Help with Nsf Customer

[Rearden]

Unfortunately, lots of FE people need their hand held, and following up on NSFs is vital to better persistancy and retaining your commissions.

Don't learn the hard way like I did.

 

[jdeasy]

Travis,

Are u saying many agents wouldn't even try to recover their clients even in the 1st year? That's crazy... Who wouldn't try to save their own business they worked hard for? Who are these agents?

I will try even after year 1,cause it's an ego thing with me plus they shouldn't be canceling it anyways. I admit I wouldn't jump thru hoops for it, but I would definitely try to recover it.

Those must be agents that don't plan on making this their career... That's the only way I can understand it.

TDF
Sent from my Sprint Galaxy S4 using Insurance Forums

Most agents do not follow up. Why do you think EFES started a whole retention dept? They saved almost 100 cases last month for agents. If agents were following up themselves then they wouldn't have to do it for them.

It's actually the rare agent that stays on top of those things.

 

[TDFnCali]

Most agents do not follow up. Why do you think EFES started a whole retention dept? They saved almost 100 cases last month for agents. If agents were following up themselves then they wouldn't have to do it for them.

It's actually the rare agent that stays on top of those things.

I did see that, I forgot though...are they charging agent for that service in any way?

 

[jdeasy]

I did see that, I forgot though...are they charging agent for that service in any way?

No, it's all in the agents favor. He gets paid if they save it and he also gets recredited on the PPL. Maybe they should charge for it but they are getting paid too for everyone they save.

 

[nfl72]

The smaller the premium, the less time I will spend trying to save them.

I find spending more time on smaller policies is not the best thing to do. I write them and give them a chance but too many of them turn out to be a big waste of time

 

[TPAAgent]

The smaller the premium, the less time I will spend trying to save them.

+1

If I have any doubt as to my customers financial stability, I'll always ask what day of the month they have their SSI etc deposited.. Even if its the 18th of the month- I'll set the 1st premium the following month.. if they say the 3rd.. I'll set the draft for the 4th.. Get the money whiles its there...

I found most of my NSF came from clients in and around the middle of the month- moving their bank drafts closer to their direct deposit dates have really help me retain more of my business.

 

[nfl72]

I used to do it a couple of days after the client received his SS check, which I found out the hard way was wrong. Now I do it the same day they are paid.

 

[donamese]

I do the day after like TPA just in case there are any timing issues with the money coming in versus out. If the insurance company tries to withdraw before the SSI gets deposited, I don't want to NSF by minutes or a couple hours. I am not sure how that all works with the banks but I prefer to play it safe and do the following day.

 

[houcoogster]

You got to get the money before the crack dealer gets it. Ha Ha got to luv the FE biz lol.

 

[jdeasy]

I do the day after like TPA just in case there are any timing issues with the money coming in versus out. If the insurance company tries to withdraw before the SSI gets deposited, I don't want to NSF by minutes or a couple hours. I am not sure how that all works with the banks but I prefer to play it safe and do the following day.

I learned the hard way that it's best to get it the day they get paid. The money is the account at midnight of their draft date. If you make it the same day then the company gets paid before they can get to the bank when it opens and take it out.

That's great for the 1st and 3rd of the month beneficiairies. The problem still exists for the Wed. deposits. Say for the 3rd Wed. The latest it can be is the 21st so that's what I use but they can get it as early as the 15th if the 1st of the month is on a Thurs.

6 days between the draft and the deposit is too long.

Some companies now allow us to set the "1st Wed, 2nd Wed, etc.".

I wish more would follow suit.