Insurance from MLC. Adviser use only. How to Guide. For My Retention and your Daily retention summary

Transcription

1 Insurance from MLC Adviser use only How to Guide For My Retention and your Daily retention summary Better service Better product

2 Contents This guide is a step-by-step Her s manual what you ll find within to help you use our this document enhanced My Retention online portal and the new daily retention alerts summary. This document is published by MLC Limited (ABN , AFSL ), of Miller Street, North Sydney NSW MLC Limited is a registered member of the National Australia Group of companies. It s solely for the use of authorised financial advisers and is not intended for distribution to clients.

3 My Retention How to guide My Retention is an industry-leading tool that helps you manage your MLC Insurance (MLCI), MLC Insurance (Super) (MLCIS), Personal Protection Portfolio (PPP) or Life Cover Super clients (LCS) on a daily or weekly basis. This is so you can retain them for longer. The aim of My Retention is to provide you with client lists and alerts. You can use these as triggers to identify when a client is at risk of cancelling or lapsing their insurance policy, or when they are due for an annual review. Tools and support Importantly, My Retention provides you with the tools and support that you need to help address any retention issues. This enables you to develop deeper client relationships with timely conversations, adding greater value to your business. Policy cancellations and lapses will reduce the rate of growth of your in-force premiums, which ultimately impacts your income and ongoing business value. Retaining clients for the life of their insurance policy is critical to maintaining a growing business through customer loyalty. My Retention How to Guide Page 3

4 How do I log on? Checking your My Retention alerts is as easy as logging onto mlc.com.au so you can make a habit of checking your new alerts each morning or each week. Step 1 Simply select Adviser login from the drop down menu on the right-hand side of the MLC home page. Step 2 Click on the login button and select the product group that includes MLC Insurance, then click login. Step 3 Click on the Retention button that appears under the heading Client leads and alerts to take you to the My Retention alerts page. After you ve logged in, you ll see a list of new alerts, since you last accessed My Retention. This will be displayed with the Retention button that appears under the heading Client leads and alerts. See the Retention button circled here. Simply click on that button to take you to the My Retention alerts page. Page 4 My Retention How to Guide

5 How do I log on? What retention triggers will appear? Once you enter My Retention alerts you ll get access to a list of policies under four insurance retention triggers relating to your clients. You ll also see a list of new alerts, since you last logged on to My Retention, displayed against each retention trigger where this is applicable. My Retention How to Guide Page 5

6 Policy anniversaries Policy anniversaries is the first retention trigger you will see. Simply click on the + or symbol on the right-hand side to expand and collapse each section which shows client policies. To close this list of policies, click on the minus symbol. These policies are in the renewal cycle, so they ll be within seven weeks before their policy renewal date, and they ll have been sent their renewal documentation. Or, they could be four weeks after their renewal date. These alerts will be in date order, with the newest or most recent alerts appearing at the top seven weeks before the policy renewal date. Policies will remain in this Policy anniversaries section until their policy payment is received, and no longer at risk of lapsing. If payment isn t received, the policy will then move to the Policies at risk of lapse section. New alerts since you last logged in Expand and close each alert section using the + or symbol. Data in this section is refreshed daily. You can sort by policy type or by ascending or descending order. Page 6 My Retention How to Guide

7 Policy anniversaries Remember your client s anniversary date is an ideal time to arrange an annual review appointment. Almost 50% of clients cancel their policy within a three month period from one month before the anniversary date to two months after. We know that some clients can make a decision to cancel a policy without speaking with their adviser. If you have a review conversation with your client, you can discuss any concerns they may have with keeping their policy. You can also talk about whether their current policy still meets their needs. The Six steps for completing a client review can be found on the Insurance Retention Support page of mlc.com.au under the How to Complete a Client review section. So now you can use the Policy anniversaries retention trigger and our Life Stages client review letter and templates to contact your clients. This is to help you retain your clients for the longer term. All the retention triggers have a sort function which allows you to arrange the alerts from ascending to descending order depending on which category you want to sort by. My Retention How to Guide Page 7

8 Policy anniversaries There are also three buttons at the top of this section that will filter information for you to view. All items when you click on All items it will show you all anniversaries currently appearing in the alert. Approaching anniversary when you click on this you ll see all the clients who are approaching their anniversary and who ve received an anniversary notification. This includes those due on the actual anniversary date that the alert is opened. The client details won t appear if the premium has been paid. Past anniversary - this includes all clients who ve received their anniversary notification and haven t paid the premium due. The client details under this alert will move to the Policies at risk of lapse section if the policy remains unpaid and a cancellation notification is issued by us. Page 8 My Retention How to Guide

9 Policy anniversaries Tool Tips In each section s column heading you ll see a question mark icon (see image to the right). This indicates a tool tip that provides important information you need to know about a particular field. In this example, the tool tip explains when current and new annual premiums will appear for MLC Insurance, MLC Insurance (Super), PPP and LCS policies, as the timing will differ slightly. This icon indicates a Tool Tip that will provide additional information on different fields. My Retention How to Guide Page 9

10 Policy anniversaries From each alert, you can also drill down further into your client s policy information. If you click on the client name in the alert, you will be able to see their profile view (see image to the right), giving you more information and details of the various policies they have. Page 10 My Retention How to Guide

11 Lapsed policies This is the second retention trigger available under My Retention alerts. Click on the symbol on the right-hand side to expand this alert to see a list of client policies. You ll see an icon titled new next to each alert that s appearing for the first time in the section since you last logged in. This section shows lapsed policies no longer in-force that may be eligible for reinstatement. The icon shows that this is a new client in this section. Use these buttons to filter this section to identify policies eligible for re-instatement. The three buttons at the top of this section will filter information for you. All items when you select this you ll see all lapses that have occurred within the last six months. Reinstatement without underwriting this includes all clients that have lapsed their policy in the last 30 days and are eligible for reinstatement, provided they pay the outstanding premium owed. Reinstatement with underwriting This includes all clients that have a lapsed policy which is greater than 30 days and less than six months old. And includes clients who are eligible for reinstatement, provided they pay the outstanding premium owed and meet our underwriting requirements. Reinstatement policies will continue to appear until the reinstatement period expires. Refer to our Financial Adviser Guide or go to the Help Centre in MLC AdviserOnline for more information on reinstating policies. Data in this section is refreshed daily. My Retention How to Guide Page 11

12 Policies at risk of lapse In order to view Policies at risk of lapse, simply click on the symbol on the right-hand side. This section shows a list of client policies that are in payment arrears and have been sent a notice of cancellation giving them 30 days to pay their outstanding premium. (Their policy is still in force but they ve missed a payment.) If the premium isn t paid by the Scheduled lapse date shown, the policy will lapse and the alert will move to the Lapsed policies alert section. This retention trigger is a great opportunity for you to make contact with your client and discuss their particular situation and any reasons for the missed payment. It might need a simple update of banking details. Or, if finances are tight, it could be an opportunity to evaluate your client s circumstances and provide them with options to resolve the missed payment and retain their policy. Data in this section is refreshed daily. Page 12 My Retention How to Guide

13 Cancelled policies The final retention trigger of Cancelled policies shows a list of clients who have asked us to cancel their policy. In this example, no clients have asked us to cancel their policy so the message reads: You have no client entries for this retention alert at this time. Please check daily for updates. The final retention trigger of cancelled policies shows a list of clients who ve asked us to cancel their policy. Data in this section is refreshed daily. This same message will appear under all four retention triggers where no client policies are available. My Retention How to Guide Page 13

14 Popular forms At the bottom of My Retention alerts is a Popular forms section. Two of the forms most commonly used will be listed. A copy of the form will open when you click on the form name. If you click on the client name in the alert, you will be able to see their profile view, giving you more information and details of the various policies they have. Page 14 My Retention How to Guide

15 Exporting and downloading client lists Another function available under My Retention alerts is the ability to download, export and save all your client lists that appear for that day, as CSV or PDF documents. To export your client list in CSV and PDF: Click on Export to PDF or Export to CSV to open the files. The CSV file will open in Excel. You can then save the files wherever you wish. This will help you to view the information or conduct analysis outside of the website at a more convenient time. Click here to export to CSV. Click here to export to PDF. My Retention How to Guide Page 15

16 Daily retention summary In addition to viewing your retention alerts via My Retention, you ll also receive a new daily retention summary that includes basic client information on client records for each retention trigger that appears. This information will include: policy number premium and a lapse, and anniversary or cancellation date depending on the type of alert. You ll be asked to visit My Retention for more client details on each of the retention triggers listed. The introduction of this new summary means a change to the s you re currently receiving from us for policy anniversaries and lapses. MLCI Insurance (MLCI) and MLC Insurance (Super) (MLCIS) If you have clients with MLC Insurance and MLC Insurance (Super) policies, the daily and weekly s you receive will no longer include: the list of upcoming renewals the Clients that have Lapsed Report and the Statement and Bills sent to your Clients report. Your new business-related s from us won t change. Personal Protection Portfolio (PPP) and Life Cover Super (LCS) If you have PPP and LCS clients, your current lapse notification will be replaced with the new summary. There s no change to the daily and weekly new business or retention related s you receive for Protectionfirst clients. Daily Retention Summary Opt Out You can opt out of receiving the daily retention summary by calling us on or ing us at insurance_mlc@mlc.com.au Page 16 My Retention How to Guide

17 Insurance from MLC Adviser use only How to contact us For more information please speak to your Business Development Manager or call us on Postal address: MLC Limited, PO Box 200 North Sydney NSW 2059 Registered office: Ground Floor, MLC Building Miller Street North Sydney NSW 2060 mlc.com.au 91599M1112