In the rapidly evolving health insurance sales landscape, efficient process management poses significant challenges for Field Marketing Organizations (FMOs) and Brokerage General Agencies (BGAs). Enrollment, quoting, customer management and engagement, and commissions are handled by disparate platforms that lack communication and may not be tailored to the industry's specific needs.

Two weeks ago, I had the privilege of spending time with Nick Bowman, CFP, MS, CEP, in New York City at the Insurtech Insights Conference. Previously associated with Lion Street as an Advanced Sales Professional, Nick now serves as the CEO of Motif Insurance, a company that is revolutionizing the future of in-force life insurance. Motif's primary objective is to empower advisors in managing their portfolios by harnessing the potential of data. Nick possesses exceptional expertise in in-force life insurance policies, making him not only a valuable contributor to this article but also the initiator of an important survey. The survey/questionnaire, consisting of just a couple of questions, can be accessed by clicking the link provided at the end of this article.

The life insurance industry has been slow to adopt digital solutions, but recently I was introduced to a new company working to change that. Plum Life, founded by former executives in the life insurance industry, was created after they recognized a shift towards digitization was coming quickly and created a 100% digital platform exclusively for agents.

Insurance and financial advisors need to be aware that carriers are investing in wellness apps and reward programs to help engage policyholders. This can be leveraged as an added value when an advisor is quoting a carrier’s life insurance product. One of the most challenging issues in insurance is the transient nature of carriers’ relationships with policyholders. Traditionally, coverage is bought out of necessity and then forgotten about unless – or until – a payout is required.

Digital Marketing had the biggest growth for generating insurance sales since 2021. In a recent global study conducted by Accenture, most insurance buyers now search for information on digital channels. 48% of insurance customers who responded to an Accenture survey stated that social media would factor into their insurance-buying decision. Introducing agents and training to effectively utilize email, social media, web-based advertising, text messages, and personalized videos which helps maximize their value delivery.

Data Analytics and Artificial Intelligence (AI) is the technology driving the industry to new insurance sales as it does with other industries in e-commerce. Winning agencies will become more data-driven and introduce agents to tools that utilize data analytics and AI to grow their businesses. Whether finding patterns based on past data to predict future events or leveraging AI to make assumptions and predictions beyond human capabilities, successful agents and agencies will take advantage of these new technology tools.

Washington State’s “Washington Cares Fund” (WCF) imposes an uncapped 0.58% employee-paid payroll tax ($580 per $100,000 earned) to fund a $36,500 lifetime pool (intended to inflate, beginning in 2027, according to WA’s consumer price index) for long-term care received in WA by vested employees. A claimant must require help with at least 3 activities of daily living (11 ADLs are listed on WCF’s website).

In the past, I have written about lead generation solutions as well as tracking clients on customer relationship management tools (CRMs) and marketing programs, but there hasn’t been a focus on lead conversions. At an industry conference this year, I learned about Phonexa, the company working to bridge the gap to generate more sales from leads. It’s important that advisors, especially those who run agencies and invest heavily in lead generation through marketing, learn about maximizing those leads.  

We are increasingly aware of the importance of staying secure in a world where cyber threats increase day by day. Heightened awareness around the Ukraine-Russia geopolitical tensions has taken cybersecurity to the next level. There are alerts and notices coming across multiple sources from regulatory bodies to industry-specific regulators, government agencies, consulting firms, and more. Samples include White House Cybersecurity Briefing,  CISA (Cybersecurity & Infrastructure Security Agency), NYDFS, the Department of Homeland Security (DHS) Cybersecurity Intelligence Warning, and Accenture’s Cyber Threat Intelligence group.

Alongside these continued tensions between Russia and Ukraine is the potential for increased cyber threat activity. With military attacks, we should assume there will be accompanying cyber attacks.

As we move past the first quarter of 2022 and look ahead to the next several months, the world of technology in our industry continues to rapidly evolve and expand before our eyes. In early March 2022, my company InsurTech Express exhibited at the iPipeline Connections Conference in Las Vegas where insurance technologies took center stage. Companies like Bestow, Ethos, and Covr Financial have grown rapidly with investor funding to offer robust life insurance-focused solutions to their consumers.

Technology is being used more than ever to make it easier for advisors to complete insurance transactions with their clients without the cumbersome pain points present in a currently antiquated process. Gone are the days of 45-page applications, two-month underwriting timelines, and intrusive health examinations for coverage. The industry is full of thriving start-ups and established companies helping insurance consumers buy coverage in minutes, not weeks. Like many industries driven by technology, there continues to be development and investment from well know firms in the market. 

If you take a look around, you will notice all of the noise in the Medicare space. Whether it be the technology platforms for quote and apply, the renewable income stream, or a plethora of prospects, you may think to yourself, where do I start?

Let’s start with the technology platforms. Being able to quote, save, and compare Medicare choices for your clients is imperative. When CMS (Centers for Medicare & Medicaid Services) removed your ability to save drug plans, this opened up innovation in the independent distribution. Now you have the ability and convenience with Search & Save options that allow you to load your clients' medications and then recall that list and simply update it instead of recreating it every year.