In the last decade and a half, agents have grown to depend on brokerage general agency (BGA) and carrier websites for tools to help with sales, marketing, licensing, underwriting, commissions and status of their pending business. With the surge of mobile devices such as smart phones and tablets, BGAs and carriers have also started to create mobile apps for agents to use on the road. Today, insurance technology tools require flexibility, scalability, speed, simplicity, easy access and mobility in order to be considered best practices.
Mobile Best Practices
From an insurance technology standpoint, mobile apps are the fastest growing agent solution. BGAs are creating their own IOS and Android apps, putting the BGA’s store in the agent’s mall (smart phone and tablet). Typically, tools most commonly seen in a BGA’s mobile app are focused on life insurance. They include multicarrier term life insurance quoting and drop ticket, universal life insurance (UL) quote requests, pending case status, exam ordering and product news from multiple carriers. On the annuity side, the BGAs often include a multicarrier rate insurance tool for fixed and indexed annuities in their mobile apps. In addition, website tools are being optimized to work on tablets such as an iPad.
Several carriers today offer the agent mobile apps for quoting and product information. A best practice for agents is to provide client marketing material, needs analysis tools, and point-of-sale tools such as simulators for linked benefit products. Sales concepts are extremely popular with agents. The agent can browse marketing resources for the latest sales ideas, flyers, brochures, product guides, presentations and videos—Transamerica’s LifeSales iPad app and Genworth’s The Index Institute for mobile are good examples.
Big Data for Agents and
Pending Case Status Best Practices
Agents are always looking for high quality leads. The advancement in data mining using business intelligence tools has created an opportunity to provide an agent new sales from term life insurance conversions, as well as from cross selling other products to existing clients. Predictive modeling and underwriting can also match new prospects with insurance products, which is how Amazon and Google generate business.
The success of new business eSubmission tools depends on the quality of the communication of the status of the case. A best practice is to provide the agent with real time status to help get a case through underwriting and issued as quickly as possible. Faster cycle time drives the placement of more business, putting more commissions in the agent’s pocket. With all the models available for submitting life and long term care insurance business, real time, easy-to-read pending case status, coupled with multiple status delivery methods offered by both the carrier and BGA to the agent, is critical.
NFP, for example, has been innovative in both big data and pending case status feeds for their agents. Adnan Raja, MSPM, PMP, vice president of field technology solutions, said:
“At NFP, we are currently focused on big data and pending case feeds. Many vendors and companies have tried to consolidate pending case feeds from the carriers, but it is challenging to unify the data from different carrier feeds, analyze the information and define actionable steps. Case managers have a hard time deciphering what’s actionable and what’s not from these disparate data sets, which in turn makes the feeds virtually unusable.
“NFP approaches the problem by normalizing the carrier feeds—while keeping the original messaging from the carrier intact—to deduce actionable steps. We can then consolidate the data in a way that is easy to use and understand and provide an intuitive portal for our membership.
“This ties into big data, another key initiative for most industries these days, including insurance. NFP uses visual analytics tools to help our brokers mine their existing book of business to generate additional leads and opportunities. Tapping into big data in a meaningful way is high on our list of best practices, because doing so helps brokers to better support their existing clientele and build stronger long term relationships.”
Life Insurance: Quoting,
eSubmission and eDelivery
Most BGAs today have a multicarrier quoting tool for agents to use on their website for term life insurance. A best practice is for the agent to have a quick transition from a quote to a drop ticket. The drop ticket is sent to a fulfillment center where the application is completed via a tele-interview and the exam is scheduled. During this fulfillment process, a best practice is to offer the client multiple signing capabilities, such as voice signature and e-signature, as long as the interview does not exceed 30 minutes. One size does not fit all. In fact, many BGAs also have posted on their websites, alongside the multicarrier quoting tool, carrier-specific tools, because many agents prefer a specific carrier’s products and services, such as Genworth’s Life Quick Request or Legal and General’s AppAssist. You will see buttons that link to these quoting/drop ticket solutions on the main page of the BGA’s website. Some agents also access these tools from a secure carrier website for producers.
While drop tickets are popular with agents for term life insurance, permanent life products such as index universal life illustrations are run by the BGA more than 80 percent of the time. Several BGAs do have a fillable online form for the agent to complete for a UL quote request; however, these illustration requests are predominantly handled via telephone. The trend is growing for the BGA to email the agent a link to access the illustration and then be able to seamlessly pass into a drop ticket process or an eApp process. This technology allows BGAs to help their agents submit more “in good order” business, which is typically processed faster, resulting in higher placement rates. This process is also being leveraged for linked benefit products. The adoption growth will depend on the agent’s experience, ease of use and market awareness.
Tying together the end-to-end process for life insurance is ePolicy delivery. eDelivery gets the policy in the client’s hands quickly, allows the client to e-sign the delivery requirements, and automates the payment of premium due all in one simple online experience. Cycle time is up to 70 percent faster and up to 5 percent more business is placed, which positively impacts the agent’s bottom line.
Annuity and Long Term Care
Best Practices
Agents are looking for quick access to annuity product information. Most BGAs have a multicarrier spreadsheet that details product information, including state approvals, qualified and nonqualified deposit amounts, interest rate, surrender charges and bonus rates. There are some search engine tools available, but most popular is the spreadsheet format. Agents are also looking for a multicarrier forms repository so that they can get easy access to annuity application packages with a search function for state-specific forms.
What’s new is the access to an annuity order entry (AOE) platform that has all of the product rules built in, an e-signature option, as well as data input with auto-populating the annuity application forms. Financial advisors predominantly use these AOE tools provided by their broker/dealer. They typically focus on variable annuity products. The cost for a BGA to deploy an AOE tool had been too expensive. Vendors are now scaling back the functionality to fit the independent agent for fixed and indexed annuity products, and making it more affordable to deploy. Agents will now have AOE available to simplify and accelerate the annuity submission process.
The long term care insurance (LTCI) market is evolving with alternative products and changes in product features. Field underwriting has been a thorny topic with agents—how to accurately assess a client’s eligibility for LTCI and then providing an accurate premium quote so that eligible clients are approved as applied for. There are a couple of solutions available. One is a medical pre-screening form that an agent completes on a client and then sends to the BGA’s in-house underwriter. The other solution is a medical pre-screening tool such as Genworth’s LTC eValuate, which helps determine eligibility for LTCI and quickly does reflexive questioning on medical conditions with real time results. LTCI eApp and drop ticket tools, such as those for life insurance, are available. Agents who have easy access and good experience take advantage of eApp and drop ticket, but unfortunately the adoption is much less than it is in life insurance. Agents are looking for training on how to use eApp and drop ticket for LTCI.
Regardless of the medium used to deliver the tools, agents ultimately want an experience that will help them be more productive in the sales process. It’s important to understand the major differences and drivers for agent adoption of insurance technology solutions. Best practices begin with content for educating with fast and easy-to-use tools that can seamlessly integrate from the sales process to eSubmission. Agent best practices are the blueprint for better service to clients and placing more business.
