Ken Leibow

The annuity market is undergoing a significant transformation, driven by record-breaking sales, shifting consumer demand, and technological advancements that are making annuities more accessible than ever. Traditionally, annuity order entry platforms were designed for institutional financial firms, leaving independent life brokerage agencies with limited digital solutions. However, with the rise of innovative platforms and growing interest in guaranteed retirement income, the industry is witnessing a shift. New technologies are streamlining the annuity sales process, improving transparency, and enabling advisors to better serve their clients. As annuity adoption expands beyond traditional distribution channels, independent agents, BGAs, and IMOs now have powerful tools at their disposal to navigate the growing marketplace efficiently.

For years, leading annuity order entry platform vendors dominated the financial institutional space, with limited penetration into the independent life brokerage sector. However, that landscape is shifting. iPipeline’s AFFIRM® for Annuities, a multi-carrier compliance and order management system, has long been a preferred choice for Independent Broker-Dealers and Wire Houses. Designed to streamline annuity transactions for carriers, distributors, and financial professionals, AFFIRM® supports both fixed and variable annuity products, ensuring seamless order entry and compliance. More recently, the platform has gained traction among BGAs and IMOs for electronically submitting annuity applications, marking a significant expansion in its adoption.

Hexure’s FireLight® has had an early advantage in the independent distribution space, thanks to its comprehensive digital sales capabilities for both life insurance and annuities. By integrating pre-sale functions, sales illustration tools, and post-sale services into a single platform, FireLight enhances efficiency and user experience, making it a go-to solution for independent advisors seeking a streamlined, end-to-end annuity sales process.

As annuity adoption expands in the independent brokerage space, the broader market trends further underscore the growing demand for these products. Record-high annuity sales, driven by rising interest rates and a wave of retiring baby boomers, highlight a massive opportunity for financial professionals. Yet, despite this momentum, annuities remain underutilized, with many retirees unaware of their potential benefits. The challenge? Complexity. Many advisors and consumers struggle to navigate the diverse range of products, making it difficult to compare options and confidently select the best solution. This is where innovative technology solutions, like BackNine’s Quote & Apply platform, are stepping in to simplify the process and bring annuities to a wider audience.

Total annuity sales posted $432.4 billion in 2024, the third consecutive year of record high annuity sales, per LIMRA. With the backdrop of the best interest rate environment in nearly 20 years, and more than 10,000 baby boomers retiring every day, it’s easy to understand why the annuity market is so hot. Bryan Hodgens, Head of LIMRA Research, puts it best–“Since the pandemic, we have seen a significant rise in consumer interest in investment protection and guaranteed retirement income solutions.” More than 70 percent of the marketplace is in fixed, indexed, and income annuities, meaning the opportunity for insurance professionals to expand their business and work with a wider swath of clients is rich.

Despite the boom in the annuity markets, it’s estimated that only about 10 percent of retirees own annuities. This is in the face of research that suggests the average American would be interested in the protection and guarantees afforded by annuities. For example, American Century Investment’s Annual Retirement Survey found that 92 percent of Americans would be interested in using a portion of their retirement plans to generate guaranteed lifetime income.

The most likely reason for this disconnect? Annuities are seen as complex solutions by advisors and retail clients alike, and carriers can make it difficult to compare different products. It’s difficult to act in your client’s best interest when you can’t easily compare all of the solutions in the marketplace. BackNine Insurance and Financial Services is a BGA that has enhanced their multi-carrier life insurance quoting and eApp solution to now support annuities. This system has allowed agents and their clients to find the best coverage for their dollar in all manners of life insurance, from term life to IUL to long term care. With their most recent enhancement, Quote and Apply can now help you easily find the best lifetime income annuity for each client’s unique case.

As an example, let’s imagine you’re working with a 60-year-old client who plans to retire at age 66 whose only source of guaranteed lifetime income is Social Security. You discover in your meeting that the client has $200,000 eligible for rollover into an annuity. By answering just five questions, you’ll be shown the highest lifetime income solution out of more than 100 different products. You can easily find key details, such as fee rates, liquidity provisions, and surrender schedules, and you can download client brochures or advisor guides. You can also compare the contract to other top options, allowing you to show clients that you’re acting transparently in their best interest with your recommendation.

Financial planners can also use this tool to solve for a client’s income gap–if you know the difference between the client’s expected retirement expenses and their other guaranteed income sources, you can find the most efficient income product for their plan. Once you know your product of choice you can easily bridge into BackNine’s online order entry portal, allowing you to complete forms digitally and collect signatures electronically. This process saves valuable time, reduces new business errors, and makes writing annuity business much easier. While you may have utilized other quoting and comparison engines, what sets BackNine apart is the ability to solve for all insurable needs in one place. As the first multi-product line consumer-facing quote and application system, Quote & Apply empowers agents and their clients to get quotes in seconds and apply in minutes. BackNine also offers a proprietary CRM, BOSS™ (Back Office Support System) to help agents easily manage client relationships and new business.

BackNine’s President of Annuity Sales, Matt Gozdecki, sees Quote and Apply for annuities to get back to the basics, “Study after study shows us that the appetite for guaranteed retirement income amongst Americans is significant, but the insurance industry has unnecessarily complicated that conversation. Quote and Apply lets you take the conversation away from confusing riders, roll up rates, bonuses, and deferral credits, and put the focus back on what matters–protecting lifetime income as efficiently as possible!”’

As the annuity landscape evolves, the role of technology in simplifying the sales process and expanding access to these valuable financial products cannot be overstated. The surge in annuity sales underscores a growing consumer appetite for guaranteed retirement income, yet the complexity of product comparisons and application processes has historically been a barrier to broader adoption. Fortunately, platforms like iPipeline’s AFFIRM®, Hexure’s FireLight®, and BackNine’s Quote & Apply are breaking down these barriers, empowering financial professionals with the tools they need to act in their clients’ best interests. By providing intuitive interfaces, seamless digital workflows, and real-time product comparisons, these solutions are making it easier than ever to incorporate annuities into holistic retirement strategies.

For independent agents, BGAs, and IMOs, the opportunity is clear: embracing digital platforms can lead to increased efficiency, fewer errors, and ultimately, more satisfied clients. As more retirees seek financial security amid market uncertainty, advisors who leverage these technologies will be best positioned to meet demand and drive business growth. The future of annuity distribution is digital, transparent, and advisor-friendly. By adopting the right tools today, financial professionals can ensure they are not just keeping pace with the industry’s evolution but leading the way in providing innovative retirement income solutions.

AI is increasingly woven into the fabric of our daily lives—from smartphones and home appliances to the latest cars and trucks. The life insurance industry is no exception, with many vendors integrating AI into their products and services. First a quick plug for InsurTech Navigator AI, developed by my company InsurTech Express. This AI-powered platform provides access to the world’s largest life insurance technology database and serves as a marketplace for exploring and test-driving innovative software solutions. Users can access free versions, trial versions, and discounts on cutting-edge software tailored for carriers, distributors, and advisors at https://ienavigator.ai.

Now, let’s elevate our perspective to a 30,000-foot view and delve into the high-level applications of AI in life insurance:

Underwriting and Risk Assessment
Underwriting is the backbone of the life insurance industry, determining the risk associated with insuring an individual and setting appropriate premium rates. Traditional underwriting involves manual assessment of medical records, lifestyle factors and financial information—a process that can be time-consuming and prone to human error.

There have been several AI Enhancements in Underwriting like Advanced Data Analytics. AI algorithms can analyze vast and diverse datasets rapidly. By incorporating information from electronic health records, genetic data, social media activity, wearable devices, and more. AI provides a holistic view of an applicant’s risk profile. For example, AI can identify subtle patterns in medical data that may indicate early signs of health issues.

Predictive Modeling uses Machine learning to predict the likelihood of future events, such as disease onset or mortality rates, based on historical data. These models improve over time as they learn from new data inputs, enhancing the precision of risk assessments. The latest Automated Underwriting Systems (AUS) are AI-driven. AUS can process standard applications automatically, approving or flagging them for further review. This reduces underwriting time from weeks to minutes, improving customer satisfaction and reducing operational costs.

There was a case study done by a major life carrier who integrated AI into its underwriting process by utilizing algorithms to analyze applicants’ digital health data. This allowed for quicker and more accurate risk assessments, reducing the average underwriting time by 40 percent.

AI for Claims Processing and Fraud Detection
Efficient claims processing is critical for maintaining customer trust and satisfaction. Delays or errors can lead to customer dissatisfaction and damage a carrier’s reputation. AI has been integrated into Claims Processing. Automated Document Processing using Optical Character Recognition (OCR) and Natural Language Processing (NLP). AI systems can extract relevant information from submitted documents, reducing manual data entry and speeding up the initial review process.

AI-Powered Fraud Detection has been very effective. Fraudulent claims cost the insurance industry billions annually. AI algorithms analyze claims data to detect anomalies and patterns indicative of fraud. For instance, AI can flag claims that deviate significantly from statistical norms or match known fraudulent schemes.

Enhanced Decision-Making becomes more of an effective tool today. AI systems provide claims adjusters with data-driven insights, aiding in more informed decisions regarding claim approvals and payouts. For example an insurtech company like Lemonade employs AI to process claims rapidly. In straightforward cases their AI chatbot, “AI Jim”, can approve and pay out claims in as little as three seconds.

Customer Service and Engagement
In an age where customer experience is paramount, AI technologies enable Carriers to meet and exceed customer expectations. There are many AI Applications in Customer Service. Chatbots and Virtual Assistants have become more intelligent and humanlike when engaging with customers. AI-powered chatbots handle a wide range of customer inquiries, from policy information to claims status, 24/7. These chatbots use NLP to understand and respond to customer queries in a conversational manner. Personalized communication is very powerful. AI analyzes customer data to offer personalized policy recommendations, coverage options, and updates, enhancing engagement and increasing the likelihood of policy renewals. Here is something new: “Sentiment Analysis.” By analyzing customer interactions and feedback, AI can gauge customer satisfaction levels and identify areas for improvement, enabling proactive service enhancements. Allianz implemented AI chatbots to handle customer service inquiries. This resulted in a 20 percent reduction in call center volume and improved customer satisfaction scores due to faster response times.

Investment and Financial Management
Life carriers manage large investment portfolios to meet future policy obligations. AI is increasingly used to optimize these investments. Yes AI is used in Investment Management. Starting with Predictive Analytics for Market Trends, AI models analyze financial markets and economic indicators to predict investment risks and opportunities helping carriers make informed decisions. AI is also used for Portfolio Optimization. Machine learning algorithms assist in asset allocation, balancing risk and return more effectively than traditional methods. Risk Management becomes another benefactor. AI systems continuously monitor portfolios, detecting potential risks early and allowing for timely interventions.

General Benefits of AI Integration
Operational Efficiency is one of the obvious benefits of AI integration. Automation of routine tasks reduces processing times and operational costs, allowing human resources to focus on complex decision-making. There is a significant enhancement in accuracy. AI’s ability to process and analyze large datasets leads to more accurate risk assessments and pricing strategies. AI plays a key role in Improved Customer Experience. Personalized services and faster response times increase customer loyalty and trust, which are critical in the competitive insurance market. Data is gold which means Data-Driven Decision Making is the fuel. AI provides actionable insights from data that can inform strategic planning and innovation. The final result for companies is a competitive advantage. Early adopters of AI can differentiate themselves by offering superior services and products, attracting tech-savvy customers.

I need to address Data Privacy and Security. The use of personal data raises significant concerns about privacy and security. Regulatory Compliance means carriers must navigate regulations like GDPR in Europe and HIPAA in the U.S., ensuring lawful data collection, processing, and storage. There are cybersecurity risks. Protecting sensitive data from breaches is critical. A single data breach can result in significant financial losses and damage to the company’s reputation. Implementing a Consent and Transparency process should be a top priority. Carriers need to be transparent about how they use customer data and obtain explicit consent, building trust with policyholders.

You hear a lot about AI regarding Bias and Fairness. AI systems can inadvertently perpetuate existing biases present in the data used to train them. There needs to be Algorithmic Transparency. Understanding how AI makes decisions is crucial to ensure they are fair and unbiased. Carriers should implement explainable AI (XAI) techniques. Performing regular audits is necessary. Continuous monitoring and auditing of AI systems can detect and correct biases, ensuring equitable treatment of all customers. Ethical AI Frameworks are created as guard rails. Developing and adhering to ethical guidelines can help mitigate risks associated with biased AI decision-making.

There are regulatory challenges. The rapid advancement of AI often outpaces existing laws and regulations. Legislators need to adapt policies to address AI’s implications, such as liability issues when AI systems make erroneous decisions. The lack of industry-wide standards for AI use in insurance can lead to inconsistent practices and confusion.

Impact on Employment
All new technologies impact employment. Automation may lead to the displacement of jobs, particularly in underwriting and claims processing roles. Carriers have a responsibility to provide training and development opportunities for employees to adapt to new roles. Balancing automation with human oversight ensures that critical decisions are made ethically and responsibly.

AI is undeniably reshaping the life insurance industry, offering tools to improve efficiency, accuracy, and customer satisfaction. While challenges exist, particularly around data privacy, ethical use, and regulatory compliance, the potential benefits make AI integration a strategic imperative for carriers.

Carriers must approach AI adoption thoughtfully, balancing innovation with responsibility. This includes investing in data security, ensuring transparency in AI decision-making, and fostering a culture of continuous learning and adaptation among employees.

As technology continues to evolve, the life insurance industry stands on the brink of a new era—one where those who embrace AI responsibly will lead the way in delivering enhanced value to customers and stakeholders alike.

As many of you know from my previous articles, I attend numerous life insurance and insurtech conferences each year—typically around 15-20 events. At these conferences, I engage with leading software solution providers who offer platforms for carriers, distributors, insurance and financial advisors. AI has become a prevalent topic in both general and breakout sessions, with vendors actively incorporating AI into their platforms or developing AI-focused solutions. You might be overwhelmed by the constant discussions about AI in both your personal and professional lives. However, in the realm of life insurance, underwriting is where AI has found its most significant application. I have explored various solutions in past articles, and today I want to delve into the critical role of data.

In the world of AI, data is paramount—especially in life insurance, where medical data such as prescription Rx data, Electronic Health Records (EHR), Medical Information Bureau (MIB) data, and responses to Life Insurance Part II medical questions play a crucial role. AI can utilize this data to score risks, engage customers with reflexive questions, and perform analytics that guide underwriters in decision-making. New software solutions are emerging, integrating into carriers’ underwriting workbenches, the fulfillment processes of new business applications, and even digital point-of-sale platforms.

Field underwriting is becoming more streamlined for insurance agents through AI solutions. These solutions are more sophisticated than simple chatbots with underwriting guidelines; they dynamically generate questions based on multiple data sources such as Rx data, EHRs, previous application responses, and carrier underwriting guidelines. We all know that the placement ratio drops significantly if a case is not approved as applied for, highlighting the critical importance of effective field underwriting. The process needs to be easy, fast, and capable of leading to accurate quotes and insurance applications. Typically, the user experience is designed for the agent or a hybrid model that collects some information directly from the consumer electronically.

Now, I’d like to introduce my AI solution, “InsurTech Navigator AI,” available at https://ienavigator.ai. It serves as a gateway to the latest news and information on life insurance technology. More importantly, it features integrated AI tools with a single sign-on, such as Proforce Ledger and Midnight Underwriter. Midnight Underwriter, for example, uses natural language processing to ask clients about their gender, age, height, weight, blood pressure, medical conditions, doctor visits, and medications. It includes underwriting guidelines from 42 life insurance carriers and a medication database, enabling insurance agents to interact with clients and obtain the most accurate underwriting class for quotes. The system is conversational, mobile-friendly, and showcases the power of AI at the point of sale.

Before we delve deeper, let’s clarify some key definitions in the world of Artificial Intelligence (AI):

• Generative AI, or GenAI, is a type of AI that creates new content based on patterns and structures found in existing data. This content can include text, images, audio, videos, code, and simulations.
• Conversational AI is a subfield of AI focused on developing systems that understand and generate human-like language to facilitate back-and-forth conversations.
• A Large Language Model (LLM) is a deep learning model trained on extensive datasets to perform tasks related to natural language understanding and generation.
• Generative Pre-trained Transformers (GPT) are neural network models trained on large datasets in an unsupervised manner to generate text.

There are many more AI terms, but these basics are particularly relevant to AI applications in life insurance underwriting.

The integration of Artificial Intelligence into underwriting is revolutionizing the insurance industry by transforming how underwriters handle text-based data such as Attending Physician Statements, case summaries, and lab reports. However, it is essential to distinguish between the realistic capabilities of AI and the often inflated expectations surrounding its use. Understanding the current state of AI in underwriting, identifying areas where it can be effectively applied, and providing a clear perspective on its realistic potential are crucial steps for industry stakeholders.

AI’s impact on underwriting is poised to be transformational, but its successful deployment requires navigating a range of technical and regulatory challenges. For stakeholders, understanding these challenges is critical to ensure they stay ahead in this technological evolution. Responsible AI deployment necessitates compliance with emerging regulations, addressing privacy concerns, and ensuring fairness in AI applications.

The journey of an underwriter is evolving into an industry-wide transformation. By integrating pricing, underwriting, and innovation teams, carriers are creating new consumer experiences and streamlining processes. However, challenges and opportunities arise from using data in underwriting. It is necessary to examine how data can drive efficiencies through automation and enhance the overall underwriting process. Additionally, the critical issue of building trust in data and the new models developed by underwriters must be tested and validated.

Regulators are increasingly scrutinizing the use of AI, focusing on fairness, privacy concerns, and developing appropriate regulations. Life insurance carriers must navigate this complex landscape, balancing opportunities for innovation with the need to comply with regulatory requirements. Emerging opportunities, risks, and regulatory considerations must be carefully considered to ensure the future use of AI in insurance aligns with ethical and legal standards.

Life and annuity providers face significant challenges due to legacy technology and traditional business practices. Issues such as a lack of talent, manual processes, and rising maintenance costs strain these providers. However, AI, and more specifically Generative AI, offers a promising solution. The application of AI in small pockets over the years has demonstrated its potential to improve business practices, reduce costs, and enhance customer experiences. GenAI is particularly crucial for legacy modernization, including the migration of old or closed blocks to modern systems.

I want to share a personal opinion regarding those who view AI as a problem they prefer to avoid. Adopting new technology always comes with challenges, and AI is no exception. It’s true that some will misuse AI for fraud or other criminal activities, and that AI will inevitably replace certain jobs. However, AI is already becoming an integral part of every facet of society. We should focus on optimizing its benefits while being mindful of its weaknesses. As someone who has been in the computer industry for a long time, I firmly believe in the concept of “Garbage In, Garbage Out” (GIGO). The success of AI hinges on the quality of the data it is trained on, underscoring the importance of using high-quality, well-prepared data.

AI’s potential to revolutionize underwriting is immense, but its successful implementation hinges on understanding its capabilities, navigating regulatory landscapes, and addressing legacy challenges. By focusing on responsible deployment, building trust in data, and embracing innovation, life carriers can unlock new efficiencies and create better experiences for consumers. The future of underwriting is digital, and those who adapt will lead the industry’s transformation. AI promises to transform underwriting. It is vital to manage expectations and focus on realistic capabilities. Stakeholders must address technical, regulatory, and legacy challenges to ensure responsible AI deployment. By doing so, carriers can harness AI’s full potential, driving efficiency, enhancing customer experiences, and leading the way in industry innovation.

Sales Illustration systems are evolving with enhanced functionalities designed to help life BGAs and advisors better connect with their clients. Cutting-edge tools and advanced technology, including Artificial Intelligence (AI), are driving this transformation. As we consider the 72 million millennials aged 27 to 42, who are becoming major consumers of life insurance, it’s crucial to recognize their preferences. These individuals are embarking on careers, starting families, and seeking visual solutions, self-service options, and engaging experiences. Let’s explore some of these innovative new tools.

My company, InsurTech Express, is excited to introduce our new AI tool, “InsurTech Navigator AI.” This tool boasts the largest repository of Life Insurance Technology content, allowing users to research and shop for software solutions seamlessly. It also provides access to leading carrier agent portals, industry events, and job opportunities, leveraging the ChatGPT API for natural language engagement. Additionally, InsurTech Navigator AI can summarize PDF documents while ensuring data privacy and generate images for your website and social media posts. A standout feature is the integration with other AI tools accessible via single sign-on. This includes “Midnight Underwriter,” a conversational AI Field Underwriting Tool with guidelines from 42 carriers and a medications database, and Proforce Ledger, offering a free version for IUL and VUL Illustrations. Visit InsurTech Navigator AI at https://ienavigator.ai/ to sign up.

Predictive Spreadsheeting with Proforce
Proforce can be used to quickly change UL illustrations in front of the client and do comparisons. It can also be used for running Inforce Ledgers without having to order them from the carrier home office. Proforce AI does not replace illustrations. You start with a fully compliant illustration that Proforce then analyzes. After that, what-if predictions and comparisons can be created instantly to facilitate understanding and improve decision-making. A fully compliant illustration will again be needed for submission. Repredictions are predictions layered upon other predictions. For example, your first prediction may be to show more retirement income. Based on these results, the client may wish to see what happens if a premium is skipped or another premium is added. Proforce uses pattern recognition from an existing compliant illustration. These non-linear patterns maintain all of the original crediting, expense, mortality and administrative assumptions, but quickly scale based on changes you input. It is a Patented AI technology.

Sales Enablement Innovation—Ensight Sales Stories
We are now several years down the road into the broad Fintech transformation era.

There is no doubt that insurtech platforms are now inspiring more financial advisors and consumers to consider and adopt life insurance. The growth opportunity exists for the BGA community if they direct their focus towards adopting and delivering new digital experiences where it matters most, at the Point-of-Sale (PoS).

For permanent life insurance, annuities, and long term care, new easy-to-understand, visually intuitive digital experiences can help make these products more accessible and adoptable to a wider range of agents, financial advisors, and consumers. Ensight is leading this effort, more than any other US technology partner today. Working closely with insurance carriers, Ensight Is now launching carrier “sales stories” (think “digital sales playbooks”) on the Ensight Intelligent Quote platform.

Let’s dive Into why this market development Is so Important for the brokerage community and the future of sales.

Digital sales experiences drive greater adoption in new segments and FAs
Transforming the digital sales and marketing experience of the permanent life product suite (as well as hybrid LTC and annuities) may help ignite the spark to ensuring strong sector growth in the years ahead.

Why? Let’s look at a few key market opportunity growth trends now in play which underpin this emerging landscape, if U.S. life and annuity distribution shift with the times:

• A complete shift by financial advisors to digital planning and product experiences
• Millennials now aging up to 45 and entering prime pre-retirement planning years
• New agents (Millennials, GenZ) looking to learn and sell product on digital platforms
• The emergence of field-oriented sales enablement platforms with “producer stickiness”

These macro trends paint a significant opportunity for the sector going forward.

Digitally codifying the old “sales playbook”
Sales has traditionally been an utterly human endeavor: understanding a client’s needs, building a relationship of trust with a client, interpreting questions and objections, and guiding the client through the stages of the sale.

Great “salesmanship” has always been an art. An art learned only from top salespeople through seminars, books, advice and years of practice. Today, great salesmanship—or at the very least aspects of the sale—can be learned and ingrained much more rapidly.

Why? The “art of selling” is now shifting onto platforms. The old “sales playbook” is being transcribed into an embedded digital sales platform, where new and Inexperienced agents and advisors are following a guided digital selling experience. This is the future of agent-based selling in the life, annuity and health sector. Today, Google and Apple maps tell us where to go, what adjustments to make based upon insight into traffic conditions. The platform helps guide the “the human act of driving.” As such, new “sales enablement” platforms are now increasingly helping guide the client engagement and sales discussion. Ensight Sales Stories—A partnership between Ensight and Insurance Carriers

Ensight™ has been driving sector Innovation for years. Today it is continuing to innovate in Its drive to help Its partners sell more permanent life, annuity and long term care (LTC) insurance products through “Sales Stories,” co-developed with partner insurance carriers. Sales Stories transform the agent-client engagement and discussion. Now more than ever it is critical to simplify the story of permanent life insurance, annuities and LTC. Ensight Sales Stories are a modern digital sales playbook, fostering a simpler, “easy to follow’’ client discussion combined with a more modern Interactive, financial planning experience. Sales Stories, created In partnership with insurance carriers for the benefit of distribution, provide the Ensight’s distribution community:

• A sales enablement experience for wholesalers, producers and agents—right alongside the traditional Illustration PDF
• A more client-focused experience, driving better client understanding and sales

So why are Ensight Sales Stories critical today? Because distribution dynamics are changing rapidly—and we need more agents and advisors more effectively selling permanent life, annuities and long term care. Because we now operate in an economy where consumers increasingly expect to “self-educate” as part of any financial decision-making process. Because a growing majority of advisor-client financial planning discussions now take place over an intuitive digital financial planning experience. Learn more about Ensight illustration solutions at ensightcloud.com.

The landscape of Sales Illustration systems is rapidly advancing, offering enhanced functionalities that empower life BGAs and advisors to better engage with their clients. As new tools and technologies, particularly Artificial Intelligence, continue to emerge, it is crucial to adapt to the preferences of the 72 million millennials entering their prime purchasing years. These consumers value visual solutions, self-service options, and interactive experiences.

Innovative platforms like InsurTech Navigator AI from InsurTech Express are leading the charge with comprehensive tools that support seamless software solution research, carrier portal access, and industry event engagement. The integration of conversational AI tools, such as Midnight Underwriter and Proforce Ledger, further streamlines processes and enhances user experience.

Additionally, sales enablement innovations like Ensight Sales Stories are transforming the way permanent life insurance, annuities, and long term care products are presented and sold. By providing intuitive, digital sales playbooks, these platforms make it easier for agents and financial advisors to communicate complex products effectively.

As the industry continues to evolve, embracing these digital solutions will be key to capturing the growing market of tech-savvy consumers. By leveraging advanced technology and AI-driven tools, life BGAs and advisors can create more engaging and efficient sales processes, ultimately driving growth and success in the life insurance sector. Visit InsurTech Navigator AI at ienavigator.ai to sign up and learn more about Ensight illustration solutions at ensightcloud.com.

In the world of life insurance and brokerage, efficiency is king. Brokerage general agencies (BGAs) and insurance marketing organizations (IMOs) are the engines of growth in this sector, fueling the progress through strategic agent engagement and effective policy management. Yet, amidst the bustling activity of daily operations, the art of administrative delegation becomes a linchpin for sustainable expansion. The Power of Administrative Delegation is not just a matter of operational logistics; it’s a strategic imperative that can make the difference between stagnation and success.

Running a BGA or IMO necessitates a delicate balance of patience, perseverance, and diligent effort. It’s indisputable that the trajectory of your growth and profitability heavily relies on your ability to attract and retain agents and advisors. Any lapse in focus can inadvertently become the open door your competitors need to lure your agents away, and they won’t hesitate to do so.

Fostering business growth often takes a backseat to necessary and timely administrative responsibilities like agent contracting, meticulous data entry, application processing, case management, and managing complex commission structures. Although your agency’s foundation rests upon service principles, there’s often a lack of resources dedicated to fulfilling its needs. To delegate, or not to delegate? That is the question.

Roadblocks to Success: The Clock and The Work
While every aspect of the work your BGA or IMO performs is essential, the work that takes the most hours off the clock rarely brings in the most revenue.

• Paperwork and Digital Document Processing: Managing and processing paperwork and digital workflows (SureLC, Eapps, TeleApps, etc.) related to agent contracting, new business applications and case management, policy changes, and other administrative tasks is time-consuming.
• Data Entry and Record Keeping: Managing, updating, and maintaining client records and policy information is labor-intensive.
• Customer Service and Support: Addressing customer inquiries, processing policy changes, and providing support take significant time and resources.
• Compliance and Regulatory Tasks: Ensuring compliance with industry regulations and regulatory changes can be complex and ongoing.
• This list does not include day-to-day back-office management, underwriting, or special projects that require human resources and time that could be more effectively spent elsewhere.

Sometimes Scaling Up Requires Shipping Out
For any business to grow, it needs the ability and resources to focus on strategy, implementation, and execution. For every talented, knowledgeable, staff member who is buried under routine administrative tasks, the opportunity for them to execute growth strategies is sorely missed. So, what are your options?

Technology Can Only Take You So Far
Implementing new systems, CRMs, and other insurtech-facing platforms is essential to maximize your staff’s time and your firm’s overall efficiencies. What’s often an afterthought is how these systems still require training and ongoing maintenance. While artificial intelligence promises a future of robust technological solutions, it is currently relegated to use in other industries, such as marketing, content creation, and graphic design. The best way to enable your technology to be all it can be is with attention from an experienced support team.

While technologies can boost your productivity and organization, a critical element is still missing in any of these systems. Life insurance is very much a people-centric industry. It requires human capital and human touch-points to subsist at even the most basic level. Risk management is not something that people are happy to entrust to technology alone. This is an industry based on trust, integrity, and accountability. Of these three, trust might be the largest obstacle to a BGA or IMO…outsourcing busy work to a third party.

Envisioning Growth
Picture the enhanced productivity your business would achieve if your team could dedicate their time to crucial tasks like recruitment and retention, rather than grappling with complex commission structures.

Visualize the possibilities: Rather than scrambling for APSs and case status reports, imagine engaging with that large agency to assist them in providing comprehensive life solutions to their clients.

Consider the efficiency gained from eliminating repetitive data entry tasks. Instead, envision direct conversations with financial advisory firms, presenting their advisors with opportunities to safeguard their clients’ assets.

Imagine how much you could grow if you had more time and resources.

With Great Power…
There is great power in delegating, and with great power comes great responsibility. The ability to combine technology you can rely on with people you can trust is the solution that can help your business realize its potential. Technology is easily vetted, but people require track records with experience, expertise, and the capacity to take the busy work off your plate with accuracy and precision. They need to be able to point to their reputation in the industry and reveal a constant measure of success. There is one solution provider leading the way: Employee Pooling (EP) stands as a testament to this ethos, seamlessly blending technology with expert human capital within the insurance sector for over a decade. Tailored to address the challenges confronting expanding BGAs and IMOs nearing capacity limits, EP offers end-to-end services and solutions from submission to commission, earning the trust of numerous agencies nationwide, regardless of size. You can learn more about Employee Pooling by visiting https://employeepooling.com.

Delegation is not just about offloading tasks; it’s about creating a space where strategic thinking and growth activities can flourish. When administrative duties are streamlined, and the right tasks are assigned to the right people or systems, the entire organization can breathe easier and focus on what truly matters: Building relationships, developing new markets, and crafting policies that serve the community better. By embracing delegation, BGAs and IMOs can pivot from being transaction-focused to being growth-oriented, shifting their gaze from the minutiae to the big picture.

The benefits of such a shift are manifold. Agencies can experience a boost in productivity, allowing for a more profound engagement with current clients and the pursuit of new opportunities. Yes, what I mean is expanding more channels to offer products and services. You can exponentially grow the production from financial advisors and P&C agents for example. Moreover, sales and marketing can take center stage for BGAs and IMOs.

However, with the power of delegation comes the need for discernment. It is not merely about assigning tasks; it is about empowering a reliable team that can handle these tasks with the same level of care and commitment as the core members of the organization. This team, whether in-house or outsourced, must be adept at navigating the intricacies of insurance administration and possess a deep understanding of the industry’s regulatory landscape.

Look, the life insurance industry is changing because of technology, market, and driven by a new generation of agents and consumers. The power of administrative delegation is transformative, allowing BGAs and IMOs to scale new heights and achieve unprecedented growth. By effectively managing and offloading admin work, these organizations can concentrate on cultivating their core competencies and capitalizing on growth opportunities. It is the fusion of robust technology with the expertise of seasoned professionals that forms the bedrock of a thriving insurance agency. As the sector continues to evolve, those who master the balance between technological efficiency and human insight will lead the charge into a future where growth is not just an objective but an ongoing reality.

In this landscape, brokerage general agencies and insurance marketing organizations that recognize and act upon the value of administrative delegation will not only survive but thrive, transforming challenges into catalysts for growth and setting new standards of excellence in the insurance industry.

The use of data analytics and lead distribution tools in life insurance is increasingly gaining momentum, powered by advancements in business intelligence solutions and AI-driven sales technologies. These tools offer significant benefits to both insurance carriers and BGAs. In this article we will explore innovative tools that are transforming the way we analyze and interpret lead data, whether it pertains to insurance prospects or monitoring agent performance.

Staying ahead in today’s highly competitive insurance landscape requires more than traditional marketing strategies. To reach and engage target audiences effectively, insurance professionals must embrace innovative approaches as consumers become increasingly discerning and digital channels continue to proliferate. At the heart of this evolution across the industry lies the power of data and analytics. Harnessing the insights gleaned from data has become indispensable in the quest to maximize marketing ROI and drive sustainable growth.

As a seasoned veteran with 37 years of experience in the insurance industry, I find it imperative to highlight revolutionary solutions that equip insurance professionals to navigate the complexities of modern marketing—especially when some companies are still sticking to archaic and outdated legacy systems. Statistics support the need for constant change—88 percent of
consumers demand more personalized insurance products; 41 percent say they are more likely to switch providers due to a lack of digital capabilities. Industry leaders also realize this, as 67 percent of insurance CIOs say that SaaS will transform the industry in five years or less.¹

In this regard, performance marketing automation software Phonexa—one of my partners at InsurTech Express—is a beacon of innovation, empowering insurance professionals to streamline their operations.

A Closed-Loop Approach To Reporting
Accurately tracking and measuring the effectiveness of campaigns remains one of the most significant obstacles insurance marketers encounter. With enterprise-grade tracking software solutions like Phonexa, marketers gain unprecedented visibility into their marketing efforts across various channels, from digital advertising to email campaigns and beyond. These capabilities are essential as insurance agencies focus less on lead generation and instead shift their efforts toward tracking and retargeting leads.

Since sales and marketing teams focus on different stages of the lead funnel, collaboration is necessary to optimize lead retargeting strategies. With sales solely responsible for monitoring a portion of the customer journey, crucial insights regarding lead quality and purchasing intent are obscured, leading to inefficiencies and wasted resources on leads unlikely to convert.

By consolidating data from multiple touchpoints into a single operating platform, Phonexa enables marketers to seamlessly track the customer journey from initial engagement to conversion. This closed-loop approach enhances campaign optimization and facilitates continuous improvement, ensuring marketing efforts align with business objectives.

KPIs to Prioritize
While traditional metrics such as click-through rates and conversion rates provide valuable insights, Phonexa encourages marketers to broaden their scope and focus on holistic KPIs that reflect the entire customer journey. Customer lifetime value, cost per acquisition, and return on investment are invaluable indicators of marketing effectiveness. Each enables insurance professionals to allocate resources strategically and boost profitability.

The importance of personalization in today’s hyper-connected world cannot be overstated. Research indicates that companies adept at personalization yield a 40 percent increase in revenue.² Phonexa, for one, enables insurance marketers to deliver highly targeted and relevant messages to their audiences using advanced analytics and machine learning algorithms.

Whether by tailoring messaging based on demographic data or optimizing ad placements for maximum impact, Phonexa helps marketers forge meaningful connections with their target customers, fostering engagement and loyalty in the process.

Embracing Data and Analytics
The era of data-driven marketing has dawned upon the insurance industry, presenting challenges and opportunities for forward-thinking professionals. By embracing the power of data and analytics, insurance marketers can gain a competitive edge in an increasingly crowded marketplace. With Phonexa as their trusted partner, life insurance, annuities, and health insurance professionals can accommodate the specific needs of different segments within the industry.

Maximizing the full potential of marketing efforts, driving measurable results, and achieving sustainable growth in the process oftentimes comes down to making a tweak in the tech stack. To learn more about Phonexa’s all-in-one marketing automation solution, visit www.phonexa.com.

Revolutionizing Insurance Sales: The Power of Lead Prioritizer^TM
In the dynamic world of insurance, staying ahead in the sales game is crucial. This is where Lead Prioritizer™ comes into play, a groundbreaking tool that is transforming how insurance carriers and brokers/agents approach their sales strategies that is offered through Spinnaker Analytics. Lead Prioritizer™ is a responsible AI solution designed to optimize the distribution, underwriting, and operations processes in the insurance industry. Its primary function is to convert high-priority prospects into placed policies efficiently. This tool is not just for carriers but is also an invaluable asset for brokers and agents.

One of the key features of Lead Prioritizer™ is its ability to assign a likelihood score to each new business prospect. This score helps organizations align their resources effectively, focusing on prospects with higher scores and a greater likelihood of sale conversion. Additionally, it provides action recommendations such as whether a quote should be provided, enhancing decision-making processes. Lead Prioritizer™ operates by identifying patterns in in-house data and augmenting this with external market data. It blends data science insights with management experience to develop actionable recommendations. The tool is equipped with autonomous learning capabilities, allowing it to adapt to the latest market shifts and management actions. This continuous learning ensures that the Lead Prioritization solution remains updated with the best proven techniques, algorithms, and libraries.

A significant advantage of Lead Prioritizer™ is its ability to seamlessly integrate new data that was not available during initial deployment. This flexibility means that carriers and brokers can start using the solution immediately with whatever data they have, bypassing the need for extensive data gathering and infrastructure investments.

Results Delivered
The impact of Lead Prioritizer™ on sales and customer satisfaction is significant. By prioritizing high-likelihood cases, which are often overlooked in traditional workflows, sales growth is driven effectively. For instance, one carrier reported a 20 percent growth in sales after implementing this tool. Additionally, it helps in identifying attractive customer segments, allowing carriers to target leads with a higher propensity to sell.

From an operational standpoint, Lead Prioritizer™ enhances the utilization and productivity of scarce resources and skill sets in distribution and underwriting. It also plays a crucial role in improving customer satisfaction, with one carrier increasing segment profit by 15 percent using this tool.

Lead Prioritizer™ has been successfully deployed across various clients, including carriers and brokers, with a track record of over four years in growing sales. It is implemented on a secure portal, customized to the client’s needs, and can accommodate technical requirements such as AWS or Azure. This integration dovetails with existing management reports, ensuring a seamless transition and operation. Its ability to prioritize leads effectively, adapt to new data, and drive sales growth makes it an indispensable asset for carriers and brokers aiming to stay ahead in the competitive insurance market.

So what are the lessons learned? During a recent deployment, the CEO’s priority was to improve efficiency. However, the underwriters wanted to improve their workflow and distribution wanted to grow sales. While the algorithmic solution addressed all of the above analytically—there was an initial resistance to adoption by various functions. It took off only after each priority was explicitly acknowledged and the solution to achieve that priority was communicated to specific audience/stakeholders. Now everyone at the carrier is happy as sales have increased 20 percent, accompanied by improvements to efficiency and profitability. More importantly, channel partners are happy because now they flow more favorable cases to the client carrier—which is an added plus! This is an important reminder that solving business problems by combining data science with management art and stakeholder priorities is what wins the day for everyone. Visit Spinnaker Analytics to learn more: www.spinnakeranalytics.com.

Reference:
1. https://www.liferay.com/blog/customer-experience/20-must-know-stats-for-insurers-in-2022.
2. https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-value-of-getting-personalization-right-or-wrong-is-multiplying.