Process of Converting Insurance Leads to Clients with the Producer Success Model
In Oracle CRM On Demand, you can use workflow rules to specify that one or more actions must be performed automatically each time a specified event occurs. You can configure as many workflow rules as you want to implement your business processes.
The Producer Success Model (PSM) in Oracle CRM On Demand is a framework that uses workflow rules to automate the creation of activities, allowing insurance agents or financial advisors to follow up their leads and stay in touch with their clients on a regular basis.
In the Producer Success Model, the following terms are used:
- Producer. A producer is an insurance agent or financial advisor.
- Client. A client is a contact with whom your company maintains a relationship on a long-term basis so that you can monitor changes in the client's situation and identify opportunities to cross sell additional products to the client. Clients usually also seek advice on which products fit their needs.
The Producer Success Model uses workflow rules to do the following:
- Create a task to call the lead on the next working day every time a lead record is created.
- Create a follow-up task when a producer updates the value in the Call Result field in the Task Detail page after making a call to a lead or a client.
The types of calls that producers make to leads or clients include the following:
- Referral calls. Calls that producers must make to follow up on leads.
- Birthday calls. Calls that producers make to existing leads or clients on their birthday.
- Review calls. Calls that producers make to leads or clients when it has been six months since the last call with the lead.
A producer can capture the result of these calls in the Call Result field on the Task Detail page. The values for the Call Result field include the following:
- No Reach. The lead is unreachable.
- Stay In Touch. The lead or contact does not want to talk today, but the lead wants the producer to stay in touch.
- Dead File. The lead does not want to talk today and does not want to be contacted again.
- Appointment. The lead or client is ready for an appointment.
Depending on the result of the calls, the workflow will create different followup tasks. For example, if the result of the call is No Reach, the workflow creates a task to call the same lead or client the next day. If the result of the call is Stay in Touch, the workflow creates a task to call the lead or client six months from now or one week prior to the birthday, whichever is sooner.
NOTE: The Producer Success Model requires the configuration of workflow rules and actions. For details, see the configuration documentation for Oracle On Demand Financial Services Edition.
To convert insurance leads to clients with the Producer Success Model, perform the following tasks:
- Create a new lead record for the referral.
A workflow rule automatically creates a task to call the lead on the next working day.
- In the Activity List page, view the daily call list of referral calls and call the lead, see Working with Activity Lists.
- Record the call result information in the Call Result field.
Depending on the call result, the workflow creates a followup task.
- Schedule an appointment to meet the lead, see Scheduling Appointments with Others.
- Meet with the qualified lead and collect additional information.
- Upgrade the lead to a prospect by selecting Prospect from the Lead Type picklist, see Leads Fields.
- Offer products to meet the prospect’s needs and create an opportunity if the customer is interested, see Working with the Opportunity Homepage.
- Conduct a closing interview and sell the products.
- When the customer purchases the product, upgrade the contact to a client by selecting Client from the Contact Type picklist.
- On the Contact Detail page, set the Call Frequency field to 1-2 Times/Year. For more information on the Create Task workflow, see Creating Workflow Actions: Create Task.