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.
Recent posts by Ken Leibow
2 min read
The Benefits of a Personalized, Automated Life Insurance Sales Process
Topics: Sales Life Insurance & Annuities Sales & Marketing Insurance Producer Sales & Marketing
3 min read
Why Insurance Carriers Should Leverage Data & Tech to Enhance the Consumer Experience
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.
Topics: Running Your Practice FinTech Insurance
2 min read
Digital Marketing & AI Technology to Drive Life Insurance & Annuity Sales in 2023
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.
Topics: Life Insurance & Annuities Marketing Sales & Marketing Social Media Marketing FinTech Insurance
3 min read
What May Be the Repercussions of the Washington Cares Fund?
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).
Topics: Long-Term Care Legislation & Regulations Long-Term Care Insurance
4 min read
Maximize Your Leads: Why Operating a Dynamic Ping Tree Is Essential for Underwriting More Insurance Policies
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.
Topics: Marketing Technology Tools Sales & Marketing Technology FinTech CRM
3 min read
Heightened Geopolitical Tensions Drive Cybersecurity Alerts for the Life Insurance Industry
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.
Topics: Life Insurance & Annuities Insurance
3 min read
The Future of Insurtech E-Apps Crosses Over to Income Insurance and Beyond
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.
Topics: Technology Tools Technology Insurance
3 min read
Technology for Selling Medicare Insurance Plans
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.
Topics: Medicare Social Media Marketing Prospecting Grow Your Business
3 min read
Technology Shark Tank: Taking the Robot out of the Advisor/Agent
NAIFA's Limited and Extended Care Planning Center (LECP) Impact Week, November 1-5, was a unique virtual event including a one-hour session covering a different type of topic each day by speakers who are industry experts and industry leaders. On Thursday, November 4, the topic was “Technology Shark Tank: Taking the Robot Out of the Advisor/Agent.” You’ve got questions and these presenters have answers! How do I take the busy “robotic” tasks out of my practice to make it more profitable? How do I stay in contact with current clients while seeking new clients? Which technology fits my practice and budget? At what point do I invest in my practice so that I can expand my outreach and professionalism? This “shark tank” style session offers four rapid-fire presentations!
Topics: Technology Tools Technology Webinar Limited & Extended Care Planning Center
3 min read
Crucial Tips to Secure Your Data
There are countless horror stories where people have had their identity stolen and their bank accounts wiped out. 80% of victims will continue to use the Internet despite the risks because that’s the world we live in today. I want to focus on giving you tips to protect your privacy and help you function every day securely for both personal and business.