Increase revenue with our exclusive Broker Dashboard: Net Revenue Tracker
As many companies went out of business in 2020 and others saw substantial revenue reductions, insurance brokers have struggled to collect payments for New York and New Jersey statutory disability insurance policies. The DBL Center is the first and only wholesale insurance broker to deliver a list of your pending cancellations and renewals directly to your inbox via our industry-first Broker Dashboard: Net Revenue Tracker app.
Every year, a handful or more of companies will push the limits of their disability insurance renewals. They know we can always backdate the policy if they pay even after cancellation. But brokers’ commissions get delayed and it can wreak havoc on cash flow.
This year could have been even worse when it comes to lost commissions and a shrinking book of business due to the pandemic. But the Broker Dashboard: Net Revenue Tracker app helps DBL Center brokers stay on top of pending cancellations for non-pay, so they can get paid faster and keep the money coming in. After all, we all know that nickels, dimes, and quarters make dollars. Every disability insurance policy your customers pay on time, before multiple cancellation notices, represents money in your pocket.
“I think the annual billing cycle that just closed has been as successful as it could have been given all the other [economic] circumstances,” said Valmaria Strobel, Vice President – DBL Underwriting for Standard Security Life Ins. Co. of NY.
She added that The DBL Center’s reminders to Standard Security brokers were instrumental in avoiding a host of non-pay cancellations. “We billed these policies at the end of 2020, and although some were slow to pay, more have paid than would have without those reminders he was sending.”
Cutting Edge Technology, White Glove Service
Standard Security started in the business 30 years ago with The DBL Center, led by founder David Cohen, as one of the carrier’s top wholesale insurance brokers. “If you ask me what [DBL Center President and CEO] Mike Cohen has brought to the table, it’s the technology, for sure,” Strobel said.
Every month, The DBL Center delivers a list of all policyholders, including in-force policies, renewals, pending cancellations, and cancellations to brokers’ inboxes, making it easy for brokers to track down pending cancellations to keep revenue streams flowing. “It’s hand-packaged and tied in a bow, essentially,” Strobel said.
Strobel explained that the Broker Dashboard reminders go out to brokers on the heels of Standard Security reminders. “It’s been effective in getting policy holders to pay and avoiding some unnecessary cancellations,” she says.
Insurance Agents Rely on The DBL Center as their Wholesale Insurance Broker and “Bill Collector”
It’s not just carriers who love the way the Broker Dashboard keeps cash flow moving and helps prevent cancellations for non-pay.
Over the past years since The DBL Center introduced this technology, brokers have expressed gratitude for the monthly reports and easy, remote access to their entire book of business.
Calling the list of renewals and pending cancellations “very helpful,” Anthony Villani, managing director for Avanti Associates, a Pelham, NY, disability insurance broker, said. “We do a lot hand-holding with insureds on these renewal audits and are presently working on these accounts, I am pretty sure we will be saving most of them and this list facilitates our process.”
Similarly, Tom Murray, commercial lines account executive for JSM Brokerage Inc. in East Hills, NY said, “I appreciate you reaching out and letting me know about all these.” Having a list of pending cancellations and non-renewals allows brokers to focus on bill collection in a timely manner, while the Broker Dashboard tracks it all for them.
The DBL Center is the only wholesale insurance broker that provides the technology and service to help you stay on top of cancellations and improve cash flow.
Not using the Broker Dashboard yet? Watch our video and then schedule your free demo here!