Empowering Advisors to Efficiently Distribute Personal Insurance Products

This is the third in a three-part series about how Breathe Life is helping to solve the life insurance distribution problem.

If you’re a broker looking to enter the digital marketplace, you want to invest your time and resources where you will get the best return. Seeking to replace the 65% of life insurance applications still completed using pen and paper with digital options, money has been pouring into InsurTech – over $2.56 billion in 2018.  

While many large providers are trying to develop proprietary platforms, others are realizing cost synergies by partnering with start-ups and tech firms. As we covered last week, building the IT expertise in-house can often be too expensive and time-consuming, so why not outsource and partner?  

As a carrier or advisor looking to enter the digital space, InsurTech companies are focused on providing seamless customer experiences and solid tech support. Instead of spending time and resources in an area that’s outside your skillset to build your own platform, partner with us to get up and running in no time.

One of the key aspects of the Breathe Life Advisor-Driven Module is that it maintains the personal touch, something that brokers as quite skilled at. You still get to meet with your clients face-to-face. However, instead of filling out extensive paper forms that have to be sent off for processing you are walking the client through a well-designed, easy to navigate application system. Once completed, the application gets sent off automatically and a decision can come back in a much shorter time-frame, sometimes instantaneously.

The speed of data storage and transmission moves a client faster through the underwriting process and towards acceptance. Gone are the days of collecting a hand-written application, checking for missing information, calling the client to fill in any gaps, and then entering the details into the computer for your underwriter. Each step of the online application ensures they fill out all the necessary information before they can hit “next.”

As an advisor, you then have a dashboard with all of your clients and all of their applications, stored securely through state-of-the-art encryption processes. You can access and check the status of their applications and add new products to their portfolio.

Our platform also has the ability to anonymously analyze the data collected in life insurance applications and sales to help advisors and carriers better understand sales performance and insurance product offering strength by segment. Information collected through applications is aggregated into a robust database that assists underwriters in refining their risk models. All of this leads to a faster approval process; clients receive an immediate answer on their application.

Breathe Life’s mission is to solve the life insurance distribution problem and empowering advisors is a huge part of that. Through our Consumer-Driven and Advisor-Driven modules we are helping advisors to more effectively meet consumers’ needs.

Stay tuned next week for my next blog series where I’ll explore why we are building this and speak to the values and benefits of implementing the Breathe Life platform.