LBTC Announces New Co-Chairs

LBTC_logo_color

 

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.

Marjorie Ma photo

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.

 

Brian Kirland 0411181615b

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.

 

5 Reasons Distributors Hate Your eDelivery System

steam

By Roy Goodart

Chief Products and Innovation Officer

Paperless Solutions Group, Inc.

 

Hey there fellow InsurTech Express readers, I wanted to share an article I wrote back in 2015.  Yep, just about five years ago give or take a couple of months.   It also marks my tenth year of building eDelivery solutions for this market – crazy to think I have designed and built three multi-carrier solutions over this time. No wonder my head hurts so much.

 

You know what’s both funny and sad?  Reading through this article it struck me that very little has changed; yet the voices of distribution keep getting louder, and multi-carrier solutions keep getting stronger with more functionality/benefits than any one carrier can provide.

 

So, carriers – why keep building these solutions on your own?  I speak with many of you every week where the story of not having enough resources and too many projects stand in the way letting you update or even simply keep your own ePolicy delivery offering current.  Isn’t time – yes, after a decade of stumbling through ePolicy delivery to think differently?

 

Carriers and Distributors, I’m curious to your thoughts…

 

Original article below posted March 26, 2015 ————————————

 

We are coming up on almost eight years of delivering life insurance policies electronically, yet there still seems to be a misalignment between what distributors want and what carriers are delivering (no pun intended). This was never more apparent than at one of the industry’s largest events a couple of weeks back.

 

Over the years, several carriers have created electronic policy delivery systems in hopes of dramatically reducing costs, shortening cycle times and increasing placement ratios. Although cost savings are being realized, cycle times are down by about 19 days and placement lift is averaging 5-6%, overall adoption is still low for the independent channel. Most carriers have been left scratching their heads asking the question, why?

 

So, to help try and solve this mystery I did a little homework and met with a number of brokerage agencies. What I found were the five biggest factors as to why distributors and their agents aren’t using your eDelivery system.

 

Here’s what they said.

 

You’re One of Many and They are Lost in The Crowd. The single biggest contributing reason, by far, is the fact that carriers who sell most of their policies through independents and Broker Dealers are “not supporting” a multi-carrier solution. Don’t believe me? The most recent survey conducted by the Life Brokerage Technology Committee (LBTC) surfaces this issue (See quotes at the end of this article.) Your distributors don’t have the resources to train their own staff on fifteen different systems and fifteen different ways of processing, let alone train two thousand plus agents. Your distributors are desperate for multi-carrier solutions. It’s the only way carriers will ever start to break ground in gaining eDelivery adoption within this channel.

 

Your Workflow Stinks. Most single carrier eDelivery solutions rarely meet the workflow needs of the independent channel. All your distributors hear is “it’s my way or the highway” when it comes to varying workflow scenarios. This group tends to have many special deals and arrangements such as sub-GA’s, centralized processing centers and selling agreements with broker dealers. A rigid workflow makes it almost impossible for this group to support their unique relationships. What does that mean for you as a carrier? If you can’t meet all of their needs they won’t play in your sandbox for half of their business.

 

Lack of Integration. Both agencies and agents want platforms that integrate with the other systems they use day in and day out. Lack of integration with Agency Management Systems, CRM and other third party platforms means that these users have to remember multiple user ids for access, double key information and rely on other sources for updates. Integration with third party platforms isn’t only important for overall adoption, it’s absolutely critical.

 

Inability to Promote and Market eDelivery. Each one-off carrier solution has some great functionality but none look the same or even come close to working the same. This makes it hard for a distributor to accurately promote the benefits of eDelivery because agents are finicky and get upset if “things are not as advertised.” Add this to the fact that agencies are busy trying to help sell and close your insurance transactions and they don’t have the time to come up with promotional content and marketing for eDelivery from scratch.

 

Lack of New Functionality and Innovation. There are some really good homegrown carrier eDelivery systems on the market. You may be one of these carriers. If you are, can you remember the last really great new piece of functionality that was added since it had first been implemented. I would wager to guess you could count them on one hand. Resources are tight all over, and in some instances projects for carriers can be two or three years out. This typically means that once a project like building an eDelivery platform is completed and up and running, little to no new functionality is introduced. This drives users away fast, especially if it missed the mark the first time around.

 

Beyond the five reasons why distribution hates carrier eDelivery systems, one other important consideration for the carrier is the cost for creating an eDelivery platform. The development costs and ongoing maintenance of a home-grown e-delivery system can be as much as 20 times more than the cost of just licensing a multi-carrier SaaS based offering.

 

These are just a few reasons why one-off carrier solutions are seeing low adoption for eDelivery by independent distributors and their agents. It’s not because the agency doesn’t want to support it, or their agents are too old or don’t like technology, it’s because the industry has made it hard for them to do their part of embracing the concept and moving away from paper. The benefits to be had for carriers who fully support eDelivery is real. Just think about what shaving 19 plus days off your cycle time and increasing your placement lift by 5-6% for this channel would mean to your business. It’s not small, is it?

 

 

What your distributors are saying – not your vendors – It’s time to listen up!

 

_______________________________________________________
The LTBC survey was conducted in the last quarter of 2014 and its findings published in November 2014 to its members. The following are sample quotes provided by independent distributors about ePolicy Delivery, their experiences and their desires.

 

eDelivery shouting Picture1

 

Are you Listening? Here are some actual responses from distributors…

 

“we would like all carriers on the same platform so it’s a consistent user experience for our agents and their clients. Right now, only Lincoln and The Standard are on a multi-carrier platform.”

 

“…The lack of universal e-delivery process for each carrier can be confusing for our staff and agents.”

 

“Not enough carriers offer e-policy delivery… we want a multi-carrier solution”

 

“The various platforms drive away the agents, it would be good to have consistency and offer one platform for all the carriers.“

 

“…Agents are not happy learning all the carrier ways”

 

“…See more and more carriers offering (eDelivery) on their websites which is also confusing to the agent.”

 

“Again we have many different processes on e-delivery….agents and GA’s do not want to learn 30 different ways to process the policy”

 

“Too many processes and not enough carriers on multi-carrier platforms that meet requirements of BGAs.”

 

“Need a uniform delivery process for each carrier.”

 

“One platform that many carriers would approve…. eDelivery would be great if there were more carriers onboard supporting a single system.”

 

“Multi-carrier platform that is customizable to our workflow”