Proformex and Ensight Team Up To Transform Life Insurance Inforce Policy Monitoring

Proformex

Ensight’s API platform advances transparency and oversight for insurance agents and financial advisors

 

CLEVELAND, Ohio – August 12, 2020 – Ensight, the leading life and annuity digital sales acceleration platform for insurance carriers, distributors and financial professionals, today announced it has partnered with Proformex, the market-leading inforce management platform.. The company will integrate Ensight’s quoting API platform to enhance Proformex’s intelligent inforce policy monitoring, which provides insurance agents and financial advisors better oversight and visibility into inforce policy contract performance.

 

The partnership is part of Proformex’s strategy to simplify the complexity and challenges of managing inforce business at scale, while providing actionable insights for its customers. Integrating the Ensight Quoting API enables Proformex customers to evaluate potential protection options for their clients during the policy review process without ever leaving the Proformex platform. The result is a solution that saves time and enhances overall policyholder service.

 

“We’re excited about our partnership with Ensight,” said Mike Pepe, Founder and Chief Strategy Officer of Proformex.“The ability for our customers to access automated product quoting from Ensight directly in the Proformex platform is gamechanging to make policy reviews fast and easy for our customers. This relationship strengthens our mission of being a partner across the life insurance ecosystem while we reimagine how all policies are serviced after they’ve been sold.”

 

As Best Interest (BI) regulation continues to extend into the Life and Annuity market, ongoing policy servicing becomes increasingly important to complying with fiduciary standards. Over time, a policy’s death benefit, cash value performance and net surrender value can be negatively impacted by a range of factors. It is increasingly critical that financial professionals monitor a client’s overall policy health and, when necessary, compare the inforce policy against new potential protection options in the marketplace.

 

Ensight’s life insurance API provides access to the broadest number of life insurance carriers, products and product classes in the US life insurance industry today. The Ensight API supports over 22 leading life carriers, 200 products, and has the ability to quote across product classes (Term, GUL, Whole, IUL, VUL) for a common case design. It is also the only API able to support platform partners seeking to meet the emerging BI requirements.

 

“Like Ensight, Proformex is a leading insurtech enabler helping transform a critical area of the life insurance policy lifecycle. While we focus on transforming the sales experience, from illustration design to advisor-client discussion at the point of sale, Proformex is enabling customers to securely store, manage and analyze their entire inforce book,” stated Bill Unrue, CEO, Ensight. “We are thrilled to partner with Proformex as they transition the industry from reactive to proactive inforce policy monitoring.”

 

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.

 

To learn more about Ensight at https://www.ensightcloud.com/. 

 

About Proformex™

Proformex is the leading inforce management platform offering data aggregation, analytics, and portfolio monitoring for life insurance and annuities. The platform is purpose-built to help advisors, GAs/BGAs, IMOs, financial institutions, settlement companies, and broker-dealers protect their clients’ best interest and ensure regulatory compliance by monitoring individual policy performance, identifying at-risk policies, and uncovering new sales opportunities. Our automated solutions make inforce management more efficient, more profitable, and results in better experiences for policy owners.To learn more about Proformex at https://www.proformex.com/.

 

Media Contacts

Ensight

Trish DaCosta

KCD PR

Ensight@kcdpr.com

 

Proformex

David Morris

Chief Marketing Officer

(855) 341-1331

dmorris@proformex.com

illustrate inc expands leadership team with appointment of Eyobe Amberber as Vice President, Finance

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Toronto, ON, August 11, 2020 – illustrate inc announced today the appointment of Eyobe Amberber to their leadership team as Vice President, Finance. The appointment follows the organizations’s recent hiring in other key areas, including business development and marketing.

 

In the newly created role, Eyobe will be directly in charge of the company’s financial operations with oversight of HR, IT, and Legal. He’ll be primarily focused on evolving the finance function to support the company’s growth, and alongside other members of the leadership team, advance the strategy and performance of illustrate, inc.

 

“I look forward to joining illustrate inc and helping lead the company as it progresses to the next phase of its strategy,” says Eyobe Amberber, CPA, CMA, Vice President, Finance at illustrate inc. “It’s truly an exciting time for the company as it looks to build upon its industry leading success. I’m thrilled to be able to contribute to its vision and help pave the way for its expansion.”

 

“We’re thrilled to once again announce the expansion of our leadership team with the addition of Eyobe Amberber,” says Lyndon Edwards, President illustrate inc. “In hand with his background in corporate finance, Eyobe brings a mix of expertise from other forward-thinking industries and organizations. I’m confident that the new ideas that he’ll bring will support and enhance the strategies that we’re implementing to meet our organization’s aggressive growth mandate.”

 

Eyobe is a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) with a Bachelor of Business Administration from the University of Toronto. From hospitality and consumer packaged goods to advertising and tech, Eyobe brings a wealth of experience from different industries and leading organizations including Nulogy, Freshii, Engagement Labs, and OMD Canada.

 

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.

 

For additional information contact:

 

Anastasia Sudetic

Marketing Manager

illustrate inc

anastasia.sudetic@illustrateinc.com

416-890-8147

 

www.illustrateinc.com

 

 

Germania Life Insurance Company selects illustrate inc to lead the digital transformation of their life insurance business

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Overland Park KS; Toronto ON; Brenham TX; July 28, 2020 – Germania Life Insurance Company (GLIC), a subsidiary of Germania Insurance, the largest farm mutual insurance company in Texas, has selected illustrate inc as their partner to lead the digital transformation of their life insurance business.

 

The partnership will see GLIC implement illustrate inc’s OPUS suite of web-based digital solutions, including Needs Analysis, Quoting tools, Illustrations, eApps, and more, while enabling integration with other 3rd party systems and information providers. With a robust and powerful web-based solution, GLIC will equip their agents with state-of-the art tools to facilitate a highly productive, informed, and efficient sales process. GLIC’s focus on streamlining and modernizing the life insurance sales and application process will work to exponentially reduce cycle times through an automated workflow, drastically transforming the overall agent and customer experience.

 

illustrate inc’s collaborative approach and custom product offerings are just what we need to digitally transform our life insurance division,” says Min Choi, EVP and Chief Marketing Officer, Germania Insurance. “We are excited to join forces with the illustrate inc team and begin making positive impacts and improved efficiencies in our business.”

 

“This is a major initiative for Germania Insurance and demonstrates their commitment to strengthening and growing their Life business. We’re honored to have been selected,” says Lyndon Edwards, President illustrate inc. “Our OPUS solution set is built to not only deliver immediate benefit, but to also readily accommodate future features and enhancements as the Germania Life business continues to evolve.”

 

About Germania Life Insurance Company
Organized in 1983, Germania Life Insurance Company is a wholly owned subsidiary of Germania Insurance that provides life insurance products to members and policyholders. Regulated by the Texas Department of Insurance, GLIC offers affordable whole and term life policies to fit a variety of insurance needs.

 

About Germania Insurance
Founded in 1896, Germania Insurance provides auto, property, and life insurance for thousands of Texans. It is the largest farm mutual insurance company in Texas and one of the top companies for independent agents. Germania is a proud Texas company, exclusively providing protection and insurance services for Texans for over 120 years.

 

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.

 

For additional information contact:

Anastasia Sudetic
Marketing Manager
illustrate inc

anastasia.sudetic@illustrateinc.com

416-890-8147

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.

 

COVID-19 Pandemic Drives Surge in Life Insurance Virtual Sales Meetings

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Ensight, a leading life and annuity digital sales platform, today released the latest findings from its quarterly Trends Report which highlights a dramatic shift in life insurance interest due to the COVID-19 pandemic. As shelter-in-place orders forced life insurance agents to work from home, remote selling utilization increased by 155% in just eight weeks. Social distancing restrictions were among the biggest drivers of a transformation towards digital life insurance sales in more than 20 years.

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During April’s nationwide shutdown, the Ensight Platform created over 31,000 digital illustrations for remote sales engagements by agencies, producers, and financial advisors. The insurtech company also reported a dramatic increase in the number of agency users of its interactive virtual sales platform – from 84 to 215 between January and May of 2020.

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“Life insurance has always been a relationship-based business. It’s about connecting with clients and understanding their personal financial protection objectives, and the need for controlled risk that insurance products can offer amidst market volatility. The COVID-19 pandemic has not only re-catalyzed awareness of the need for financial protection, but also ignited a shift to digital client engagement, such as remote discussions over virtual meeting platforms,” said John “Hutch” Hutchinson, Founder of BankingTruths.com. “For years we’ve been working to train our clients to meet virtually, but over the past eight weeks, we’ve found the world is now leaning into a virtual way of doing business. The life insurance sector has realized that a virtual discussion is so much more flexible for the client, but also more productive for our business model. Ensight’s interactive presentations have been instrumental in elevating our virtual professionalism, and the interactive visual experience transforms mundane granular product data into a more tangible digital presentation that a client can understand and act upon.”

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The company, whose interactive virtual sales platform supports life insurance quoting with an easy-to-use, intuitive platform notes guaranteed universal life insurance (GUL) protection-oriented quoting maintained strong activity of nearly 39% in April 2020. In contrast, indexed universal life insurance (IUL) grew from 30% earlier in the year to an average 35% in six weeks. The company’s life agency base supports tens of thousands of life agents, producers, financial advisors and financial services firms with digital interactive presentations for remote sales.

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“The response to the coronavirus has created a broadscale shift to a virtual sales model and is reinvigorating the traditional way life insurance agents conduct business,” says CEO Bill Unrue. “These changes were already taking form as the growth of the gig economy, remote working, and virtual financial advice increased; what we’re seeing now is how the pandemic has accelerated the industry’s digital transformation.”

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To learn more about Ensight at https://www.ensightcloud.com/.

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About Ensight™

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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.

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Read Press Release at: CISION PrWeb

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

Pat Professional 2012

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.

 

HOW OUR ROBOTS RAN 30 MILLION ILLUSTRATIONS IN 24 HOURS

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BY BILL ATLEE, JUNE 4TH, 2019

Last year, our industry ran 400 million illustrations for permanent life insurance, 95% of which ended up in the trash can. Agents and their back-office staff wasted thousands of man-hours a week generating 10-20-page PDFs that are seen by a client. Why the insanity? It’s not because the insurance commissioner tells us that we have to do it this way. It’s because of the way insurance agents sell.

When agents meet a prospect for the first time, they typically don’t know the details of the prospect’s insurance needs, medical background, or price tolerance. Consequently, they pre-run multiple illustration scenarios to provide prospects with various options.

They do this in advance to avoid the clumsy nature of running carrier illustration software in front of a prospect. This madness will seemingly never go away as long as clients want options, illustrations software remains complex, and agents desire a smoother selling experience.

What if an agent could go out in the field with no paper illustrations, avoid dozens of confusing PDFs, and clunky illustration software, yet still react quickly to client curve balls…

How? iSolve.

iSolve teaches robots how to pre-run millions of illustration scenarios each month and stores these calculations in a massive online database. iSolve then wraps an intuitive user-friendly interface around these pre-run calculations, allowing an agent to use their smartphone, tablet, or laptop to instantly display various product options.

When the agent has met the client’s product and pricing expectations, the agent simply clicks a button and an NAIC-compliant illustration is rendered for all parties to e-Sign. iSolve also integrates directly into iGO e-App, making it simple for the agent to digitally apply for coverage.

As a life insurance agent that founded iPipeline over 20 years ago, I know what it’s like to be in the field with clients, and how much of an obstacle illustrations scenarios are to rapidly moving sales. Alongside my colleagues, we have developed this new illustrations innovation, iSolve, to provide digital access to infinite illustrations for a possible sales scenario. No more “wouldn’t it be nice if…” Just 30 million pre-run illustrations right at your fingertips.

Did I peak your interest?  Explore the power of iSolve in my on-demand webinar.