Equisoft Digital Acceleration Insights Keith Raymond

How One Carrier Transformed their Insurance Advisors into Financial Experts

Insurance Carrier challenge: meeting all of a customer’s life and financial goals

One decades old North American multi-line insurer faced a complicated challenge—and a powerful opportunity. Their more than 1700 advisors where already doing a great job providing home, auto, travel, commercial, farm and life insurance to their clients. And some advisors did already sell segregated funds to meet some investment needs.

But the carrier wanted to be able to meet as many holistic needs as they could. And that meant helping advisors uncover more client investment needs and develop comprehensive financial plans for their clients.

A great idea—but turning it into reality would be no easy feat.

What are biggest insurance advisor challenges to making the transformation

The carrier’s advisor field force were veterans when it came to uncovering client needs. With so many products on offer, they had become very experienced in conducting comprehensive discoveries to unearth the potential for cross-selling home and auto insurance for instance. For certain clients commercial or farm insurance came into the mix. And, for all, providing for their families in the event of medical catastrophe was a critical need to be addressed.

They were supported by a suite of tools the carrier had developed to make it easier for advisors to effectively discover those various needs, create illustrations and quotes and process the applications.

But, during that process, the advisors usually uncovered investment needs. Up to that point the only way to address those goals was to suggest seg funds. Which were viable alternatives but weren’t always attractive to all potential investment clients. In some cases, clients didn’t want to have their money locked in for a relatively long term. The fees sometimes higher than might be charged on other types of investments. And, penalties would be charged if a client had to withdraw money before the term was up.

How could the carrier help their advisors transform?

The company’s advisors needed to be able sell mutual funds in order to holistically meet all client needs, but that would be a new challenge. The advisors didn’t necessarily have the knowledge they needed, weren’t experienced at positioning investments within a client’s portfolio and lacked tools to help them.

They needed a new approach to addressing wealth management, life insurance and living benefits needs—as well as an ability to address the evolution of those needs over time.

Download the full case study. Click here.

What would a transformative solution to meet financial advisor challenges look like

To enable the transformation of their existing network of advisors from multi-line insurance providers to holistic financial experts the carrier had to solve a number of difficult problems:

Product positioning

  • How could they increase the ability of their advisors to effectively position the carrier’s products in client portfolios?
  • How could their advisors best position the company’s investment products in comparison to their competitors?

How can the insurance and wealth sales processes be integrated?

  • What was the optimized workflow that would give advisors the capability to uncover all client life, critical illness, disability and wealth management needs?
  • What technology would support the advisor’s ability to quickly generate effective proposals for everything from simple savings to investments to full financial planning?

Improve client experience

  • How could the carrier support their advisors with client or prospect data capture, investor profiling, investment portfolio selection, as well as financial and insurance planning?

Read the case study to find out how the carrier solved these significant challenges and radically transformed their advisor field force.

To find out more, read the case study

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