Brokers

6 easy ways to maximize your life insurance pipeline

by Allison Shuman on May 27, 2020

We know it’s important to have a healthy pipeline, not only so you continue to get paid, but also so you can serve your clients’ needs. Our team shares six easy tips on how to maximize your life insurance pipeline.

Let’s talk about life

The first step to a healthy pipeline is generating as many new applications as possible. Whether you’re new to the business or have been writing for many years, you have probably worked on your pitch. During this unprecedented time, you are finding new ways of talking about life insurance. Everyone has people who depend on them, so look for interesting ways to communicate their financial needs and the value of holding a life insurance policy for protection. Here are a few tips on how to communicate with your clients during a crisis.

Take time to explain the process

As your partners in the paramedical process, we’ve noticed applicants tend to follow through more quickly if they are well prepared. Be sure to take time to go over which steps will be required of them and how they can help ensure the best results. You can find a wealth of resources on our applicant website, MyExamOne.com.

Don’t wait for the call

Ever received a call from us saying your applicant has not responded? If they are required to complete a Personal Health History Interview, be sure to share the call-in number when their application is created. If an exam is required, use our real-time scheduling tool (ScheduleNow™) whenever possible to get your client scheduled at a time and place that is comfortable for them. In an effort to give applicants more appointment options, we have extended the scheduling window and examiner availability from 10 days to 45 days.

Leverage a national network

When it comes time to complete your client’s exam, we offer many choices through our extensive national network. In today’s world, applicant safety and convenience are important factors to consider when it comes to the location of life insurance exams. As a Quest Diagnostics company, ExamOne’s national collection network includes Quest exam centers to give your applicants even more options. With thousands of exam centers across the country, we make it easy for applicants to complete their exams at a time and location that fits their schedules. In light of the COVID-19 emergency, we have taken additional measures to bolster preparedness at our Quest exam centers. Read more

Keep track of your cases

You can use our online tracking tools to make sure your cases are progressing and know when the information has been delivered to your underwriter. Case status can be accessed through our online portal, automatic email status updates, and through carrier access points. Did you know that you can connect with our Customer Service team and receive assistance on your orders by using the “Contact Us” button on the portal?

Reach out after the exam

A great way to build on your efforts is to ask for referralsalways! Reach out to your client after their exam to ask for feedback and provide information on how they can access a copy of their laboratory test results. If they are happy with their experience, that conversation may be a great time to ask them about anyone else in their life who may also need to update their coverage.

As you manage your pipeline, our national network of ExamOne representatives and local branch offices are here to help. You can schedule a review with your local representative to help identify any areas where the paramed process could be smoother. We want to help your business grow, even during this challenging time.

A blood draw for a life insurance application is simple, but once the specimen arrives by air, courier or commercial delivery at the testing laboratory, things get quite impressive behind the scenes! Here’s a look from start to finish at how some underwriting decisions start with a simple blood draw. 

risk assessment specimen collection

Specimens are obtained during a paramedical exam at an applicant’s home, work or exam site. The specimen’s journey starts when a trained examiner places a barcode on the specimen tube and all necessary documents including the kit box. Each barcode is specific to that life insurance applicant and helps to ensure all the required tests are reported back on the correct applicant.

specimen transport

Specimens make their way to our Quest Diagnostics laboratory in Lenexa, KS or St. Louis, MO by courier, mail or plane. Upon arrival, a laboratory technician scans the kit’s airbill, automatically loading the information into our computerized tracking system.

specimen tracking

Once checked-in, the specimen is unboxed by the technician, who carefully ensures that all specimens include the applicant’s first and last names. All identifiers on all tubes and kits must match both the applicant and the lab requisition. As the technician scans the barcodes on the individual specimens, they are officially loaded into inventory. At the same time, the technician inspects the condition of each kit component and records it in our system.

risk assessment specimen testing

A conveyor belt speeds specimens into our state-of-the-art testing laboratory. Each specimen type is routed to the proper analyzer; our laboratory’s equipment allows for both speedy and accurate results.A portion of the specimen stays in refrigerated storage at our facility just in case additional testing is needed: 28 days for blood, and 21 days for urine. As soon as all testing is completed to the insurance company’s requirements, results are transmitted as requested to be reviewed for underwriting.

result reporting

Typically, 24 to 48 hours after specimen arrival at our lab, results are received by the carrier (depending on the test profile). For carriers participating in our Inside Look® program, their applicants typically receive their online laboratory results 5-7 days after their paramedical exam.

Every day, thousands of life insurance specimens complete this journey from draw to laboratory testing to results delivery. Behind every one of them is a real person looking out for their family.

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