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As an agent,
you play an important role of not only selling insurance
and financial products to your customers, but also of
explaining the complex nature of these products.
It is critical
that you explain the use of credit scores with your
clients. They should understand their credit report
may be accessed (depending on state law) when they apply
for insurance and when their policy is renewed. They
need to understand that credit scores are a financial
fact of life in modern society.
This may not make your job of explaining insurance products
any easier, but it should have a positive effect on
your agency.
While every
insurance company uses the information in an individual's
credit history differently, you can inform your customers
that in every case, the information is used accurately
and fairly to predict future losses. By adequately underwriting
and pricing business, every customer will pay premiums
closer what they owe. For the majority of your customers
with good credit histories, this means simply that they
will be paying lower premiums.
As you begin to use insurance credit scores, you will
see that it is a very fast and efficient way to underwrite.
You will be able to find new markets and new customers,
and those you find will be strong candidates. This accuracy
in placing policies leads to bottom line results in
better underwriting results and the ability to write
more business in your agency.
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