Topic: A Look at the Insurance and Financial Review Process
LEADERSHIP PROJECT 5
A Look at the Insurance and Financial Review Process
(Assigned Class 2; Due Class 6)
One of the most important pieces of a multiline marketing system is the financial review. A properly executed
financial review can help producers to rein in the impulse of selling to the first need that arises. As a result the
customer will have more needs addressed which will translate into increased loyalty and income for the producer.
The purpose of this project is to help producers plan the financial review process to use with prospects
and customers. As agencies are already accustomed to conducting individual insurance reviews, the goal
would be to increase the percentage/number of joint EA/LSP — EFS/FS insurance and financial review customer
The most successful producers can get up to half of their business as a direct result of the review process!
The goal is to create a repeatable and documented process that works for each producer.
FSL: In this assignment you will articulate the objectives for an insurance and financial
review meeting. Then, you will work with a producer to outline the steps needed to achieve these objectives.
Senior Leaders: RSL, TSL, RFSL: After reviewing the FSL/FSC/FSEC/ALR-APS assignment, you will lead your teams
in discussions about how they can provide the best review process coaching to their teams.
Suggested FSL/FSC/FSEC/ALR-APS Procedure:
Work with one producer to help them define their insurance and financial review objectives.
NOTE: All questions should be answered with a focus on bringing the EA, LSP, EFS/FS team together to create the
best review process for customers.
1. What customers will be contacted for reviews and how will the review opportunity be delivered to the
targeted customers? What are the desired outcomes from conducting a combined insurance financial
review with a customer? What does the producer want to accomplish during their time with the
2. How will the financial review benefit customers?
3. On average, what length of time is appropriate for an insurance and financial review? 45 minutes? 1
4. What is the ideal frequency to conduct financial reviews? Every 12 months? 18 months?
FA 222 Workbook W-1
5. Work with the EA/EFS/FS to outline the insurance and financial review process
1. Determine which customers to contact, using Allstate tools: eAgent, AccessAllstate, or My Work
Items (MWI). Determine who will contact customers to set up the reviews. Customers who have
not been exposed to the comprehensive review process will need to understand the process as a
value added service.
2. What information will the producer ask customers to bring to the meeting? (For example, Social Security
statement, financial position statement, and cash flow statement/budget.)
3. How will producer explore the customer’s personal goals and financial needs? What are the key questions
to ask? What analogies, paradigms, and/or visual aids will aid in the process?
4. How will the producer help the customer prioritize his or her insurance and financial needs?
5. Other than the standard personal information (name, address, and phone), what other information
should be gathered either from the customer or from the producer’s records? For example, current
coverages and projected Social Security benefits.
6. Review the general guidelines to determine that wealth foundation level goals on the financial planning
pyramid are covered adequately. That is, what are the ‘‘minimum’’coverage levels for auto, homeowners,
disability income, life, and health insurance? How about the minimum level for an emergency
fund? In some cases, you may be defining principles instead of numerical amounts.
7. Provide your general thoughts regarding how funding of retirement planning goals and a down payment
on a house may affect the wealth foundation level guidelines in the previous question.
8. When would a personal umbrella liability policy be recommended? What approximate asset/income
level would the customer probably have? What other factors may play a role?
W-2 FA 222 Workbook
9. When would long-term care insurance be recommended? What approximate asset/income level would
the customer probably have? What other factors may play a role?
10. What is the appropriate situation in which to recommend an annuity (deferred or immediate)?
1. Describe the follow-up process.
o How will the producer set up the next appointment?
o What will be the objective of the next appointment (a delivery of recommendations and/or a specific
Suggested Senior Leader RSL, TSL, RFSL Procedure:
– Conduct discussions with your direct reports about how they can provide the best review process
coaching to their teams. Focus the coaching on the insurance and financial review process.
o Report on the effect of the review coaching. What is working in the field and what challenges need
to be addressed?
o How will you continue to provide support, while holding your team accountable to increasing the
number of reviews conducted by their teams?
o What additionaltraining support do you and yourteam need to increase Life and Retirementsolution
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