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Point Of Sales and Insurance Software: Why You Can't Afford To Wait Any Longer

Point of sale (POS) software is revolutionizing the way insurance is bought and sold. It's making agents more productive than they ever dreamed possible. Buying insurance becomes so convenient that consumers are more comfortable with the process - and more likely to take action.

POS For Individual Health Agents: From Field Sales to Phone Sales

POS software for individual health is a relative newcomer to producers' marketing arsenal. And agents are seeing dramatic results - even agents with zero experience with online marketing and sales.

Here's how it works:

First, you punch in a customer's basic info into the web-based quote engine software. Carriers' rates and plans are spreadsheeted in an easy-to-read, email-ready format. The time it takes to work up a detailed, multi-carrier proposal drops from half an hour to just 60 seconds. And quotes can be customized by premium, plan type, deductible, coinsurance, copay, carrier, and effective date.

This means no more telling people to "grab a pencil" - quotes are so quick you can take prospects' info while they're on the phone and email them within seconds. The quote engine gives them the ability to easily compare carrier benefits, choose a plan, and apply right online.

Not only does working leads get easier, saving so much time lets you quote more leads every day. And when quotes, proposals, and applications are all online, you never have to leave the office to make a sale again. In fact, agents who've switched to POS quote engine technology report making up to 98 - 100% of their sales online and over the phone.

Tips for using individual health POS software

  • Integrate it into an agency website. Many quote engines are available as stand-alone tools. But they also add real value to any website. Customers who visit the site can compare plans and apply online - 24 hours a day. And their information sent to you automatically.
  • People shopping for health insurance are looking for convenience. They're not looking for someone to show up at their front door and take up an entire afternoon of their time. Update advertising to reflect the convenience the quote engine passes on to them. Invite them to "Visit us online for a free, customized quote". And offer "free, 10-minute health insurance consultations" - a low-risk call-to-action that persuades prospects to pick up the phone.
  • POS software is also a powerful renewal tool. Some quote engines come with online lead management software. You can set reminders for just before a client's renewal date. Before they're hit with an unexpected rate hike, you can take a few seconds to fire off a new email proposal. An effective strategy for fighting churn, clients can compare their updated quotes and apply for a new plan, all online.

POS For Life Producers: Professional Presentations, Faster Turnarounds

Some situations demand a face to face meeting. Life sales typically close over the kitchen table. In these situations, a point-of-sale software system is crucial. When all you're armed with is a briefcase full of product slicks and paperwork, you're battling to keep prospects interested, and to help them understand the value of the policy.

All you need is a laptop and your choice of POS software to transform your sales pitch into an engaging presentation. Once you've identified the client's goals, and their unique needs, tje POS software helps you educate them and gain their trust. A robust POS system gives you:

Needs Analysis Features. Give detailed, on-screen presentations wherever you meet the client. Provide to-the-point reports, educate them on the value of a selected product, or outline a life insurance-oriented solution to a particular financial problem.

Product Illustrations. Generate graphs, illustrations, reports, and proposals to paint a picture of and means of meeting the prospects' financial goals.

Flexible and efficient data input. Some software systems even offer electronic applications and signature pads, allowing you to input data, illustrations and the prospect's signature all on field appointments. No more paper shuffling, repetitive data entry, or human error.

What to look for in a Life POS system

  • How robust are the needs analyses, and do they support the typical sales scenario? The software should include a wide selection of needs analyses to help your sales force demonstrate the benefits of a life policy.
  • Is the system compatible with fast online quoting? It's not just a crucial tool for field agents - when online life quoting is integrated into your website, consumers can begin the application process from the comfort of their homes.
  • Do I need this software available in multiple languages? If the field force works a multi-lingual territory, they will need their POS tools to adapt to the client's language of choice.

Point-of-sales software systems are a win-win tool for everyone. Agents are more accessible, more productive, and write more business. Customers get faster, more convenient service. Complicated insurance plans are now easier to understand, simple to compare, and straightforward to purchase.

Jeremiah Desmarais oversees the marketing efforts at Norvax, a company whose web-based point of sale software and marketing tools help health insurance agents consistently increase sales and cut admin time by 2500%. He welcomes feedback at jdesmarais@norvax.com.

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