The Battle For The Dashboard

Dashboard

 

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.’”

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.