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Snap Poll on Final Expense Insurance

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22 March 2022

Available Only for Members of the NA Life Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who is was looking for insights and advice around timing policyholder payments for final expense insurance. This deck provides a summary of the responses to a Snap Poll conducted March 10 – March 12, 2022. 8 Insurers responded to this survey over the course of 2 days.

The question that was posed was:

Background:

Like many insurers, this insurer would like to be certain that premiums are paid for their final expense products. They’ve seen that a key success factor is to target the timing of the EFT payment for the product on the same day that Social Security checks are distributed (and preferably after the funds have been deposited). They’re interested in how other insurers are handling this challenge.

Questions:

Do you coordinate your billing, or offer a billing option that is coordinated with Social Security so that the EFT for the policy is processed on the same day that the Social Security deposit is received?
If yes, is it coordinated to process after the SS funds have been deposited?
If yes, does your policy administration system support this billing method?
If so, which system is being used?
If yes, do you partner with a 3rd party to coordinate the billing?
If so, who is being used?
If you’re not coordinating the timing of payments with Social Security funding, why not?