Submitting new business efficiently is a critical skill for financial professionals. Whether it’s applying for life insurance policies, investment accounts, or financial plans, a seamless submission process not only improves your client experience but may also enhance your professional reputation.
Here’s a step-by-step guide to effectively submitting new business in financial services.
1. Understand the Submission Requirements
Before starting, familiarize yourself with the requirements for the product or service.
- Carrier Guidelines: Each financial institution or insurance carrier may have specific forms and procedures.
- Required Documentation: Ensure you have all necessary documents, such as identification, income verification, and medical records.
- Compliance Standards: Verify that the submission aligns with regulatory requirements, such as suitability and anti-money laundering checks.
2. Gather Client Information Thoroughly
Accurate and complete client information minimizes delays and errors.
- Client Profile: Collect personal details, including contact information and financial goals.
- Health and Financial Data: For insurance and investment accounts, gather relevant medical and financial details.
- Beneficiary Information: Ensure all beneficiary designations are clear and accurate.
3. Leverage Technology
Using technology simplifies the submission process and reduces errors.
- Digital Forms: Utilize online portals provided by carriers to fill out and submit applications electronically.
- E-Signatures: Platforms like DocuSign streamline the signature process for clients.
- CRM Systems: Track the progress of submissions and set reminders for follow-ups.
4. Double-Check for Accuracy
Errors in submissions can lead to delays or rejections.
- Review Details: Ensure all client information is accurate and matches the supporting documents.
- Verify Signatures: Check that all necessary signatures are in place, including those of clients and advisors/agents.
- Confirm Attachments: Ensure all required documents, such as medical exams or financial disclosures, are included.
5. Communicate with Clients
Keeping clients informed throughout the process builds trust and confidence.
- Set Expectations: Explain the timeline and any next steps once the application is submitted.
- Provide Updates: Notify clients of key milestones, such as application receipt and approval.
- Be Transparent: Let clients know if any additional information is needed to complete the process.
6. Follow Up with Carriers
Once submitted, monitor the progress of the application to ensure timely processing.
- Track Status: Use carrier portals to check the status of submissions.
- Respond Quickly: Address any carrier requests for additional information or clarifications immediately.
- Stay Organized: Maintain a record of submission dates and key communication with carriers.
7. Learn from Experience
Continuous improvement is key to mastering the submission process.
- Feedback: Solicit input from carriers and clients to identify areas for improvement.
- Training: Stay updated on submission protocols through training sessions and webinars.
- Document Best Practices: Create a checklist or guide to streamline future submissions.
Key Takeaways
Submitting new business effectively is about preparation, accuracy, and communication. By understanding requirements, leveraging technology, and staying organized, financial professionals can enhance efficiency and client satisfaction.
A streamlined submission process not only ensures timely approvals but also positions you as reliable and a professional. Mastering this skill is essential for building a thriving financial services practice.