BEST PRACTICES MONITORING MONITORING Of Agents MONITORING Of
BEST PRACTICES MONITORING
MONITORING • Of Agents
MONITORING • Of Agents • Of Employees
MONITORING • Of Agents • Of Employees • Of Customers
WHAT IS IT? • To keep track of systematically with a view to collecting information • To test or sample, especially on a regular or ongoing basis • To keep close watch over; supervise
WHY? - The Good, and the Bad • Need to know – AND Need to Fix
WHY? - The Good, and the Bad • Need to know – AND Need to Fix • Otherwise, be an ostrich, hide from it and it will bite you back!
PROVEN AXIOM • People respect what you inspect • Ask for the obvious – Use attestations – Use signoffs
ATTESTATIONS • Keep them simple, but obvious in the sales process for:
ATTESTATIONS • Keep them simple, but obvious in the sales process for: • Sales materials
ATTESTATIONS • Keep them simple, but obvious in the sales process for: • Sales materials • Financial Needs Analysis
ATTESTATIONS • Keep them simple, but obvious in the sales process for: • Sales materials • Financial Needs Analysis • Not inappropriate replacements
SIGNOFFS • Use of the Positive/Negative signoff • “Unless we hear otherwise, your receipt of this information signifies acceptance. If that is not your intent, please notify us at the home office before MO/DAY/YR”
SIGNOFFS • Advertising compliance signoff – Company signs, so should agents – Include Independent third parties, including internet vendors – Why? Places responsibility at the responsible level – Keeps awareness in the field
SIGNOFFS • Compliance with Federal Crime Bill
SIGNOFFS • Compliance with Federal Crime Bill • Signoff on Compliance Manual
SIGNOFFS • Compliance with Federal Crime Bill • Signoff on Compliance Manual • Delivery of Training
SIGNOFFS • Compliance with Federal Crime Bill • Signoff on Compliance Manual • Delivery of Training • Delivery Receipt
TELEMONITORING • Build into current telephone underwriting calls for new sales • Review first new business as a group of applications • Spot calls for new business
WRITTEN COMMUNICATION • Welcome Letter with survey at delivery
WRITTEN COMMUNICATION • Welcome Letter with survey at delivery • New Business Survey – LIMRA CAP – Internally-generated
WRITTEN COMMUNICATION • Welcome Letter with survey at delivery • New Business Survey – LIMRA CAP – Internally-generated • Survey at the service point – Communication on ALL outgoing mail – Results anticipated
GLOBAL MONITORING • Compliance Committee • Monitors all three - agent, home office, and customer
COMPLIANCE COMMITTEE • Makeup • Role • Inputs for decisionmaking
MAKEUP • • • Marketing Legal Underwriting Customer Service Compliance
STRUCTURE/PURPOSE • • Internal and external measuring Tracking Substantiated Complaints Tracking Exceptions from complaints Oversight Monitoring
INPUTS • • • Complaints Underwriter input/Exceptions log Persistency Replacements Hiring practices/exceptions Production
MC Oversight Committee • A Great idea that has proven successful: – Develop a weighted assessment of agent, considering and assigning scores for such as: • • • Complaints Lapses Replacements/Switching Attendance at training Production Disciplinary Actions
MC Oversight Committee • Use these inputs to determine the “vulnerability” of an agent for audit or termination • Also, can add the “X” factor – an additional set of points because you don’t trust him!
PURPOSEFUL OBSERVATION • Training • Process of PO • Results
TRAINING • Can be classroom-style • Can use role-playing • Can be OJT
FIELD AUDITS • Who does it? • What products? • What is agent reaction?
INTERNET MONITORING • Use multiple engines – AND • Do it often – OR • Consider an outside firm – www. markwatch. com
WHAT WORKS FOR YOU? • QUESTIONS? ? ?
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