illustrate inc is pleased to announce the addition of Eric Swanson as the new Vice President, Sales – US Markets.

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Toronto, Ontario, June 15, 2020 –illustrate inc is pleased to announce the addition of Eric Swanson as the new Vice President, Sales – US Markets.

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In his new role, Eric will lead the business development as well as working closely with the illustrate inc product team to ensure that the company continues to evolve and meet the changing needs of market and customers. Eric will contribute market insight and critical client feedback, to ensure that illustrate inc remains at the forefront of product design.

 

“illustrate inc is well-respected in the industry with a reputation for being collaborative in their client approach, while offering robust functionality to enable customers to realize the transformational benefits of digital POS tools,” says Eric Swanson, Vice President, Sales. “I’m excited to join the illustrate inc team and to contribute my industry knowledge as we build and enhance their product line to ensure continued alignment with customer needs.”

 

“We continue to invest in our business and are excited to accelerate our current growth,” says Lyndon Edwards, President illustrate inc. “Eric has demonstrated a track record of success and brings a mix of industry expertise, personality, and passion for building strong partnerships which will serve our customers and business well”.

 

Eric brings over 15 years of experience in the US Life Insurance industry with a variety of carriers and distributors, including Protective, Lion Street, Allianz, Hartford/Prudential, and Minnesota Life. He possesses a considerable amount of knowledge, insight, and expertise surrounding Life Insurance products, distribution, and the industry in general, which will be beneficial in his new role.

 

About illustrate inc

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.

 

LBTC Announces New Co-Chairs

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We are excited to Announce that The Life Brokerage Technology Committee (LBTC) has elected 3 New Co-Chairs (See complete bios at end of post). The new leadership team brings a vast amount of industry experience to drive LBTC forward in working with its members in solving industry technology pain points and creating process improvement for Life Insurance services. The LBTC new co-chairs will also bring awareness of new innovations to the industry.

 

12345* Pat Wedeking, Vice President of Tellus Brokerage Connections

12345* Marjorie Ma, VP & Head of Product Management of AIG USA Life Insurance

12345* Brian Kirland, Senior Director Sales & Marketing of SuranceBay

 

 

The new co-chairs each represent respectively Distributors, Carriers and Vendors. They will serve a 2-year term. The new co-chairs are supported by the LBTC Steering Committee: Joann Mattson of Highland Capital Brokerage, Jeff Lingenfelter of John Hancock Insurance Company, and Ken Leibow of InsurTech Express. LBTC has 120+ industry members. Please see below on how to join LBTC.

 

The Life Brokerage Technology Committee (LBTC) is an independent working group whose purpose is to exchange information about technology related systems and services related to the marketing, sale, and servicing of insurance in independent distribution channels. Some of LBTC’s past initiatives focused on process improvement and solving technology pain points: Automated-Underwriting, eApp, eDelivery, eSignature, Commission Accounting, and Pending Case Status to name a few. LBTC conducts industry surveys, whitepapers, webinars, media and has a face-to-face meeting at the Annual NAILBA Conference in November. LBTC partners with other industry associations such as NAILBA, ACORD and LIDMA.

 

JOIN LBTC

There is no cost to becoming an LBTC Member. Each person who wants to participate in LBTC in your organization can join. Each person will need to fill out a membership form.  You can join LBTC by downloading the membership form and emailing it to Joann Mattson at jmattson@highland.com. Download LBTC Membership Form: https://lnkd.in/eHhHjfZ

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Pat Wedeking

Pat Wedeking is an industry veteran whose focus has been on process improvement, direct marketing and brokerage business development. Coming from the hospitality business as a PGA apprentice, Pat entered the life insurance business through Northwestern Mutual’s training program.  After 10 years in personal production Pat entered the general agency business with a technology driven brokerage focusing on lead generation a lead relationship management (LRM) system.  This platform served as the foundation of Quick Life which was sold to Crump in 2016.

 

During the growth of the brokerage Pat was the founding President of the Life Insurance Direct Marketing Association known throughout the industry as LIDMA.  This organization focuses on industry technology that improves the process of obtaining insurance and helped usher in the ubiquitous use of electronic payments, signatures and delivery of policies.  Further process improvement initiatives focus on voice signature, data based underwriting and bringing data closer to the point of sale.  After service to LIDMA Pat was elected to the Life Happens board of directors and served as Chairman of that organization in 2017. Since joining Crump Pat has been in business development positions focusing on the use of their transaction center platform and, most recently, with Crump’s IMO division, Tellus Brokerage Connections.  Pat brings energy and a big picture mentality to his endeavors.  He has a wealth of knowledge and industry relationships that will help any organization he serves.

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Marjorie Ma

Marjorie Ma is the Vice President and Head of Product Management and Market Intelligence, AIG USA Life Insurance. She has over 8 years life insurance experience and is now responsible for Life Insurance Product Development and Management at AIG, including product strategy development and implementation, as well as day-to-day product management across AIG’s broad life product portfolio. She is also leading Market Intelligence Team to collect industry and competitor updates and to provide actionable intelligence to product, pricing, sales, marketing and operation teams.  Marjorie joined AIG in 2012 after obtaining her MBA degree from Rice University and has since worked in the Life Insurance Industry.

 

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Brian Kirland

Brian J. Kirland received his Economics degree from Saint Mary’s College of California in 1997. He began his career in the financial industry as a Portfolio Manager’s Assistant at NWQ Investment Management. From 1998 until 2014, Brian was a part of a growing technology firm, Xtiva Financial Systems, whose products focused on the Broker-Dealer and Securities industry for Sales compensation. Brian then joined LaserApp Software in 2014, deepening his insurance technology expertise. During his two years with LaserApp, Brian spent his time meeting agency principals and carrier partners helping establish a new business platform for the firm.

 

Brian joined SuranceBay as a National Account Executive in July of 2016 and currently serves as Senior Director of Sales & Marketing and a member of the executive management team. Brian works to increase sales within the distribution channels, carrier partners and vendor integrations for SuranceBay’s flagship product, SureLC™. Since 2009, SuranceBay has been an industry leader in providing innovative licensing and contracting software to independent brokers, agents, and carriers. The recent introduction of complementary tools such as DataLink, SureLC One, Background Screening, and AML training, makes SuranceBay’s SaaS platform a one-stop-shop for over 85% of the independent life insurance agents in the United States. SuranceBay incorporates the assets of more than 600 life insurance carriers with subscriptions from over 800 BGAs, optimizing the workflows of 425,000+ active producers nationwide, and processing over 50,000 monthly contract submissions.

 

The Battle For The Dashboard

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November 2019

By: Steve Morelli 

InsuranceNewsNet Magazine

 

Ask Doug Massey why it has been so difficult to create seamless and effective insurance technology and he will take you on an Uber ride from hell — metaphorically speaking, of course

 

Massey knows all about the ride because his career has followed the route of insurance tech itself in the early 1990s, when he started a property and casualty quote engine company as a college student. Later, he worked with leading insurance tech companies such as Ebix.

 

Massey is now the executive vice president for sales and relationship management with Insurance Technologies, which, as the name implies, is a key player in insurance tech. And he said the company is finally closing in on a eureka moment when it all comes together into a seamless insurance tech nirvana.

 

But we are in an age when we can get dinner delivered by drone with a click of the thumb, so why is the life insurance and annuity industry’s tech seemingly stuck?

 

Ah, step inside Massey’s exasperating Uber for an explanation.

 

“Let’s assume I’m using my Uber app and I want to do a ride, but it’s the way insurance works,” Massey began. “I’ve got to open up my Google Maps or my Apple Maps. So, I’ve got to find my location. I have to set a pin for my location. Then I say, ‘OK, well I’ve set my pin for my location. Now I want to share that over to this Uber app.’”

What Is Life Insurance Straight Through Processing?

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By Ken Leibow – September 1, 2019

Broker World Magazine 

 

I get asked all the time: “What is life insurance straight through processing (STP)?” The answer varies because there are different perspectives based on whether you are a carrier, vendor, BGA, agent or consumer. Life insurance STP has evolved quickly because of the advancement of insurtech, with each piece contributing to the next phase (Term Ticket Model, Accelerated Underwriting—Predictive Automated Underwriting, Digital Sales Platform). So, let’s explore the different types of STP, the benefits today and the trends for the future.

 

Term Ticket Model
In the Distribution world, Straight Through Processing was defined as a Drop-Ticket or Term-Ticket during its peak years from 2011-2016—running a term insurance quote, then clicking a button to do an abbreviated eApp, and then ePolicy delivery. A term ticket is not a full eApp. The term ticket platform may be a proprietary platform like Legal & General AppAssist or a multi-carrier platform like iPipeline iGO. Basically, it involves filling out questions for most of a Part 1 and replacement information, then asking the best time to call your client. The data and pre-filled forms are sent to a call center at the carrier or a third-party service provider like ExamOne for example. The client gets a call that typically lasts 30 minutes or less. The person conducting the tele-interview asks questions to complete the Part 1 and the medical questions for the Part II of the life insurance application. The interviewer follows a reflective script. Signatures are captured for the medical authorization in some cases, and for all the relevant forms, via Voice Signature. The interviewer also schedules the Paramed exam.

 

Once the underwriter receives the lab slip from the exam, with the results from blood drawn from the client, and reviews all the necessary information captured in the interview, then they approve the case—unless the underwriter determines additional information is needed like a copy of medical records from a doctor or hospital (APS). If the case is approved as applied for, and the client has provided his or her email address and opted in for eDelivery, then a notification either goes out to the BGA, agent or client via email depending on the eDelivery workflow setup. The eDelivery process for the client is a ceremony of consenting to eDelivery, even though they already opted in, reviewing the policy, paying the balance of premium due either by credit card or EFT, and then eSigning the delivery requirements like an amendment or delivery receipt. The client then saves or prints their policy. The agent is notified, the case is placed in force, and commissions are paid. This is one example of Term Ticket STP, however each carrier has slight variations of the process described above, and different distribution channels, like direct marketers, have a modified version of a Term Ticket STP. Essentially, it’s the same model.

 

Benefits to the BGA and Agent:

  • Cases submitted in good order;
  • Handing off fulfillment to focus on sales;
  • Faster cycle time;
  • Higher placement ratio;
  • No chasing down delivery requirements—especially premiums;
  • Commissions paid faster;
  • Reduce travel costs in delivering a policy; and,
  • Seamless experience.

 

Benefits to the Carrier:

  • Cases submitted in good order;
  • Control over the fulfillment process;
  • Higher conversion rate from interview to exam;
  • Faster cycle time;
  • Higher placement ratio;
  • Ease of doing business; and,
  • Reduced costs of mailing and printing policies.

 

This article was originally published by Broker World Magazine, September 1, 2019. To read the complete article, then please click the Button below:

Place More Business And Get Paid Commissions Faster Using Life Standard Data Messages

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By Ken Leibow, InsurTech Express

 

It’s easy to think that this is over simplified, but if you want to place more life insurance business and get paid commissions faster, then you need to eliminate paper! Use eApp instead of submitting a paper application; don’t send licensing and contracting forms via mail or email—do it electronically on a platform like SureLC by SuranceBay; eDeliver life policies rather than mailing or hand delivering paper policies; and process commissions from a carrier’s commission data feed instead of manually using paper commission statements. Trading partners in the life insurance industry have their administration systems and distribution platforms interconnected by using insurance data exchanges that move data seamlessly via standard messages. What you get is speed, accuracy and reduced labor costs.

 

Accelerate Cycle Time with eApp and eDelivery
There are several ways to submit life business electronically such as using an eApp or eTicket platform plugged into one or more fulfillment models like a tele-interview, accelerated underwriting or predictive underwriting with auto-issue. Whether the agent is submitting the business on a single carrier platform like CBLife QuickApp or a multi-carrier platform like iPipeline iGO, the data is being transmitted to the fulfillment center or directly to the carrier using a standard data message. This data automatically populates the recipient’s admin system in good order, auto-creating the case and triggering requirement ordering or ultimately policy issue. Cycle time compared to processing paper is at least 60 times faster resulting in up to 85 percent placement of paid business.

Delivering life policies electronically (eDelivery) benefits carriers, agencies, agents and consumers. The cost savings are huge; there is also a decrease in NTO rates, better customer experience, tighter legal and compliance control, and commissions are paid faster. Here are some impressive eDelivery statistics:

  • 70 percent reduction in cycle time.
  • 55 percent of the eDelivered polices are being completed within 48 hours.
  • Consumer opt out rate is below 10 percent.
  • 95 percent of agents repeat use (Stickiness).
  • Reissue time is significantly decreased.
  • Eliminates the cost of postage and transportation.
  • Higher placement rate (ePayment).
  • No need to chase down delivery requirements.

Distribution Technology

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Distribution technology is a big part of InsurTech for Life Insurance, Annuities and Long Term Care Insurance. There are multiple distribution channels in the space (Independent, Financial Institutions, Direct Marketer, Direct to Consumer, and Captive/Career). The various channels sell similar products in their respective lines of business. The solutions that they use are similar and sometimes quite different. What sets them apart even further is the process from sales to new business and from policy delivery to commissions. For example: An independent agent will more likely fill out a paper annuity application on a fixed annuity and submit it to their Brokerage General Agency (BGA). A financial advisor on the other hand who works for a bank will submit the annuity application using the bank’s independent broker dealer’s clearing firm’s  annuity order entry platform (AOE) like Ebix’s AnnuityNet. The process on the back end is using DTCC for settling money for premium and netting commissions. Another example is when an independent agent writes a term life insurance application using a multi-carrier electronic application platform (eApp) like iPipeline’s iGO accessed on a BGAs website. Depending on the carrier and product selected the process may be very different such as a term ticket with tele-interview fulfillment; an eApp with accelerated underwriting; or a simplified issue with predictive underwriting and eSignature.

 

InsurTech Express is the place to get educated on distribution technology.  If you are looking to invest in distribution technology, you will find information on solutions and solution providers at InsurTech Express. There are key industry documents on the home page and resource links on the footer of the site. You will continue to see more information on distribution technology as InsurTech Express evolves. Many other resources of InsurTech for Life and Annuities is also available on InsurTech Express.

 

By Ken Leibow, ken@insurtechexpress.com