We think that every industry can help improve the service that the client receives by sharpening the skills of the professionals who do the work on a daily basis. This is part of our series for Life and Health Insurance Agents that looks in depth at E and O insurance claim scenarios. Keep your skills sharp and review our previous E&O insurance studies: “The Vanishing Premium;” “Do What You Know and Know What You Do," and "Customer Service: The Devil's In the Details." An … [Read more...]
What is the Meaning of Life – Expectancy?
What is the meaning of Life? Philosophers and religious organizations have asked that question and proposed answers for thousands of years. Life’s meaning fuels coffee shop conversations and late-night ramblings. For better or worse, Life and Health agents don’t need to address the cosmic question. What matters here sounds much more simple - under a given scenario, what does the proposed life insurance policy or annuity consider “life?” The not so simple piece - does your client … [Read more...]
Client Risk Assessment Benefits Everyone
Conducting a risk assessment with new clients makes business and legal sense. On the legal side, a thorough, well-documented risk assessment is invaluable should a client file and Errors and Omissions claim alleging misunderstanding, confusion or unsuitability over an investment product. A complete risk assessment won’t stop an unhappy client from suing you, but it is one of the first items your E & O policy underwriter will ask to see. Three Parts of Risk Assessment The benefits … [Read more...]
How to Respond to an E & O Claim
After you’ve been in business for any time at all, someone will accuse you of dropping the ball and doing something or not doing something that caused them a financial loss. Do not panic. If a client calls, emails, texts, or sends a letter through snail mail making such a complaint. Recognize the communication for what it is - the beginning of an Errors and Omissions claim. Your unhappy client may not use the words “errors and omissions,” “E & O” or “professional liability,” but it is … [Read more...]
Alert Clients to Common Investment Fraud and Scams
Life and Health Agents who communicate with clients and prospects via a periodic email newsletter or even social media postings build trust by alerting them to popular investment fraud schemes. The North American Securities Administrators Association (NASAA) provides excellent information on investor fraud. Some of the top investor threats are classic schemes in new packaging - using technology and news trends to dupe investors into parting with their money in hopes of hitting it … [Read more...]
E&O Claim Scenario “Customer Service – The Devil’s in the Details”
We think that every industry can help improve the service that the client receives by sharpening the skills of the professionals who do the work on a daily basis. This is part of our series for Life and Health Insurance Agents that looks in depth at E and O claim scenarios. (Review our previous E&O insurance studies: "The Vanishing Premium" and "Do What You Know and Know What You Do".) An Errors and Omissions Case Study Susan, a 60-year-old client with a history of medical problems, … [Read more...]
Insurance Agents Need Disaster Plans, Too
Boston is all but buried in snow. Parts of New York and New Jersey have yet to recover from 2012’s Superstorm Sandy. The paper files of many Mississippi and Louisiana insurance agents became fish food years ago, when Hurricane Katrina washed away entire buildings. Hard drives didn’t fare well, either. Multiple studies suggest the tornado season is peaking earlier, with more wild, unpredictable swings from year to year. And don’t forget earthquakes. Have we grabbed your attention? Key … [Read more...]
How to Talk to Millennials About Insurance
Young adults and insurance products are not well acquainted. As a generality, they distrust the financial markets more than their Baby Boomer parents and lump discretionary insurance policies in the same bucket. One 2014 industry survey found only 36 percent of adults under 30 have life insurance, compared with 60 percent of those ages 30 to 49. The rate of disability coverage is even less - 13 percent of those age 18 to 29 have disability insurance. Among consumers between the ages of … [Read more...]
Claim Scenario “Do What You Know and Know What You Do”
Learning More About E&O Insurance Through Claim Scenarios We think that every industry can help improve the service that the client receives by sharpening the skills of the professionals who do the work on a daily basis. This is the second article in a series for Life and Health Insurance Agents, the first one was for the "Vanishing Premium". This series will look in depth at Errors and Omissions claim scenarios so you can sharpen your insurance claim handling skills. Training … [Read more...]
Setting Client Expectations – Make No Assumptions
Imagine you could get inside your clients’ minds to get a clear picture of their expectations and risk tolerance. Do you think it would help? Probably not as much as you’d like. Often clients themselves don’t have a good handle on what they expect or what they are comfortable with. Because unrealistic or erroneous expectations are a top source of Errors and Omissions complaints against life and health agents, being extra clear in this area is vitally important. Review definitions, premiums, … [Read more...]
