Creating an Even Better Broker And Customer Experience In 2024
For 114 years, Mutual of Omaha has defined success by our ability to help people address their financial needs. Working with brokers, we have evolved to meet customers’ changing needs over generations, innovating and expanding into new markets to continue growing and serving even more people.
As many of our brokers know, serving clients in the current environment isn’t without its challenges. Inflation and interest rates remain high, contributing to increased expenses and reduced consumer purchasing power. Consumer expectations are constantly changing when it comes to digital, customized experiences. And the rapid advancement of artificial intelligence has put a premium on companies’ ability to leverage data to better serve customers.
Growing With You
It takes our entire team–including our trusted brokers–to navigate this complex environment, operate with excellence and help even more customers with their financial needs. At Mutual of Omaha, we aim to provide an exceptional broker experience that enables you to serve your clients more easily and effectively.
One way we delivered on this commitment in 2023 was by releasing the Book of Business tool so producers can access their in-force policy information in one easy-to-sort file in Sales Professional Access.
Here are some of the other notable enhancements we implemented for our brokers and customers in 2023.
Life and Supplemental Health
- We launched e-signature enhancements on our life insurance products, including text message signature capabilities.
- We strengthened our indexed universal life product line by launching a fourth crediting strategy, the Bank of America U.S. Agility Index: One-Year Uncapped account.
- We increased the maximum issue age on IUL Express and Term Life Express products to age 75.
- We launched a new tool that enables producers to run their own in-force illustrations to provide better ongoing service to existing policyholders.
- We added Mutual Income Solutions (disability income product) to our mobile quotes tool.
- We updated the underwriting guidelines for Term Life Express and IUL Express. Marijuana is no longer considered an unlawful drug for the purposes of applying and underwriting.
Senior Health
- We released a new e-App storefront, making it easier to cross-sell Medicare supplement, dental insurance and prescription drug plans.
- We enhanced our dental insurance benefits in most states by offering a no-wait period, immediate coverage for major services and maximum benefit options up to $5,000.
- We continued to help customers save money by offering competitive Medicare supplement rates and discounts.
- We auto-decisioned over 70 percent of Medicare supplement underwritten applications, resulting in decisions in less than three minutes.
- We formed a strategic alliance with Wellcare to offer co-branded Medicare Advantage PPO plans in Georgia, Missouri, South Carolina and Washington as well as in the Dallas/Fort Worth and Houston markets in Texas beginning with plan year 2024.
- We focused on the broker experience and enhancing interactions with key service areas.
Looking Ahead to 2024
In 2024, we will build on our efforts to create an industry-leading broker experience in a variety of ways.
Life and Supplemental Health
- We will continue to focus on enhancements and competitive pricing for our simplified issue portfolio.
- We will continue to enhance our e-application platform and e-signature process for additional product lines.
- We will continue offering our strong stand-alone long term care products.
- We will expand and improve our digital capabilities to provide convenient options for our sales partners and customers.
- We will plan to enter the fixed indexed annuity market.
- We will continue to offer competitively priced IUL plans and evaluate marketplace positioning to bring you and your clients the most valuable IUL products.
- We will continue to focus on growing our simplified issue and indexed universal life business.
Senior Health
- We will expand the Book of Business tool to include prescription drug plans.
- We will continue to offer comprehensive Medicare solutions and value-add options for our senior-aged clients.
- We will continue to focus on our e-application capabilities as we strive to create the easiest and fastest experience in the industry.
- We will roll out enhanced dental benefits in additional states.
- We will explore additional Medicare Advantage opportunities to expand our footprint in the senior health market.
Mutual of Omaha’s purpose today remains the same as in 1909. We help our customers plan for the future and protect what matters most. We appreciate your ongoing support in fulfilling that mission and look forward to a successful 2024! [RM] [MS]
