TECHNOLOGY
Blueprint from page 32
Redesigned blueprint
The redesigned blueprint for life insurance sales has done just that . All the dots are connected to solve these issues and quickly provide “ right now ” consumers with the answers and the insurance shopping and buying process they desire . Everything must be connected , streamlined , and include automated decisions upfront and early in the sales process to effectively sell life insurance to the high-demanding consumers and agents . Let ’ s break this down into the different steps in a comprehensive sales process .
Pre-sale data capture and quote
Agents and consumers need to be able to run an analysis for life insurance needs , instantly view product options to fill the gap , and then quickly run quotes to compare the options . Additionally , the details to arrive at the correct product need to be collected and assessed upfront to avoid quoting products that do not fit the client ’ s health and risk . Connecting these processes is very important for the agents and consumers to shop for and find the perfect solution .
Sales illustration
But wait , there are still steps that need to take place to complete the sale and be compliant . Now that we have the quote , we will need the compliant illustrations for permanent products and the ability to compare accumulations and product features for the top options against one another . Consumers need comparison and choice to feel confident in their decision . Historically , these processes and sales data have been disconnected , breaking up the sales experience flow . Agents must go to the carrier ’ s site to run the illustration , or a case designer runs the illustration for them and emails it to the agent .
Additionally , there is no easy way to compare the options , especially from different carriers . The redesigned life blueprint for sales processing requires these illustrations to be easy and fast to run in a simple modern UI . Agents need to quickly and efficiently meet the compliant requirements , which include evaluating products for the best fit and presenting the product benefits to the consumer in a way the consumer understands .
If we miss the opportunity to immediately solve the consumer ’ s needs , we miss our opportunity to get them insured .
Application
Completing the application and collecting signatures is the next step in the sales journey . The application process must be fully connected to the previous sales activities , not a separate process requiring data re-entry , manual uploads of illustrations and needs determinations , or mismatched data . Having everything connected ensures all steps are completed , the data in the illustration matches the application , and all documents are e-signed together . Everything is done in one simple system with no hassles .
There are opportunities inside the application process for carriers to further eliminate time hassles associated with underwriting . Gone are the days of submitting the application only to discover that the consumer is not approved , and additional steps or adjustments are required to complete the sale . Those are the time hassles and time vacuums that carriers are removing from the purchase process for life insurance . Decisions are made immediately , and the user has a comprehensive shopping and buying experience , satisfying the “ right now ” consumer .
As an industry , we need to solve the insurance gap . One way to do that is to meet the needs of today ’ s consumers and agents with a modernized blueprint and new tools for delivering instant gratification .
34 Perspectives Q4 2021