When a carrier chooses to implement Split Limit Studios’ TRUPAY, it makes a commitment of time and money to benefit their agents and policyholders alike. As with any technology investment, the carrier wants to realize a return on its investment.
To benefit from the investment in TRUPAY, adoption by carrier staff, agents and policyholders is critical. Here are a few recommendations to consider as you plan for the success of your pay-as-you-go program:
1. Support and visibility from senior leadership is essential.
Senior leadership must be accountable for the program and establish goals and measurable objectives. Some examples include:
a. Assigning each field sales representative, a goal of enrolling 5% of new workers comp business on pay-as-you-go billing. (The important part of this goal is to have field sales reps talking about pay-as-you-go to agents and policyholders.)
b. Implement a mini-sales campaign among agents and or internal staff to see who can sell the most premium on pay-as-you-go within a 30- or 60-day period. Offer a small prize such as a $100 gift card and feature the winner(s) in your company newsletter.
2. Participation by field sales/underwriting staff in pay-as-you-go training.
Field underwriters and sales staff must have a clear understanding of the details of a carrier’s pay-as-you-go billing program to be able to effectively articulate the benefits to agents. We recommend training sessions that include in person meetings and webinars with the staff who will be promoting the program.
3. Outreach to policyholders following a premium audit.
Policyholders who have received an invoice for additional premium or a credit for overpayment, will be very interested in understanding how they can avoid underpaying or overpaying their premiums. A carrier can increase pay-as-you-go adoption by reaching out to a policyholder to convey the product’s benefits and to help them eliminate the uncertainty around the audit process.