Hi, I’m Audrey Cassidy and I am the operations manager of Frazer Consultants’ Tribute Insurance Assignment product. We’ve had a few significant success stories. One that stands out to me is a company that had been using the same funding company for years.
They’d noticed a decline in service lately. They actually submitted a request to that company and were told by a representative there that there was no policy value. The funding company directed the funeral director to reach out to the family and try to obtain another means of payment because this policy was not going to be able to cover the funeral expenses. The funeral home wasn’t convinced that that was actually the case. They decided to give us a try. Within about 25 minutes, we were able to get the policy verified. Within about an hour, we were able to deposit those funds into the funeral home’s account, so they could proceed with making those funeral arrangements, taking care of that family, and were able to do the service using the policy that they had initially wanted to.
We know a lot of funeral homes are actually processing these life insurance assignments in-house. They’re waiting the 30 days to get their money. They don’t think it’s a big deal and it’s fine, which is the case until you run into an issue, which is what happened with one funeral home that decided to give us a chance. He’d been processing these in-house. He took an assignment on a policy for $12,000 to cover funeral expenses, and was having a hard time getting the insurance company to pay out the claim. In about 45 minutes, we were able to determine that there was an eight-year date of birth discrepancy on the policy. There were also a couple of loans against the policy. So this $15,000 policy went down to $5,000 really quick. Luckily, we were able to work with the actuarial department at that insurance company and we were actually able to fund that funeral home to cover his funeral expenses.
We’ve gotten tons of positive feedback from our customers. They’re all very pleased with the product that we’re providing them. They’re excited to use it. They’ve told me that it is user-friendly, that they’re able to submit their claims and get the information to us very quickly, very efficiently. They’re even more excited that we’re able to get these verifications back for them quicker than they’ve ever experienced before.
So we’ve been able to verify policies in just a few hours that were taking the previous companies they were using or the representative that was doing it for them at the funeral home in-house a couple of days or more to get those verifications completed, so everyone seems very excited. We’ve gotten tons of positive feedback and we’re looking forward to doing more.
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