We love payments, but not when we have to focus on them rather than working to be proactive with clients
If there is anything that Covid-19 taught us, it's that even the clients who swore to us that they had no other way to pay figured out on their own how to pay their premiums! Now, as we return to normal, we need to identify how to continue the trend. While it may seem like a nice service to accept cash or even phone calls on payments, we can easily level up our time by using better payment strategies.
Managing What You Can Measure 📐
For many agencies, breaking the cash dependency can be scary, and in fact, in some states you have to accept all forms of currency. The truth is we can still make a dent in reducing it each and every day. To track the quantity, most agency management systems allow you to add an action code or activity code that your team can log to see how many cash payments and/or payment calls your agency is getting.
Let's just say that every payment takes the agency 15 minutes from the time the call is made to the time the call is documented, and every payment call interrupts someone from what they were doing. What you can do is take the total number of calls and multiply it by 15 minutes to get the total time spent on payments each month.
Now take that and realize you can automate it through EFT, encourage the client to pay online or educate them on pay in full discounts. If you can reduce that time by 50%, what could you accomplish with that time? The bottom line is that taking payments is a waste when there are alternative methods that are more convenient for you and the client.
Be Armed 💪
To get clients on alternative forms of payment, you need to be armed with WIIFM (What's in it for me). We highly recommend that your agency have a discount/fee list for each carrier with the following information:
|Carrier||EFT Discount/Fee Reduction||Pay in Full Discount/Fee Reduction||Paperless Discount||Late Fees|
We add in late fees as many call-in payers may incur them. Letting your clients know what they could be missing out on is a key strategy.
Build Your Case 💼
Many clients may need more than a discount to change their behavior. You need to be armed with all the benefits of EFT/Pay In Full. Here are some of our favorites:
- What if I can save you 2 hours per year (10 minute call each month)?
- In the event of a disaster our agency may be closed, and we want to provide you other payment options.
- If something were to happen to you, we can ensure your insurance stays in place.
- If you ever can't call during our business hours, we want to share with you how you can make your payment.
- Did you know we can help you select your EFT date?
- If you pay in full, you have 1 payment and get a nice discount!
- It's simple to get signed up. You gain convenience and savings!