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.’”

Life Inforce Policy Management Automation

qtq80-NuJN7e-1024x446

 

November 2019

By: Ken Leibow 

Broker World Magazine

 

It’s finally here—online tools for life insurance agents and clients to do basic tasks like change beneficiaries, look up paid-to-date information, see account values, and address changes without having to fill out a form or call a customer service phone number. It’s no longer a one-off but being implemented by most life insurance carriers today. You are also now seeing Artificial Intelligence (AI) chat tools for clients to get the information on their policies or to answer basic insurance questions on demand. Readily available for agents is new technology leveraging Big Data Analytics to analyze a policy resulting in new sales opportunities with products that better fit your client’s needs.

 

Policy Review
As an agent, you should do a review with your client on their life insurance policies at least once a year. Policy review should also occur when there is a life changing event or a family’s situation has changed, which could result in the need to increase or decrease coverage. Interest crediting rates on certain policies are much lower today than when the policy was first purchased. This can affect the future performance of your client’s policy, which could result in having to pay additional premium dollars to meet your client’s needs. Because people are living longer or if your client’s health has improved, then they may need to make an adjustment on their policy. On permanent insurance like universal life policies, loans and withdrawals and other changes to the policy, like premiums not paid as planned, may have impacted the current performance. Of course, if premiums have increased then you should do a policy review with your client. If the client is an owner or co-owner of a business and that business has grown or changed, then that is a compelling reason to do a policy review. Occasionally a life insurance company’s ratings or financials have changed, which may no longer meet your client’s risk tolerance.

 

The objective of the policy review is to do a thorough analysis of current insurance holdings vs. current needs. There are also industry and product changes to consider as well. I would recommend to carefully look at older life policies because of the way life insurance is designed today—the current changes in pricing, and how it’s medically underwritten, may have a significant difference in 2019 compared to five, 10 or more years ago. Also, you need to be up to date on the current tax, business and estate law changes. Higher life expectancies (mortality tables), lower interest rates and dividend crediting rates affect performance. There are new products on the market today to consider like indexed universal life products. Look at your client’s goals: If their goals are the same, is there a better insurance product for them today? If their goals have changed, then what’s available today to best meet those financial needs? For living benefit needs there are linked benefit products to consider. Should your client consider a way to financially maximize a policy he no longer needs by looking at a life settlement option?

The Insurance Consumer Journey

JornayaLogo_LinkedInV2

By Ken Leibow

 

Jornaya has taken Data Analytics to a new innovative level. “Jornaya Activate” is an application that enables more cost-effective target marketing by witnessing the behavior of the consumer online shopping experience. An example is a Life event whereby a consumer is shopping online for a new home loan or to refinance their current Mortgage. This will identify that the consumer will need more Life Insurance. A Carrier or Agency’s portfolio of customers can be better targeted with marketing campaigns with messages that will be more cost-effective in generating new sales opportunities.

 

Jornaya captures 200 million unique shopping events each month of which 5 million are life insurance related opportunities. This has increased 30% over 2018. Literally there are portfolios of millions of customers. There is NO personal identifiable information captured (PII). Privacy of these consumers is secured. The data criteria captured are focused on witnessing the behavior of consumers filling out online forms for shopping for insurance, mortgages and other activities across multiple websites that can be analyzed to determine specific insurance needs. Jornaya works with Multi-Line Insurance Carriers and Agencies including life insurance Direct Marketers like AccuQuote and eFinancial. I interviewed Jamie Pickles, GM of Insurance at Jornaya, for this article and he had a quote that sums it all up. “A predictive model is great, but facts are better”.

 

Jornaya Activate monitors a portfolio of prospects/customers for Major Life Purchase (MLP) in-market behavior by incorporating intelligence on behavior and measuring intent in Real Time, Jornaya’s innovative technology can Provide intelligence that could become a new sales opportunity for life insurance. If you are a marketer, the data captured will allow you to interact better with your customer and improve customer retention.

 

Download and Read the Report by Jornaya “Understanding the Insurance Consumer Journey” by clicking the button below.