How to create Sales Records for client renewals and existing Individuals

Overview

In insurance, it’s essential to not only attract new clients but also nurture existing ones. This article will show you how to generate Sales Records for existing Individual clients, especially when focusing on policy renewals and expanding their coverage options.

IN THIS ARTICLE

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How to create a Sales Record for an existing Individual

You can create a new Sales Record for an existing Individual in the right-hand summary. Please note that an Individual may have 1 open Sales Record at any given time.

To create a Sales Record for an existing Individual:

Go to the Individual Record and expand the right-hand summary. In this example, we’ll create one for an Individual client named John Able.

In the ‘Open Lead’ section of the right-hand summary, select the + button to show a dropdown menu and choose the Record Type.

A window will pop up. In this window, select the ‘Create Lead’ button.

Process not started:

Process completed:

Once the process has completed, refresh the page or access the Record Type to view John’s new Sales Record.

Now you have two active records for John: one client Individual Record and one renewal Sales Record. You can work your renewal using all the new features.

The following Individual data points will be carried over to the new Sales Record:

• All “standard” fields on the Individual Detail tab
• Custom Fields - These custom field types are not supported:
  • Number
  • Currency
  • Percent
  • Checkbox
  • Checkbox list

When you have finalized the renewal, you can merge it back into John’s existing Individual Record instead of creating a new one. This will update John’s Individual Record with any new information and his Sales Record will be deleted.

You now have one record for John, his Individual record, with the most up to date client and policy data.

Note: An Individual may only have one open Sales Record at a time. You can check to see if an Individual has an open Sales Record in the right-hand summary's "OPEN LEAD" section.

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How to merge a Sales Record back into its original Individual

Once a sale is finalized, rather than creating a separate record, you can seamlessly merge the updated information from the Sales Record back into the original Individual profile. This ensures the Individual Record is always current, while also generating new Policy Records for any added Sales Policies, marked with a ‘Conversion’ Status.

The following Sales Record data points will be updated in the original Individual:

• All “standard” fields on the ‘Information’ tab
• Custom Fields - These custom field types are not supported:
  • Number
  • Currency
  • Percent
  • Checkbox
  • Checkbox list
• Any notes will be captured in one “Conversion” note
• All Activities
• Any Attachments (including SOAs) - Notes containing SOAs can't be deleted
  The first 3 listed Linked Agents for the user assigned as the Agent will be assigned as Servicing Agent, Additional Agent 1, and Additional Agent 2 on the new Individual
  • If no Linked Agent is found, no Servicing Agents will be assigned to the Individual record
• Any call recordings will be carried over…

If quoting products on the Sales Record and converting to Individual, will add new Policies but not updating existing Policies. If you don't want it to create a new Policy, use the Policy status conversion setting to determine which ones you want to convert over.

The following Sales Policy data points will be populated in new Policy records:

• Coverage Type
• Status
• Carrier
• Carrier Product
• Effective Date
• Renewal Date
• App Submit Date
• Policy No
• Member ID
• All Custom Fields