‒Karen Monks, Insurance Senior Analyst, Celent
Every life insurance carrier has an illustration solution—whether developed in-house or sourced from a vendor. And many of those tools have been in use for years. They do an essential job—and most can perform the task adequately. But what opportunities might be created if insurers stopped treating their illustration software as a commoditized tool? For one organization, the answer to that question led to new levels of advisor satisfaction, and a dramatic increase in sales.
How can life insurance illustration software create strategic advantage?
The carrier looked at their existing illustration strategy and tools, and asked—how could we change the tired old landscape and transform illustrations into a competitive lever? One that would increase advisor engagement and satisfaction. One that would drive sales increases.
The answer was to replace the traditional insurance illustration software they’d relied on for so long with a state-of-the-art solution that would increase advisor effectiveness in the sales process, enable them to meet more client needs and boost advisor confidence in their relationship with the carrier.
What features does insurance illustration software need to showcase products and increase sales?
Their idea was to offer their advisors a more modern and effective illustration tool that outdid what their competitors could offer. They wanted a game-changing solution that would enable real-time illustration changes, accelerate product re-pricing and new product development—and enable their advisors to work with clients anywhere, anytime.
And it had to do a better job than their existing solutions, at quickly producing the most compelling illustrations to showcase their products’ superiority. They saw that leading the industry with the best illustration software would be an impactful way to showcase their products and increase sales.
How to choose the right insurance illustration software
During their comprehensive vendor selection process, the carrier examined a number of illustration tool solutions that were improvements on their legacy tools. However, the key to achieving their goal of adding value for advisors and increasing sales lay, not accepting solutions that provided only marginal improvements over their legacy software, but in identifying the one illustration tool that delivered on every item in their requirements list.