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.
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.
Presentation Solutions, an app that lets advisors tailor a boiler-plate library concept to the needs of a client using a software wizard.
That point is not lost on Pacific Life, which lets its producers conduct business wirelessly throughout the client engagement using its Prime Mobile Platform.
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.