Life/Health Breakout sessions: Your challenges—Your best practices

Top challenge cited for this group was captured in one word:  education.  Health and life products can be complex and the educational needs for policyholders are almost endless.  The topic was determined to be multi-faceted:

Challenge:  Education for…

•    Compliance with ACA

  • Satisfaction with policyholders
  • Undisclosed information on supplemental products

•    Life insurance

  • Riders (especially riders for children)
  • Education of consumers on the purpose and benefits

•    Disclosures

  • Need for plain language
  • Importance of marketing to ensure understanding and to comply with guidelines

•    Juvenile Contracts
•    Rescissions
•    Financial literacy

Best practices
Here’s what was identified as the top ideas to address the issue of education—for consumers on all life and health insurance products (especially those identified above):

  • Have consumer services department (those closest to the consumer) work with marketing in the construction of disclosures and educational messages
  • Create actual dos and don’ts for agents (maybe use actual case studies)
  • Strong company involvement with marketing for agents and in meetings and training to make sure proper ethics, values, information is deployed across producer group
  • Ensure agencies provide additional training and receive copies of complaints
  • Provide quarterly meetings with sales staff
  • Ensure the right, well-trained, personnel works with the DOI AND consumers
  • Establish a team of experts within each corporate entity
  • Seek regulator feedback and assistance to resolve issues AND provide training
  • Ensure consumers know how to reach out to DOI or appropriate agency
  • Proactively reach out to consumers when a key life event occurs (reminder notices always good)
  • Proactively verify applications via phone or with a questionnaire after sales

The challenges of the year being addressed by best practices…the sessions adjourned for the day.


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