Renewals and Reminders

For financial advisors, managing client renewals and ensuring timely reminders is not just about administrative diligence; it's about protecting clients' financial health and strengthening trust.

Understanding the Spectrum of Client Products

Clients might have a diverse portfolio of financial products, each with its own renewal cycle:

• Unit Linked Insurance Plans (ULIPs)
• Term Insurance
• Health Insurance
• Auto Insurance
• Life Insurance
• Loans
• Mutual Funds

The Mechanics of Renewals and Reminders

• Adding Product Details: Advisors can input detailed information for each product:
  • Product Type: Clearly defining what product it is.
  • Renewal Amount: The cost to renew or continue the product/service.
  • Renewal Date: The exact date on which the product needs to be renewed.
• Custom Notification Intervals: Advisors can set how often clients receive reminders:
  • Daily: For critical deadlines that require immediate attention.
  • Quarterly: For products with less frequent renewals or for pre-notification.
  • Yearly: For annual policies or investments.
• Automated Push Notifications: These notifications ensure clients don’t miss important renewal dates, preventing lapses in coverage or investment, which can have significant financial implications.

Benefits of the Renewals and Reminders System

• Prevent Lapses: Automatic reminders help ensure that insurance policies or investments do not lapse, which could leave clients unprotected or disrupt their financial planning.
• Client Trust and Satisfaction: By proactively managing renewals, advisors demonstrate their commitment to client welfare, fostering loyalty and trust.
• Operational Efficiency: Advisors spend less time chasing renewals and more time on strategic advice or client acquisition, as the system handles the reminders.
• Personalized Service: Tailoring the reminder frequency to each client's product portfolio reflects a personalized touch, enhancing the client experience.
• Compliance and Record Keeping: Keeping track of renewals aids in maintaining compliance with regulations, especially in insurance where timely renewals are critical.

Summary

The renewals and reminders system helps advisors manage clients’ diverse financial products—such as ULIPs, term insurance, health insurance, auto insurance, life insurance, loans, and mutual funds—by tracking renewal cycles. Advisors input product details (type, amount, date) and set custom notification intervals (daily, quarterly, yearly), with automated push notifications ensuring clients stay informed. This prevents lapses in coverage or investments, boosts client trust through proactive care, improves operational efficiency, offers personalized service, and supports compliance. Integrated with Fisco Pro CRM, it streamlines the process for financial planners, enhancing client financial health and advisor-client relationships.