It’s no secret that families’ views on funerals are changing.
More families are choosing lower-cost options because they don’t believe they can afford a traditional funeral. Not only can this hurt families’ ability to grieve well, it can also leave your funeral home with lower average funeral costs and decreasing profitability.
This may leave you wondering what you can do to meet families’ changing needs and still help them have a healing and meaningful funeral experience. Luckily, there’s good news that can help!
With an insurance assignment processing company, you can help families access their life insurance funds immediately after a loss and protect your funeral home’s cash flow. That way, families can rest assured knowing the costs are covered, your finances don’t take a negative hit, and you’re free to work with families to create a healing and meaningful funeral.
Keep reading to discover 3 ways your funeral home can increase profitability by partnering with an insurance assignment processing company.
1. Offer insurance assignment services to every family
The first thing you can do to increase your profitability is to offer insurance assignment services to every family you serve. This not only helps your business, but it also serves families, too!
When a family first meets with you to plan a funeral, they are likely most concerned with how they’ll pay for it all. But if you inform families that they can pay with their loved one’s life insurance policy (and that those funds can be quickly available), they’ll be less worried about price and more focused on planning the ceremony.
We’ve seen funeral homes increase their average at-need case by up to 30% just because the family knows their funds are on the way. That confidence and peace of mind let families comfortably plan a funeral that honors their loved ones instead of worrying about what is in their bank accounts.
2. Offer to advance additional funds beyond the cost of the funeral
The loss of a loved one can put a significant financial burden on a family. In addition to paying for a funeral, a family may have to find a way to afford immediate expenses like rent or mortgage, credit card payments, travel and lodging, and more.
An insurance assignment processing company can help! Your funeral home can better care for families by offering funds beyond the cost of the funeral to help cover these expenses. Without worry, families can know that the funeral and their upcoming expenses are taken care of.
Plus, a family could use the additional funds to preplan their own end-of-life arrangements after planning their loved one’s funeral. Talk about a win-win for your at-need and preneed business!
3. Offer insurance assignment services for a fee
Your funeral home can’t afford extra expenses and shouldn’t give away time-consuming services for free. That’s why using an insurance assignment company is a great choice because you can take advantage of this service for no charge. All you have to do is simply pass the service fee on to the family.
When you pass on the fee, your funeral home can offer a valuable service to families at no additional cost. Your funeral home can avoid taking on an extra cost. Your staff won’t have to spend hours on paperwork or on hold with insurance companies.
And best of all, your families will receive peace of mind knowing their funds will be deposited in a matter of days.
It’s a win for everyone!
Find the right insurance assignment processing partner today
By focusing on these 3 steps, your funeral home can increase profitability while maintaining the same number of at-need cases. Plus, you’ll benefit from repeat business and referrals from happy families.
While it is challenging for you to meet families’ changing funeral preferences, your funeral home’s finances shouldn’t suffer because of declining at-need average funeral costs. With an insurance assignment services partner, like Claimcheck, you can improve your funeral home’s bottom line with every family served.
Best of all, working with Claimcheck is easier than ever, and available to every funeral home. Here’s what Garrett Cooper at A.S. Turner & Sons Funeral & Crematory had to say about his experience working with Claimcheck:
“My recommendation would be regardless of who you’re using for your insurance assignments, it would be in your best interest to check out Claimcheck. They’re concise and efficient, and their communication is outstanding.”
To learn more about how Claimcheck can help your funeral home, fill out the form below!