Remaining Fully Compliant in the Process
Make certain you know the exact compliance requirements of the carriers you represent before you start the conversation and those of the states in which you work and your client resides. Some carriers still have insurance and annuity applications filed with states that require you to attest to meeting the client in person and that you have physically verified the authenticity of their identification. Some states still have laws in place that require specific regulatory approval to take applications over the phone or internet. In the last few months, many of these carriers and states have modified the rules to enable virtual sales meetings. However, for your own protection, find out the exact rules before you start the call so you avoid problems down the road.
In a quickly shifting regulatory and compliance landscape, we suggest you adopt the following habits:
- Record meetings in which you actually take an application. Most platforms allow you to easily do this. However, always remember to ask permission to record the conversation and explain to your clients why it’s helpful for you to do this.
- On the call, establish the physical location of both you and your client. Given the unusual circumstances of these times, this will demonstrate your diligence in determining the eligibility of the sale and prevent an application from being rejected later.
- Ask the client to physically show their identification on camera. Most carriers will only need a photo or the ID number as part of the applications. However, at least one carrier requires the ID to be shown on screen.
- Get a transcription of the call and keep with your client files. Some platforms offer automated transcriptions. If yours does not, consider using an inexpensive service to transcribe it for you.
While it may be more difficult for some to secure new sales in these challenging times, it’s imperative that you continue to comprehensively evaluate each client’s individual financial situation, needs and objectives before recommending a product to ensure it is appropriate for them.
Create a long lasting, powerful first impression with your potential clients with digital meetings. With the right tools, internet speed, meeting preparation, and just a little bit of practice, you’ll be a pro in no time!
*Any references to the products, information or websites of any third party are for informational purposes only. Saybrus Partners does not endorse any third party products, information or websites and makes no representations as to the suitability or accuracy of such products, information or websites. Your access to and use of any third party products, information or websites is at your sole risk.