Value in separating policy renewals from annual reviews
Separating the annual review from policy renewal and rewrite dates is a way to help simplify the advice process for clients, according to business marketing firm StepChange.
Speaking at a Zurich/OnePath webinar, Kathy Rhodes, StepChange marketing strategist, said this could help decouple those elements of the process.
“Do the review several weeks in advance, making sure that when the review reminder arrives, you've already got them locked in and committed to understanding the need for that,” Rhodes said.
Rhodes said this would help deepen client relationships during the annual review process.
“Perhaps you want to re-establish why cover was taken out in the first place or perhaps it's an opportunity to reinforce the value of your advice,” Rhodes said.
“Maybe you need to explain complex or new recommendations. Perhaps based on your think/feel/do you want to go beyond compliance obligations and deepen client comprehension, and education.
“It's important to remember that you're not dealing with creatures of logic but creatures of emotion, we are all human.”
Rhodes said this was also an opportunity to provide clients with additional advice.
“Perhaps they're only interested in a certain subsection – are you doing scaled advance right now and you want to make that full advice?” Rhodes said.
“Maybe you're looking to get referral commitment, rather than just a loose promise that they will arrive.
“Maybe you want to lock in another 12 months of working together, offer value beyond your advice or you want to move that client into another usually higher value segment.”
AUTHOR
Chris Dastoor
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
