable process