Submitting new business is a fundamental part of working in the financial services industry. Whether it’s a life insurance application, or a retirement plan setup, ensuring smooth submissions is critical to client satisfaction and operational success.
For beginners, understanding the process can seem overwhelming, but with the right approach, you can quickly become proficient. Here’s a step-by-step guide to help you navigate the process of submitting new business.
1. Understand the Product and Requirements
Before you can submit a new business application, familiarize yourself with the product and its submission requirements.
- Product Knowledge: Learn the features, benefits, and limitations of the financial products you’re offering.
- Carrier Guidelines: Review the submission process outlined by the insurance carrier or financial institution, including required forms and documentation.
- Compliance Requirements: Ensure you understand any regulatory requirements, such as suitability checks or anti-money laundering guidelines.
2. Gather Necessary Client Information
Collecting accurate client information is critical to avoid delays or errors.
- Personal Details: Obtain the client’s full name, date of birth, address, and contact information.
- Financial Information: Gather details about income, assets, and liabilities to determine suitability for the product.
- Supporting Documents: Request necessary documents, such as identification, proof of income, or tax returns.
3. Use Technology to Simplify the Process
Many financial institutions offer digital tools to streamline submissions.
- Online Portals: Use carrier-specific portals to submit applications electronically.
- Digital Forms: Leverage e-signature platforms like DocuSign to collect client signatures securely and quickly.
- Tracking Tools: Use CRM systems to track the progress of submissions and follow up on pending cases.
4. Double-Check for Accuracy
Errors can lead to rejections or delays, so always verify the information before submission.
- Review Forms: Ensure all fields are completed accurately and legibly.
- Verify Documents: Confirm that all required documents are included and meet the carrier’s standards.
- Compliance Review: Conduct a final compliance check to ensure the application meets regulatory guidelines.
5. Communicate with Clients
Keep your clients informed throughout the submission process to build trust and transparency.
- Set Expectations: Explain the timeline and next steps after submission.
- Provide Updates: Notify clients when their application is received, under review, or approved.
- Be Available: Offer to answer any questions they may have during the process.
6. Follow Up with Carriers
Once you’ve submitted the application, monitor its status to ensure timely processing.
- Check Status: Use the carrier’s portal or contact their service team for updates on pending cases.
- Address Issues Promptly: If the carrier requests additional information, provide it as quickly as possible.
- Stay Organized: Maintain a log of submissions to track their progress and outcomes.
7. Learn from Experience
As you submit more business, you’ll develop a deeper understanding of the process and how to avoid common pitfalls.
- Seek Feedback: Ask senior colleagues or mentors to review your submissions and provide guidance.
- Document Best Practices: Create your own checklist or workflow to ensure consistency in future submissions.
- Stay Updated: Regularly review updates from carriers or regulators to stay informed about changes to submission requirements.
Key Takeaways
Submitting new business is a vital skill for financial professionals, especially beginners. By understanding the product, gathering accurate information, leveraging technology, and maintaining clear communication with clients, you can ensure a seamless process.
Over time, you’ll gain confidence and efficiency, making you a trusted agent to your clients and a valuable contributor to your team.