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Sign up to Receive Producer Newsletters Producer Connection - 2nd Quarter, 2008 Indexing vs. COLA: What's the Difference? How Interest Rates Affect LTD Pricing Does Network Size Really Matter? 3 Questions to Ask Carriers About SSDI Referrals Producer Connection Archive Spring 2008 Protector Press Reverse selling as the step toward a perfect product for your customers What's on my mind Old Fashioned Underwriting has more to offer May Is Disability Insurance Awareness Month Why I sell IDI Yes, you can help your customers become time travelers Did you know? Millions of reasons to write IDI with The Standard Change in Regional Assignments

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Four Questions to Ask on a RFP

What Really Constitutes Great Service? How to Sift Through the Hype

Every insurance carrier - every business in every industry, for that matter - says they have outstanding customer service. So, in an environment where everybody is claiming to provide great service, how can you tell who is really delivering on that promise? Here are a few questions to ask on a RFP that might help.

  1. What percentage of your policyholders stays with you for more than five years? How about 10 years?
    Everyone says they build long-term relationships with customers. But do they measure it? In an arena as competitive as today's employee benefits marketplace, keeping 80 percent to 90 percent of customers for five or 10 years is a real achievement.
  2. What percentage of your cases has performance guarantees? How many of those have paid refunds on in the last three years?
    If a carrier is serious about service, they will put their money where their mouth is. A performance guarantee that a carrier rarely pays out on isn't worth much at the end of the day. Conversely, if a carrier is paying on too many you have to question the level of service.
  3. Can you give any examples of unique customer problems you have solved? What were your solutions?
    A carrier that truly cares about its customers is willing to "break the mold" when it's appropriate and partner with employers to meet their needs.
  4. Can you provide an alternate funding quote with your bid?
    Your client may not need alternate funding, but getting a quote and explaining what alternate funding can do for the employer solidifies your role as trusted consultant. And when alternate funding is appropriate, your clients will thank you for presenting them with the option.

By asking these kinds of service-oriented questions on a RFP, you can get past all of the customer-service hype and find out if the carriers you're quoting are serious about service.