FIVE KEYS TO SUCCESS
Management Commitment
Management’s role is critical to a successful Insurance Program. Goals and objectives must be set and monitored to maximize performance. Low achievers must be encouraged to produce and excellence must be publicly noticed and rewarded. Officer meetings are a great place to review performance.
Training
Clients should expect and receive “State of the Art” training meetings to start a new Program. Training should include Product Knowledge, Policy Equipment, Regulations, Profitability, Performance Goals, and Sales Techniques. Officers should feel comfortable they are providing an excellent Product for a fair price.
Profit Visibility
Income and profit potential should be visible to all who participate in Program. Credit Life / Disability has the ability to increase the net yield substantially on a Consumer Loan. Everyone should realize profit potential and impact to Bank.
Tracking
Actual and target performance must be tracked to be reviewed. Some system should be in place to monitor Loan Officer’s performance. These goals should be measured by the Premium to Loan Volume Ratio Method.
Incentive to Officers
Today’s environment really calls for an incentive to be paid to people who produce. It is a simple and effective way to pay increases to your employees from additional revenue dollars. Banks that pay incentive enjoy larger returns on their Credit Insurance Program.
