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.

Exam completion rate case study

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By KATIE PALKA, July 9, 2019

One of the challenges facing the direct-to-consumer segment of the life insurance industry is improving completion percentage. Over the last year, we analyzed our client’s data to compare how and where applicants schedule exams, and measure the impact on completion rates. Three common factors emerged to demonstrate the effectiveness of utilizing some of ExamOne’s tools and solutions.

The challenge

One of the challenges facing the direct-to-consumer segment of the life insurance industry is improving completion percentage. This means more applicants into underwriting, increased premium payments and more families protected.

How can ExamOne help directmarketers with these common issues?

  • Lost premiums due to fall-out fromunresponsive applicants
  • Applicants find the examprocess inconvenient

The solution

When looking to improve applicant completion rates, direct marketers have turned to ExamOne’s suite of solutions. Our goal is to simplify the scheduling process and offer applicants more exam location choices.

The results

ExamOne analyzed our client’s data* to compare how and where applicants scheduled exams impacted completion rates of policies. Three common factors emerged to demonstrate the effectiveness of utilizing some of ExamOne’s tools and solutions—convenient exam centers, scheduling tools, and the combination of these two.

Get the complete Case Study by clicking 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.

4 Big Trends Shaping the Life Insurance and Annuities Industry in 2019 (and Beyond)

Digital Transformation

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The life insurance industry has been on the cusp of a revolution for a decade. In 2019, insurers are facing more pressure than ever to reinvent their businesses. With stagnant sales, increased regulations and competition, and ever-evolving customer expectations, maintaining a competitive edge requires the willingness to take advantage of the latest technology trends.

Here is where we see the biggest changes taking place—and the biggest possible points of advantage for industry leaders:

 

Customer Experience Is Critical

Insurance buyers have been marching in lockstep for years. The traditional insurance purchasing process is confusing, convoluted, difficult, and takes forever. Customers want an easier, less painful experience.

Just three years ago, LIMRA found 4 out of every 10 consumers felt intimidated by the life insurance application process. In 2018, 67% of respondents said an out-of-date website prevented them from doing business with an agent or advisor. The fact is, customer experience throughout the life insurance process has not kept up with the transformations taking place in the lives of customers as a whole.

This year, it’s all about the experience—the customer experience. Along with surface changes to the look and feel of customer interfaces, leading carriers and distributors are investing in making the entire process more simplified and efficient.

In a world where customers can apply for a mortgage on their phones and financial apps offer advice on real-time spending using geolocation, customers are looking for an Uber-like experience where they are the center of the sales process rather than the products.

Companies willing to go deeper and tackle the disparate and siloed business processes that are the underlying drivers of customer dissatisfaction will have a significant competitive edge going into the next decade. That includes innovations such as:

  • Consumer portals that walk buyers through a straightforward e-application and purchase process and empower them to make post-sale policy updates easily.
  • One-source-of-truth data that follows a customer throughout the sales lifecycle, speeding form completion and improving the quality of service an agent or advisor delivers.
  • Simple and consistent experiences from pre-sale needs analysis and illustrations through e-application, approval, and ongoing policy management—no matter what products are being purchased.

By Doug Massey, EVP, Sales and Relationship Management, Insurance Technologies

Tech-Tock

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Republished from PaperClip Blog

Tech-Tock is a new column where we address the cyber world connection to Life Insurance and the channels. Several Thought Leaders will discuss the latest technology trends and why you should care about mobile/marketing, web/new business, document management/compliance, security/risk and more; basically, technology, its business effect, and its trends. At the end of the day, we want to intrigue you and give you a sense of urgency to integrate with change.

I think the way to start is to identify our players and their technology. Our players are the Millennium and Baby Boom Generations. The Boomers represent the institutions and the Millennials are the new middle management of these same institutions. As Millennials grew up in the digital explosion, the way they learned access to information behavior is so different that it affects the way they approach problem-solving. At age 30, Boomers would have to call a travel agent to book a flight, today Millennials can hold a portal in their hand and in less than 60 seconds do the same. At age 30, Boomers would have to drag their finger in circles listening to clicks to order a pizza, today Millennials holds up their portal and says, “order pizza”. Millennials have different experiences with transactions today and the process of selling and processing life insurance will evolve and integrate with their portal; point being it will be a marketplace app.

Technology thinking has already changed whereby Millennials are all about outsourcing. I’ve seen in my 40 years of technology a cycle of on-premise to outsourcing cycles changing every 10 years. The new generation has adopted outsourcing and it will never change again. The advent of Cloud computing and soon the new Quantum computing, third-party platforms will host all the applications, and internally all the institutions will host are their portal interfaces (mobile, tablet, desktop & IoT devices).

Recently attending the Nexus Insurance Show (Chicago, Nov 2018) the startup companies presenting powerful new applications understand the demand for hosted applications because the Millennials are the buyers. Artificial Intelligence leads the day with every one of the 40 exhibitors talking about their unique application and benefits of AI. One showed how eights pictures of a damaged car could produce a repair estimate in less than a minute. One showed smart home AI whereby water leaks could be detected and turned off saving millions in claims. One showed a Machine Learning process flow application which could display the real-time movement of the company’s workflow and measure their efficiencies. Many of the companies will be acquired and continue to expand the tool bag of larger established vendors which will be the winners. Winners because with so many startups building out a solution to solve a specific problem, integration has always been the challenge. In the past, the institutions supported standard organizations for supply chain integration but this remains labor intensive with ongoing expenses. As larger vendors acquire technology and accept the responsibility of tight integration, only then will they emerge. The last thing to do is ask a Millennial to key information in, over and over again.

Boomers, no matter the size or number of people in your institution, the message is keep your technology fresh, exciting and outsourced. It’s time to turn off that server in the closet and to start finding outsourced tools to help train, sell, process, deliver and store your business all from a portal. Millennials, you need to be patient. I have not seen much change in technology in the life insurance industry over the last 20 years, for example, independent life production comes in on paper 80% of the time even today. The good news is you’re now in charge and I see the change coming very fast. Congratulations! By, Mike Bridges – President of PaperClip Inc. 

There are great Insurtech articles from the TECH-TOK column you must read. Please visit Broker World Magazine.

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