Policy Management at Sibro: What you need to know.
At Sibro, policies are broadly categorized into 3; Upcoming, Converted, and Installments. In this article, we shall know everything about 'upcoming policies' section.
Policies -> Upcoming
The ‘Upcoming’ section gives you a list of all the upcoming prospect and renewal businesses, i.e., new prospect businesses, market rollover business, and our own renewals. Each row in the table represents a prospect. Click on a prospect row and it will expand to give you more details. From here, you can do follow ups, mark the prospect business as lost, or convert the prospect into a policy.
Follow Ups & Reminders
Sibro will remind you about all the pending business with a variety of views like All, Due Today, Due Tomorrow, Due this Week, Overdue, etc. You can filter further by clicking on the ‘Apply Filter’ on the top right. You can also search for a prospect via the search box on the top right. Once you make a follow up with the client — be it meeting, or call, or email — they can be recorded in the system as a follow up note. So, you will have a history of what has happened with the prospect. You can also set next follow up date here, so the system will remind you to follow up that client on that date time.
Adding A Prospect
A prospect is a potential business. It can be a new or a market rollover business, which we might want to attempt in future.
Why add a prospect?
Once you add a prospect business to sibro, you do not have to worry about remembering the future business, because, Sibro will remind you on the reminder date. Sibro will not let you miss this business. With prospects, you can do follow ups, and track the follow up history via Sibro. You can create and send RFQs, and prepare quote comparison sheets, all from a single platform – Sibro. This way, you will stay more organised, and everybody in your team will be able to see what prospect is in which stage.
Once you win the business, you can convert this prospect into a policy by a single click. That time, you do not have to fill all the details once again, because sibro will automatically take most of the details we have from prospect.
How to add a prospect?
You can add all your prospect businesses on Sibro by going to ‘+’ → Add Business → Prospect. There are 2 sections here; Client Details and Business Details.
Step 1: Client Details
A prospect client can either be a new client or an existing client. If it is a new client, click on ‘Add New Client’ button on the top right, and enter the client details. If it is an existing client, go to the ‘Client Name’ drop down and just type a part of their name, phone number or email, and the respective client will be displayed. Select the existing client, and the details will be loaded automatically. You can always make changes to existing client details using the edit option.
A client has 2 parts; Client Details, and Contact Information. Contact Information is the details of the contact person of the client. You can add multiple contact persons to a single client. Once done, click on Next. You will reach Step 2: Business Details
Step 2: Business Details
Here, we enter the details of the business, like Business Owner, Policy details, and can set reminders, etc. If the same client has more than one prospect business, you can add that in a single step by clicking on Add More. Once done, click on Save. You will get a reminder on the reminder date.
Note: We do not have to add own renewals to prospect list, as they are automatically added at the time of adding policy in Sibro, in the appropriate renewal dates.
Mark Prospect as Lost
You may not always win a prospect business. It could be because of any reason. When you do not win a Prospect, and when you do not anymore want Sibro to remind you about the prospect, you can mark that prospect as lost by clicking Mark as Lost.
Policies → Upcoming → Prospect (Click & Expand) → Mark as Lost
On clicking Mark as Lost, you will be asked for the reason for loss. Select the reason from the drop down, so later, we can analyse the loses by reason at Lost Business Report. If you want a reminder next year, set the next tentative date, and reminder date time, and then click on Set Reminder. If you do not want a reminder, click on Close Prospect Permanently.
Convert prospect to policy
Once you win a prospect business, that is, when you receive the premium amount from the client for a prospect, click on Convert to Policy.
Policies → Upcoming → Prospect (Click & Expand) → Convert to Policy
You will be taken to the premium transactions page. Here, you enter the premium transaction details, and click on save. Once done, the prospect will move from Policies → Upcoming to Policies → Converted section. Here, the system will wait for the policy document to arrive.
That’s it. Want to know more? Here are a few articles which might be much useful while working on SIbro.