November 16, 2021
DO YOU READ AND ACTION YOUR INFORCE NOTICES FROM CARRIERS?
Many advisors don’t read their inforce notices, but this can be a compliance risk and a missed business opportunity!
Canadian Insurance Regulators continue to promote “Fair Treatment of Consumers” (FTC) as a key directive for the life insurance industry. All corners of the life insurance industry, from insurers to MGAs to advisors, are being asked to improve FTC outcomes where possible. How can you improve FTC outcomes in your practice? One great practice is to read inforce notices that you receive from your insurers, by mail or posted to your advisor inbox. These notices allow you to take action on important policy events, such as overdue premiums, pending lapses, or premium increase notices, thereby allowing you to take care of your clients and ensure FTC.
Inforce notices as a means of doing more business!
One of our uber-successful advisors - Tom McQuillan of the McQuillan Group - once shared with me that his success over many decades was largely attributable to the fact that every year, when a client receives their annual statement from their insurance company, he or his staff calls the client to follow up. Yes, they actually call the client! Who ever heard of such a thing? And they ask the client 3 simple questions:
Did you receive your statement?
Do you understand it?
Do you have any questions?
He said it is amazing how great conversations and new business opportunities can arise from a good ole fashioned phone call that shows the client you care about them and you stand behind the products you sell.
Eric Wachtel
IDC WIN Compliance
