Step 6: Understanding Compliance and Technology
Serious question...Did you run out and buy a shiny new iPhone for your new telesales business? I hope not cuz you ain’t gonna be using it anytime soon. At least I hope not!
The technology you will be using to close your deals is not the iPhone X, it is called VOIP (Voice Over Internet Protocol). You will have software that you access through your computer. The software will include a dialer with many functions but two that are paramount. First, it will dial multiple numbers at the same time if you are doing outbound calls. Second, it will record all your calls. Recordings are the very most important thing in compliance.
There are a couple other tools that you will be using in addition to the dialer software. I suddenly sense fear in your thoughts so let me reassure you...these tools are extremely easy to use. As long as you can use a computer you will not have any issues. The first is a banking verification software. You simply enter the clients banking information and the program will verify the account is open and active. Second, is a CRM (Customer Relations Manager) to track your customer interactions, leads and manage your business. CRM's are a key competent of compliance. Keeping notes of all client interactions provides records that could keep you out of hot water should a client file a complaint,
How to stay compliant without going broke?
Let someone else pay for your compliance!
Compliance is a very complicated and costly aspect of final expense telesales. For an independent agent or small call center it can be almost unbearable. There is a solution to this problem that I highly recommend every reader take. DON’T PAY FOR COMPLIANCE! Partner with an IMO that has compliance features built into their platform. Compliance must be a part of their value-added proposition!
Compliance along with telesales leads is where you find the biggest difference between face to face IMO’s and the truly elite final expense telesales opportunities. Most face to face IMO’s and recruiters have never heard of SAN numbers let alone spent $16,000 year to have national coverage. Some may offer TV leads but have no clue what they are doing and thus waste your money trying to figure it out.
Compliance and Technology go hand-in-hand
First of all, you need to realize that compliance is a HUGE deal. Just like taxes, no one likes compliance but everyone is scared to death to get caught cheating. It is ultimately your responsibility and your business on the line. The cost of fines and lawsuits will put you out of business if you get caught taking shortcuts. Don’t believe me, ask DISH Network who recently paid 280 million dollar fine for illegally calling people on the Do-Not-Call list.
I can not stress how important it is to partner with an IMO that keeps compliance at the forefront of their operation. During your interview process (Remember you’re interviewing the IMO not the other way around) ask about compliance and technology. In the event they recommend using your cell phone or they seem to discount the importance. You need to keep searching. Once you find a REAL FINAL EXPENSE IMO….PARTNER UP!