TECH: DIGITAL
TECH: SOFTWARE
TECHNOLOGY IN ACTION
Digital imperative from page 22
Independent producers also leverage digital solutions to support the life insurance sales
process. These tools not only help producers be more efficient, they also help them effectively
target and address client needs. Application processing, online access to carrier support,
and client marketing and education tools are among the solutions most often used. Many
independent producers currently do not have these tools, but want them (Figure 1).
Top advisor on electronic
systems and apps
Figure 1:
Technology plays a
vital role as it allows
us to do things faster,
easier and more
comprehensively.
Plans for future client engagement strategies
independent insurance producers
Social networks 25 % 5 %
Virtual meetings 25 % 4 %
Text/IM
22 %
Email 1 % 3 %
In person
5 %
16 %
55 %
50 %
49 %
9 %
7 %
49 %
24 %
47 %
56 %
Phone 4 %
Mail
21 %
35 %
63 %
33 %
36 %
48 %
Will not use
“Independent
producers rely on
digital solutions...
Many however feel
the tools are out of
date, of poor quality,
and not aligned
to their practice.
This puts partner
relationships at risk.”
22
Perspectives
Q3 2019
Less
10 %
Same
More
As the client-advisor relationship evolves, and producers increasingly embrace digital
solutions, the carrier and distribution partner service models that support them must evolve
as well. Our research shows that independent producers rely on digital solutions in a number
of areas, and this reliance will only increase. Many however are dissatisfied with the solutions
they are currently using. They feel that the tools are out of date, of poor quality, and not
aligned to their practice. This puts partner relationships at risk.
Digital toolsets are becoming an increasingly important element of an independent
producer’s practice. Agents and advisors expect to be served by digital channels, just as
their clients do, and having the right tools can help producers meet their client needs.
Organizations that can expand their value proposition to include leading-edge digital
solutions represent an opportunity to drive success for both independent producers and the
partners that support them.
Interviewer:
Ayo Mseka
Editor-in-Chief
National Association of Insurance
and Financial Advisors
Interviewee:
Aamir is a NAIFA member and
member of the association’s
Diversity and Inclusion Task Force.
With 26 years of experience, he leads
38 agents at the Oak Brook, Illinois,
branch of Futurity First Insurance
Group.
In this digital age, many financial advisors are using technology to improve the way they
attract and retain clients, enhance client relationships, and streamline operations.
Most advisors are familiar with website builders, email capture forms and online schedulers,
which they use to inform and engage their clients. And quite a few of them are using
customer relationship management software to keep track of leads, prospects and clients,
while others are employing web-based meeting tools to hold productive and highly successful
client meetings.
We recently asked NAIFA member Aamir Chalisa, managing director with Futurity First
Insurance Group, to tell us about some of the ways he uses technology in his practice, and this
is what he shared with us.
Click, click, click, and done!
In an industry that’s fast paced, technology plays a vital role as it allows us to do things
faster, easier and more comprehensively. In insurance and financial services, electronic
quoting systems and electronic apps are two such technologies.
Most companies have developed a comprehensive tool that allows you to run quotes
within seconds right on your mobile device to share numbers with prospective clients. Here
at Futurity First, we have that for term insurance and Medicare. Whenever someone wants to
know how much a product costs, I can just press a few buttons and give them that information
right there. I can also email it to them.
When I am at a social event and a discussion on life insurance comes up, I sometimes hear
people complain about how life insurance is so expensive. With this tool, I can now say, “Wait
a minute. Let me run the numbers right now and tell you the actual cost.” I can now tell them
the names of the five best carriers and the cost of their premiums.
This also makes for quite an interesting conversation as it allows you to obtain immediate
feedback from clients and prospects. It has been awesome for me to be able to do this!
Saving ink, paper, time and money
We can also offer electronic rates. If a prospect wants to buy a product, I can just send them
an electronic app via email, and they can fill it out and send it back to me. Imagine how much
paper and trees we are saving and how more efficient this is, since I can then forward the
electronic app straight to the carrier! Click and click and click and you are all done! You save,
ink, paper, time and money.
The insurance Industry is known for its long paper apps, corrections, and administrative
delays. This tool helps you avoid all of these because electronic apps don’t allow you to
complete any forms until all errors are resolved. It’s the way to go, folks.
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