CHAIR COLUMN
Technology :
New law of attraction
Are we , as a thirdparty distribution , waiting for our carrier partners to do all the heavy lifting ?
John T . Gilbert NAILBA Board Chair President The National Benefit Corp ( TNBC ) West Des Moines , IA
Passing the halfway point for 2022 , most of us are dealing with heat , rising interest rates , inflation , and other wonderful outside forces that make our daily lives interesting . Not everything that is happening around us is negative , though . If your agency participates in the selling of annuities , the phone is likely ringing off the hook . Perhaps to that end you have explored using technology to assist your agency in being more efficient . That is the theme of this issue of
Perspectives and always a good topic to explore .
In our agency we have adopted FireLight technology . This is a platform that allows our field force to submit annuity applications electronically and reduces the likelihood of an application being submitted NIGO . As we have seen the rise in interest rates , we have seen a tremendous uptick in the number of annuity applications that we are receiving . By utilizing technology , agencies of every size can leverage their staff ’ s time and energy to be as efficient as possible and deliver better service to their field force .
One of the exciting aspects of the insurtech field is that they are constantly innovating and attempting to disrupt the way our industry has done business . Whether we look at pre-sale marketing and lead generation , or the many steps in the insurance new business process , technology and innovation are happening all around us . The most successful agencies in our space are usually on the leading edge of these changes and are early adopters .
Create attraction through technology
Many agency principals and staff I have been in contact with have discussed their challenges around hiring new staff members . Let ’ s explore how technology could or does matter . How are you reaching out and finding applicants ? The usage of social media has changed how individuals seek employment . The level of technology that you employ in your agency will dictate how attractive the candidate views your opportunity compared to others they are reviewing . Working from home and having the technology available to make this a reality is quickly becoming table stakes in the search for qualified and willing candidates for open positions .
Who ’ s doing the heavy lifting ?
When the opportunity arises for you to pitch your agency to a new client or institution , how much do you highlight the amount of technology and innovation you can bring to bear for that account ? Ease of doing business is rapidly becoming one of the foremost concerns on the minds of banks , broker dealers and advisors . They are seeking an intuitive and clean way to market and sell the products that we represent . Are we , as a third-party distribution , waiting for our carrier partners to do all the heavy lifting ? Or are we , as partners , trying new technologies , offering to pilot programs and providing valuable feedback so that technology and innovation can help our industry gain a better and more sustained foothold in a very noisy marketplace ?
NAILBA ’ s Summer Symposium will tackle these questions , solutions and much more . I hope to see you there !
6 Perspectives Q3 2022