Category: Universal Life

Universal Life – cash value insurance

Ensight™ Surges Past One Million Digital Life Sales Presentations

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The company’s cloud-based sales experience platform is now servicing over 250,000 financial professionals across the U.S.

 

SAN DIEGO, CA, March 17, 2021 — Ensight™, the market leading life, long-term care (LTC) and annuity digital sales acceleration platform for insurance carriers, distributors and financial professionals, today announced that over one million digital sales presentations have been generated on its insurtech platform. Ensight’s growth rate also continues to compound, driven by an increase in remote selling, the hybrid wholesaling transformation shift and emergence of the “digital agent” model. Today the platform works with over 250,000 financial professionals.

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“Every financial services sales experience today is digital, interactive, visual and easy to understand – whether that is the leading financial planning software used by advisors, or the investment management and 401K portals now experienced by the consumer. Life, annuities and long-term care are the only remaining financial product areas out of step with today’s digital experience expectations,” said Bill Unrue, CEO, Ensight.

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The COVID-19 pandemic has acted as a digital catalyst over the past year, as life and annuity insurance carriers and distributors have had to adapt to a virtual (remote) sales operation. This business response is also now accelerating a permanent transformation to a “hybrid wholesaling” and “digital agent” sales and service model. Wholesaling transformation, in particular, offers the sector an opportunity to achieve travel and entertainment (T&E) budgetary savings, while driving improved wholesaler productivity, more flexible advisor servicing, and better product marketing through digital education.

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The Ensight sales acceleration platform was launched in 2017 to help modernize and transform the sales experience for life and annuity insurance carriers, distributors, financial professionals and consumers. Ensight simplifies the complexity of the permanent life insurance (GUL, Whole, UL / IUL, and VUL), LTC and annuity sales engagement into an intuitive, consumer-friendly digital experience. The platform leverages data visualization and rich content to create a modern interactive sales discussion, which has underpinned the rapid shift to virtual (remote) selling during the COVID-19 pandemic. Over 250,000 financial professionals, including insurance agents and advisors, now use Ensight to better explain how a permanent life insurance or annuity product works and interactively demonstrate product features, such as cash value accumulation, rates of return and policy charges.

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“The life and annuity sales model is at a once-in-a-generation inflection point. From the internal sales desk and wholesaler-advisor channel to the client’s point of sale experience, the entire value chain of the traditional sales model is being structurally reorganized and digitally redefined,” said Nathan Jacobson, Executive Vice President (EVP), Life Insurance, Simplicity Financial Group. “Ensight is the clear market leader today, enabling modern, interactive sales presentations that simplify the wholesaler-advisor-client discussion of complex permanent life, LTC and annuity products.”

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To learn more about Ensight and its digital sales acceleration platform, visit www.ensightcloud.com.

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About Ensight™
Ensight™ is the leading cloud-based insurance sales acceleration platform for more than 500 Life and Annuity distributors, thousands of financial professionals, as well as many of the largest North American insurance carriers. Headquartered in San Diego, California, Ensight helps drive sales growth and productivity, while addressing the entire sales lifecycle experience – from prospect to policyholder, new business to inforce.

 

Foresters Financial and illustrate inc Launch Foresters Mobile Quote

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“Foresters continues to deliver turnkey-decisioned product offerings supported by state-of-the-art mobile tools”

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Toronto, ON, March 17, 2021 – Foresters Financial™, the fraternal life insurer quietly disrupting financial services, today announced it has worked with illustrate inc, to launch Foresters Mobile Quote, a secure life insurance quoting app. It is available to Foresters over 75,000 producers across the U.S. through the Apple App Store® and the Google Play Store.
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A powerful sales tool, Foresters Mobile Quote utilizes illustrate inc’s proprietary OPUS Mobile solution, for the convenience and familiarity of a downloadable app, with extensive functionality and features. Customized to Foresters requirements, including multi-channel distribution, Foresters Mobile Quote enables producers to generate quotes across the extensive Term, Whole Life, and Universal Life product lines. In addition, it is a resource and communication hub, providing access to marketing information, product specifications, push notifications, and other resources. The solution is configurable and highly secure, with built in integration to other Foresters applications.
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Matt Berman, President of Foresters Financial’s U.S. business, said, “Foresters is a nearly 150-year-old member-based organization dedicated to the well-being of everyday families, which is quietly disrupting life insurance. Foresters Mobile Quote is the latest evidence of this, as we continue to deliver turnkey-decisioned product offerings supported by state-of-the-art mobile tools.”
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Added President of illustrate inc Lyndon Edwards, “OPUS Mobile is targeted towards individual Life Insurance Carriers and delivers a mobile solution that goes beyond the next level. In addition to the core powerful calculation and presentation capabilities, it has been designed to include features and functionality to exponentially expand its value to the user and the sales process. We are proud to continue our long-term partnership with Foresters and the launch of Foresters Mobile Quote is a testament to the level of skill, collaboration and excitement from both of our teams.”

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Life Insurance with a Larger Purpose

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Bringing a better, new normal to everyday North American families, Foresters offers a suite of unique member benefits, redefining the conventional life insurance model. Foresters member benefits include opportunities for scholarships, orphan benefits, community volunteer grants, online wills and other legal documents, Lifelong Learning, and more.

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About Foresters Financial

Foresters Financial is quietly transforming the life insurance industry across the U.S. and Canada by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Unique to fraternal life insurers, Foresters offers a suite of member benefits, redefining the conventional life insurance model and bringing improved financial security and overall wellness to everyday North American families. Foresters recently acquired Canada Protection Plan to bolster its leadership in distribution across Canada. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 20 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.
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For more information please visit www.foresters.com.

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About illustrate inc

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Established in 1989, with offices in Toronto and Kansas City, illustrate inc has been building and delivering powerful and innovative web-based POS software solutions – including quoting, illustrations, and eApps – for the North American Life Insurance industry, enabling carriers of any size to embark on, extend, or enhance their Digital Transformation.
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To learn more about illustrate inc’s OPUS Mobile solution, visit illustrateinc.com/opus-mobile.

Wink, Inc. Releases Third Quarter, 2020 Life Sales Results

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WHOLE LIFE INSURANCE SALES SHINE AMIDST A DISMAL QUARTER

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Wink, Inc. Releases Third Quarter, 2020 Life Sales Results

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Des Moines, Iowa. November 30, 2020– Wink, Inc. released the third quarter, 2020 life sales results in its 93rd edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.

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Non-variable universal life sales for the third quarter were $624.9 million; down 5.2% when compared to the previous quarter and down 25.7% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.

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Noteworthy highlights for total non-variable universal life sales in the third quarter included National Life Group gaining the #1 ranking overall, for non-variable universal life sales, with a market share of 10.9%. Transamerica’s Transamerica Premier Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined.

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Indexed life sales for the third quarter were $503.5 million, down nearly 1.0% when compared with the previous quarter, and down 9.1% as compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “Thanks to the challenges of recent product repricing, low rates, market volatility, and Covid-19 challenges- indexed life was lucky to achieve sales that were relatively level from last quarter.”

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Items of interest in the indexed life market included National Life Group gaining the #1 ranking in indexed life sales, with a 13.4% market share. Pacific Life Companies, Transamerica, John Hancock, and Nationwide rounded-out the top five, respectively.

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Transamerica’s Transamerica Premier Financial Foundation IUL was the #1 selling indexed life insurance product, for all channels combined. The top pricing objective for sales this quarter was Cash Accumulation, capturing 66.7% of sales. The average indexed life target premium for the quarter was $10,920, an increase of nearly 2.0% from the prior quarter.

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Fixed UL third quarter sales were $121.7 million, down 19.4% when compared with the previous quarter and down 57.6% as compared to the same period last year. Noteworthy highlights for fixed universal life in the third quarter included the top pricing objective of No Lapse Guarantee capturing 54.3% of sales. The average UL target premium for the quarter was $5,066, a decline of more than 13.0% from the prior quarter. Moore commented, “It will be a miracle if total 2020 UL sales equal whole life insurance sales for a single quarter!”

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Whole life third quarter sales were $1,053.2 million, up 12.9% when compared with the previous quarter, and down more than 10.2% as compared to the same period last year. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 57.7% of sales. The average premium per whole life policy for the quarter was $3,700, a decline of more than 3.0% from the prior quarter. “I anticipate that whole life sales will remain strong through 2020,” commented Moore.

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Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on additional product lines will follow in the future.

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For more information, go to www.WinkIntel.com

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Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.

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The staff of Wink, Inc. has a combined experience of more than 175 years working with insurance products, more than a decade of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.

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Sheryl J. Moore is president and CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.

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November 30, 2020

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Des Moines, IA

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(855) ASK-WINK