Filed Under:Life Insurance, Life Practice Management

Tech tools to turbo-charge your practice

Advisors are deploying solutions ranging from video conferencing to predictive analytics to mobile apps — and achieving measurable results.

IT purchases among industry players are increasingly being driven by evolving technology trends in the consumer world.
IT purchases among industry players are increasingly being driven by evolving technology trends in the consumer world.

Picture yourself conducting a video conference call with a client on your smart phone using a multimedia instant messaging service. Or imagine building a detailed dossier about a high net worth prospect’s interests and propensity to buy, courtesy of predictive analytics and data aggregation software.

These technology tools, among others, are increasingly being adopted by life insurance and financial sales professionals, and are transforming their practices in the process.

A second AXA initiative aims to establish a multichannel presence for advisors and, thereby, deliver marketing or informational literature to prospects through their preferred media outlet. To achieve this, the insurer has joined with several technology providers, including ClientLink for distributing paper-based marketing literature; e-Relationship for conducting e-mail marketing; and Hearsay Social for managing Facebook and LinkedIn communications. The company also uses a web team to help advisors establish or upgrade their online presence.

Other providers are offering their advisors video solutions when a more personal touch is desired. Michael Smith, president of CPS Horizon Financial Group, a company that offers resources to insurance professionals, says that many of the IM-affiliated brokers now embed short videos into e-mail broadcasts and their web sites. Technologies used to create the videos vary: Some advisors simply film themselves with a smart phone, then upload the video to YouTube; others produce high-end videos using professional film services.

Additionally, NFP offers partner firms online tools to assist in client engagements. These include Marketing Resource Library, a collection of co-branded white papers, sales literature, and other documents; plus

Presentation Solutions, an app that lets advisors tailor a boiler-plate library concept to the needs of a client using a software wizard.

Yet the urgency that industry players attach to advancing mobile strategies is palpable. Many consumers, notably GenXers and Millennials, will now only do business through a smart phone or tablet because the devices enable richer user experiences, greater convenience and speedier transactions.

That point is not lost on Pacific Life, which lets its producers conduct business wirelessly throughout the client engagement using its Prime Mobile Platform.

In one instance, an NFP advisor generated a dossier on a high net worth prospect from a referral source — a financial institution where the prospect banks — then shared data from the dossier with the referring contact to help the bank secure more of the prospect’s investable assets. Result: The bank rep now regularly provides the advisor with referrals to other affluent customers.

Such referrals lead to sales and, ultimately, more successful advisors. For AXA, one measure of that success is a superior agent retention rate. In an industry that has long suffered from high turnover among inexperienced producers, AXA’s four-year agent retention rate — greater than 30 percent — is above the industry average. The insurer’s technology initiatives, Rivett says, account in part for this positive record.

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Nichole Morford

Nichole Morford
Managing Editor

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