Level Up Your Practice with AI: An Actionable Guide for NAIFA Members

The life insurance and financial services industry is evolving rapidly, and advisors who embrace technology have a competitive edge. That’s why I, Ken Leibow, Founder and CEO of InsurTech Express, have partnered with Nick Bowman, CFP®, MS, CEP®, Co-founder & Head of Sales at Xcela, to bring you this actionable guide on leveraging AI to enhance your practice. Nick co-founded Xcela out of frustration with the slow, inconsistent, and outdated processes in securing life insurance policies. With his background in Advanced Sales and Marketing at Lion Street and my 38 years of experience in life insurance technology, we’ve seen firsthand how innovation can drive efficiency, improve client experiences, and boost revenue. In this article, we’ll provide practical insights on how AI can streamline your workflow, helping you grow your practice and deliver greater value to your clients. 

AI, short for artificial intelligence, might sound futuristic and seem like a buzzword, but at its core, it’s a dynamic set of tools designed to process vast amounts of data, automate repetitive tasks, and deliver valuable insights in a fraction of the time it takes humans. For NAIFA members, AI offers the potential to save hours of manual work, elevate the client experience, and ultimately boost your bottom line. Whether you specialize in comprehensive financial planning or focus on life insurance, integrating AI can help you stand out in a competitive landscape. 

What Exactly Is AI? 

In simple terms, AI refers to computer programs that learn from data. Instead of relying on a static set of rules, these programs continuously update their approaches as they process more information. This means that if you’re evaluating investment portfolios or reviewing insurance underwriting documents, an AI tool can help identify trends, flag issues, and make predictions faster—and more accurately—than you might on your own. 

Why Should NAIFA Members Care? Because whether you’re explaining retirement strategies or guiding clients through life insurance policies, the ability to tap into smarter, faster insights can set you apart in a market that demands speed and clarity. 

Key Benefits for Financial and Life Insurance Advisors 

1. Time Savings: Sorting through client data, running risk assessments, and comparing policy or portfolio options can be labor-intensive. AI does the heavy lifting by highlighting relevant details and producing actionable summaries. This frees you to devote more energy to meaningful client interactions. 

1. Improved Accuracy: For financial advisors, AI can assist in spotting patterns in market data or client spending behaviors that may go unnoticed. For life insurance advisors, AI can quickly scan medical histories and underwriting guides to predict potential risk classifications of a client. 

1. Tailored Client Advice: Clients vary widely in terms of their financial goals, tolerance for risk, and insurance needs. AI tools can analyze each client’s unique situation—whether that’s a high-net-worth investor or a young family seeking life insurance—to recommend the most appropriate products or strategies. 

1. Enhanced Relationships: By reducing the time spent on data entry and analysis, you’re free to focus on what really matters: building trust. Whether you’re discussing a 401(k) rollover or a life insurance policy, the personal touch remains irreplaceable. 

Practical Steps to Integrate AI 

1. Start with One Process: Identify a bottleneck—such as underwriting for life insurance or initial portfolio risk assessments—and test an AI tool that focuses on that specific task. 

1. Evaluate User-Friendliness: Not all AI solutions are created equal. Look for intuitive interfaces that don’t require extensive technical training is key. 

1. Check Security and Compliance: Since NAIFA members often handle sensitive financial and health data, any AI tool must have strong encryption and meet relevant privacy standards like HIPAA or SEC regulations; and ideally anonymizes any personally identifiable information before being entered into an AI model. 

1. Train and Iterate: Spend time understanding the tool’s features. Many AI vendors offer demos, tutorials, or hands-on support to ensure you get the most out of their product. 

Financial Advisors: How AI Makes a Difference 

• Portfolio Analysis: AI can automatically rebalance portfolios based on shifting market conditions or client objectives. This helps ensure investments remain aligned with risk tolerance and return goals. 

• Predictive Analytics: By examining past market trends, AI can offer projections, allowing you to advise clients with a stronger data-driven perspective. 

• Automated Compliance Checks: Staying compliant with regulations can be tedious. Some AI systems can track relevant changes in real time, reducing the risk of non-compliance. 

Life Insurance Advisors: Quick Wins with AI 

• Accelerated Underwriting: AI can quickly highlight red flags in health records, saving you from chasing additional clarifications from clients or carriers late in the game. 

• Precision Pricing: Predictive modeling helps match clients to policies that fit their risk profiles. Fewer surprises mean happier clients. 

• Deeper Consultations: When AI handles administrative tasks, you can shift focus to explaining policy intricacies and discussing how life insurance integrates into overall financial plans, instead of typing, retyping, and chasing data. 

Spotting Genuine AI vs. “Faux AI” 

With the buzz around AI, it’s easy to mistake glorified spreadsheets for true machine learning. Watch out for platforms that promise the moon but don’t deliver. Ask: 

• Can you explain how the AI learns or adapts? 

• Is there real-world evidence or case studies of this tool’s effectiveness? 

• Does it integrate seamlessly with my existing CRM or planning software? 

• What’s the accuracy of your model? (Rule of Thumb: Anything over 95% is not AI) 

A Brief Look at Xcela 

For those focusing on life insurance, Xcela is a prime example of an AI-driven solution that speeds up underwriting. It uses large language models (LLMs) to analyze medical records, lab reports, and prescription histories, offering instant summaries of potential obstacles. The platform also integrates with tier 1 medical information providers and most standard workflows, reducing disruption. Consider it one viable option in a growing field of specialized AI tools, that also orders Prescription Data and Medical Records (90% of the time in less than 48 hours). 

The Human Touch Still Matters 

While AI can process data at lightning speed, it can’t replace the empathetic guidance that only a trusted advisor can provide. Financial decisions—whether they involve retirement planning or life insurance—are personal and often emotional. Technology helps with efficiency, but relationships remain paramount. 

Final Takeaway: As a NAIFA member, integrating AI into your practice isn’t just a novel trend; it’s a strategic move that can refine your service offerings, reduce back-office grind, and increase client satisfaction. Embrace AI like an employee that works alongside your staff turbocharging your capabilities, but never lose sight of the compassionate counsel that keeps clients coming back. By striking that balance, you’ll position yourself as a forward-thinking advisor prepared for whatever the future holds. 

If you sell life insurance and want to place more business efficiently, you need to see a demo of Xcela’s SalesXcelerator—a game-changer for advisors looking to streamline their sales process. Contact Nick Bowman at info@xcela.ai and visit https://life.xcela.ai/ to learn more. 

If you have questions about AI, automation, or other software solutions for your agency, I’m happy to help. Reach out to Ken Leibow at ken@insurtechexpress.com or call 402-740-7356. You can also explore a wide range of industry software solutions at InsurTechExpress.com. 

Looking to test drive software and access exclusive discounts or free trials for Life, DI, and Annuities? Sign up for Navigator AI developed by InsurTech Express at https://ienavigator.ai/ and take advantage of cutting-edge tools designed to optimize your practice.