Life Insurance Illustration Systems: Agent Friendly and Insurer Self-Efficient

Jennifer Smith

The increased demand for life insurance policies in 2020 had some companies winning big and others left in the dust. Insurers are on a constant quest for ways to enhance their sales tools.  For life insurers, one of the most important tools are those used in providing customers product illustrations that show policy benefits and values, spanning multiple life events, that are easy to understand for optimum product choice.  The potential for business loss, for a company that is not prepared to provide dynamic illustrations, can be staggering.

Life insurance illustrations require up-to-date and accurate product information with, most importantly, strong visual impacts. And “easy to read” is an understatement.  Being able to explain to a customer the benefits of their product is the key to a sale and being able to back this information with graphics to show benefits is the visual enhancement today’s consumers demand.

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Customers and agents shop around more today than in previous years.  In a recent report by insurance industry analyst firm Novarica, 48% of younger agents today work with more than 20 insurers at a time. As a result, customers will compare multiple companies and multiple products – based on the illustration.  Agents need to provide the illustrations for each of these requests – and  weed through the jungle of illustration information.  If one insurer’s values and benefits via easy to read illustrations shows much better than another, the impression is set, making the sale easier for the agent, and beginning the expected experience of that customer for a long relationship with the life carrier.

In the same report, agents noted that in a fast-paced market like in 2020 and the start of 2021, they often do not have the time or inclination to switch platforms when placing new business. If the illustration is easy to create, and helps the agent explain the product to the customer to make the sale, how does that not translate to more business and better placement?

For the insurer, self-sufficient maintenance tools are key to keeping illustration calculations and output timely and accurate.  Not having to refer to IT for system updates, new product versions, and training tools and tips, makes it faster and easier to get your products to market and keeps agents engaged with your product portfolio.  Having an intuitive illustration system that is dynamic and flexible for agents of all skill level to show complex life insurance illustrations, in a simple format will bring more business to your doorstep.

If your life insurance illustration system requires system updates or manual interference – it may be time to refresh your system.

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Jennifer Smith

Jennifer Smith Jennifer is Sapiens VP of Life Product Strategy, responsible for the direction and roadmap of Sapiens digital suite of core solutions and eco-partners that support L&A insurers in the North American market. She started her career working for a large life carrier for several years and then moved into the software side. Jennifer held positions, prior to Sapiens, at EDS SOLCORP (now DXC Technology), SunGard, and Majesco, focusing on life insurance systems transformations and business process optimization for nearly 25 years.