Term Conversion Opportunities
Identifying term conversion opportunities is a complex and difficult task.
NIC provides tools and segmentation services to help identify and manage conversion opportunities.
Conversion opportunities are typically buried and not easy to spot. In order to identify policies that may qualify for conversion opportunity NIC has created an easy-to-use filter that segments your book of business by:
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Carrier
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Product Type
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Policy Effective Date
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Age of the Insured
NIC AGENT APP HOME PAGE
The Home page is a jump-off point to all application features and services.
LIFE POLICY GRID
The Life Policy Grid provides access to your in force book and the ability to slice and dice your data based on what you are looking for.
The opportunities are limitless!
IDENTIFYING TERM CONVERSION OPPORTUNITIES
LIFE POLICY GRID
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From the left navigation menu click on Life Policies
IDENTIFY POLICIES THAT MEET THE QUALIFYING CRITERIA
PRODUCT & CARRIER CRITERIA
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Use the filters to select the conversion criteria:
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Product Type: Term 20
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Carrier: Lincoln
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The number of policies included in the filter set appears in the brackets beside the filter values.
The number of policies in the list also appears at the top of the list (e.g. 1 - 20 28 results)
POLICY EFFECTIVE DATE CRITERIA
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If the conversion option is only available for policies within a specified Policy Effective Date Range, use the Policy Effective Date Range filter
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You need to use a precise FROM and TO date that includes month/date/year
Example: If the Policy Effective Date must be before December 31, 2020 select a FROM date that goes back any number of years (e.g. Jan 1, 1960) but has a TO date that is Dec 31, 2020
AGE OF THE INSURED CRITERIA
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If the age of the insured is also a requirement (e.g. the insured must be under the age of 70 at the time of the conversion) use the Insured Birth Date filter
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You need to use a precise FROM and TO date that includes month/date/year
Example: If the age of the insured must be under the age of 70, the birth date range must be before January 1, 1952 and the TO date can be anything prior to today's date
CREATING YOUR LIST
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To save your segmented policies, select the policies that you want to save by checking the box beside the policy # column
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Or you can select all of the policies on the screen, or all of the policies in the pre-defined list by checking on the box at the top of the table, beside the first column
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When the blue box appears, click on Select all xxx records
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Click on Add to list link
SAVING YOUR LIST
Clicking on Add to list will present you with a few options:
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You can save the list as a new list Create a New List
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You can Add to an Existing List and then select an existing list to add the records to
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Replace an Existing List to replace a currently existing list with a new one containing new records
SAVED LISTS
Your new list will be saved in your Lists folder, accessible from the left navigation menu
EXPORTING LISTS INTO A .csv
To export your list into a .csv:
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From the left navigation menu, click on Lists
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Select the list that you would like to export
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Click on the Download Full List link
The .csv will most likely be saved in your Downloads folder (depending on your browser settings).
