An insurance proposal is more than simply a boilerplate offering of what your insurance company can do for a customer. Insurance is so complex, and most companies have so many products to offer, that a good proposal distills the available options into a customized set of packages tailored for one customer. Further, insurance law in some states makes the proposal binding for a set period of time - a factor you must address somewhere in the paperwork. Producing a solid insurance proposal is part art, part science and all hard work.
Read and understand the company census of your potential client. The census is a detailed accounting of all the people who would be covered under the policy, including as much information as possible about what their insurance needs might be. Augment this information with everything you recall - or notes you took - during conversations with a buyer about what priorities your prospective client has.
Scan through the products your company offers for a set of options that meet the needs you determined in step one. One standard practice is to define three to five broad-stroke approaches, then detail several options within each approach. For a company health insurance policy, you might choose three types of plan, then examples of each type according to variations in deductibles and premium costs.
Create an individual page for each of the approaches you suggest, with the differences between the options outlined clearly. Your company may have a standard boilerplate for the appearance of these pages, or you may be free to format them as you like.
Draft an executive summary to go at the front of the proposal. This is a clear, brief synopsis of what your prospective client needs, how your company can serve those needs and the options you've identified in the proposal.
Add any legal language required by law or your company. This is also where you should accommodate for any binding statements about how long this offer is good for.
Lay out the proposal according to company standards or your personal judgment once you've written the basic text. Add appropriate logos and other images at this point.
Proofread and edit the proposal. If at all possible, have somebody else perform this step. After you've worked with any project for a while, you become blind to mistakes others will catch easily.
Preparing an insurance proposal for an individual or family follows these same steps. You'll just be analyzing a much smaller set of specifications in step one. You might also make different choices for wording and images to reflect that you're dealing with an individual rather than a company.
Although anybody is allowed to prepare an insurance proposal, the actual insurance sale must be performed by a licensed insurance agent. Doing differently risks fines for you and your company, and the possibility of losing the privilege of selling insurance.
- Career Lab: How to Write a Consulting Proposal
- Courtney Rogers; Insurance Executive; AIL, Tigard, OR
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