URL INSURANCE GROUP LEADERS CONFERENCE. Charlie Towson, CLU Strategic Account Relationship Manager EVERY DAY MATTERS. BANNER. WILLIAM PENN.

Transcription

1 URL INSURANCE GROUP LEADERS CONFERENCE Charlie Towson, CLU Strategic Account Relationship Manager EVERY DAY MATTERS. BANNER. WILLIAM PENN.

2 LEARNING AGENDA. 1. Who is Legal & General America? 2. What is APPASSIST? 3. Closing the COVERAGE Gap. 4. edeliver WHAT? 5. Meet QUOTES DONE RIGHT. 6. Questions and Answers. 2

3 Banner Life Insurance Company. William Penn Life Insurance Company of New York. Headquarters in Frederick, MD. History 65 years strong. More than 600 employees. More than 1 MILLION Americans in force. LEGAL & GENERAL AMERICA. 3

4 A+ AA- 94 (Superior) rating from AM Best (Very Strong) from Standard and Poor s Composite score from Comdex TRIPLE WIN FINANCIAL STRENGTH.

5 LEGAL & GENERAL. Our parent company is the 8 th largest insurer in the WORLD. Source: Bestweek January, 2014, 2012 Assets

6 STILL THE LEADER.

7 LET APPASSIST DO THE WORK FOR YOU. EVERY DAY MATTERS. BANNER. WILLIAM PENN.

8 APPASSIST. Our agency-applauded program designed to easily facilitate the sale of our value-priced life insurance for America s families.

9 Agent drops a ticket via e-link, Partner Dashboard, MobileSuite or other vendors. Call center conducts interview, and client voice signs application. Paramed exam ordered and application returned with client signature. Policy contract sent to client or agency. Delivery requirements received and policy activated and commissions process. HOW APPASSIST WORKS.

10 APPASSIST FLOW CHART.

11 SUBMITTING BUSINESS. OPTION 1 Submit your request online via e-link OPTION 2 ipipeline s igo e-app drop ticket OPTION 3 EbixExchange s Lifespeed platform OPTION 4 MobileSuite You ve got options. OPTION 5 Partner Dashboard OPTION 6 Fax, or mail the completed request form to LGA

12 APPASSIST. IT S IN THE DETAILS. Available for ALL products. Agents have the ability to split COMMISSION. DO NOT use AppAssist for cases that require special handling such as: Large buy-sell policies/group coverage (more than 3 applicants/policies) High profile applicants who are not easily reached States where agent is not appointed If a client is not eligible for AppAssist, we will refer him or her back to the agent to discuss further options. The general agency is notified via and policy status will be posted on the website. 12

13 ISSUE AGE 21 to 70 COVERAGE AMOUNT Up to $10 million TRANSFERS the administrative burden to LGA, allowing 71 and the older agent / broker more Up time to to $500,000 sell and meet with prospective clients. OPTerm: $100,000 minimum face amount Life Step UL: $50,000 minimum face amount THE GUIDELINES.

14 FASTER THAN EVER. Initial tele-interview call typically completed within 48 HOURS of ticket receipt. Voice signature option speeds up cycle time by 3 WEEKS. THE is in the details. THE is in the details. THE is in the details.

15 FASTER THAN EVER. IN THE KNOW. Get electronic status updates in real time on our website. THE is in the details. THE is in the details. THE is in the details.

16 Clients can schedule the application interview at their CONVENIENCE and can ask questions during the process. No PAPERWORK for agent. FULL COMMISSION. THE BENEFITS. 98 PERCENT of AppAssist tickets become formal applications. 75 PERCENT of cases are placed.

17 CLOSING THE COVERAGE GAP. EVERY DAY MATTERS. BANNER. WILLIAM PENN.

18 Get More Program from Legal & General America 18 50% of US households (58 MILLION) say they need more life insurance. LIMRA and LIFE Foundation 2013 Barometer Study COVERAGE GAP.

19 The average amount of coverage for US adults has DECLINED to $167,000, down $30,000 since LIMRA and LIFE Foundation 2013 Barometer Study SCARY. 19

20 UNAWARE. 35% of those who are likely to buy more haven t, because no one has approached them about it. LIMRA and LIFE Foundation 2013 Barometer Study

21 TOO LITTLE. TOO LATE. THE is in the details. THE is in the details. THE is in the details. The coverage gap can be nearly as DEVASTING TO FAMILIES and businesses as having no coverage at all.

22 LET S CLOSE THE GAP. What if we could make it easier for eligible customers to GET MORE face amount at the time of application approval?

23 GET MORE PROGRAM. Legal & General America will offer increased coverage to those customers who have been identified by the underwriter as eligible for a larger face amount.

24 When a new application is approved, the underwriter will determine if the proposed insured is eligible for additional coverage. If eligible, a system-generated letter will be ed to the case manager at URL explaining the offer. Your case manager must respond to the offer within four business days; the deadline is specified in the letter. HOW GET MORE WORKS.

25 GET MORE SAMPLE LETTER. We'll give at least one alternative to offer the customer, but in some cases as many as five.

26 GET MORE CRITERIA TO BE MET. The submitted application must still be in PENDING STATUS. The proposed policy CANNOT HAVE a term rider, waiver of premium, table ratings or flat extras. Increased face amounts will be offered only up to a limit where NO ADDITIONAL REQUIREMENTS would be necessary and that are within our retention ($2M through age 75). The underwriter may choose not to extend the offer, based on his/her DISCRETION. If so, a note will be added to the online case file. 26

27 MORE COVERAGE for the customer for just a few dollars more. BIGGER SALE for you. CLOSING THE COVERAGE GAP one case at time. THE BENEFITS. The GET MORE program shows an EIGHT PERCENT increase in coverage put in force.

28 edelivery. It s fast. It s easy. It s free. EVERY DAY MATTERS. BANNER. WILLIAM PENN.

29 edeliver WHAT? Electronic delivery of the policy. Fulfillment of all delivery documents. Policy placed in-force.

30 GREEN LIGHTNING. More than half of edelivered policies are COMPLETED by the policy owner within 7 calendar days.

31 EASY PEASY. We ve partnered with DocuSign, the GLOBAL LEADER in esignature. PayPal lets applicants PAY first premium ONLINE. THE is in the details. THE is in the details. THE is in the details.

32 IT S COMPLETE. All delivery documents are collected in good order to place the case in force, including initial premium.

33 When a policy is approved and issued, an is sent to the client and URL. Issued and ed within 1 day. When customer completes signing and payment, all documents are transmitted back to LGA for processing. Delivery documents are processed and the policy is activated. If daily EFT is used, commissions are processed the same day. Funds sent to the bank within 24 hours. edelivery Fastest option.

34 UNEXPECTED. The Layover option is used to review cases that are issued other than applied for. THE is in the details. THE is in the details. THE is in the details.

35 QUALIFIED FOR edelivery? A policy can be electronically delivered if it meets the following conditions: We have an address on file for the insured. The policy has not been designated for special handling. The insured is also the owner and payor on the policy. There are no open delivery requirements other than Initial Premium Payment, Amendment, PAC Form, Good Health Statement, or Delivery Receipt. 35

36 To date, TIME SAVED using edelivery instead of paper totals nearly 912,500 days or 2,500 years. TIME IS MONEY. 36

37 edelivery from Legal & General America 37 OVER 60,000 LGA policies have been signed electronically. 1 IN 3 LGA policies are edelivered. GREEN IS GOOD.

38 PAYMENT OPTIONS. All policies with outstanding initial premium will include an edelivery Payment Choices form that allows the customer to determine the payment method and mode. If the customer chooses to pay the initial premium by credit card, the transaction will be handled real-time through an integrated PayPal interface.

39 edelivery GENERAL INFORMATION. Proposed insured, policy owner, and payor MUST be the same. Only acceptable open delivery REQUIREMENTS are initial premium payment, Good Health Statement, delivery receipt and amendment. to policy owner will have detailed instructions. NO ACTION is required by the general agency or broker. REISSUES are completed within 24 hours and re-sent to the customer. Reissues requiring underwriting approval will require additional time. LGA edelivery won a Novarica Research Council AWARD honoring best practices in industry IT initiatives and strategy. 39

40 FAST. Cycle time is reduced by more than 2 weeks! EASY. The DocuSign portal is easy for URL to manage. PayPal lets applicants pay online. FREE. No cost to start using edelivery. Reduce or eliminate mailing costs. THE BENEFITS. 20% of edelivered policies are completed within 1 DAY of receipt.

41 QUOTES DONE RIGHT. EVERY DAY MATTERS. BANNER. WILLIAM PENN.

42 QDR DOES IT ALL. Generates LEADS. Engages CONSUMERS. Drops AUTOMATED tickets to AppAssist. Tracks CASE status. Increases BUSINESS. 42

43 QDR DEMO. Test drive it here.

44 ALL-INCLUSIVE PARTNER DASHBOARD. Quotes Done Right invitations, managing leads, AppAssist status, marketing materials, and analytics are now all available from the new LGA Partner Dashboard at partner.lgamerica.com.

45 KEY TAKEAWAYS. LGA is financially strong and a LEADER against competitors. APPASSIST is our agency-applauded program designed to easily facilitate the sale of our value-priced life insurance for America s families. GET MORE program offers increased coverage to those customers who have been identified by the underwriter as eligible for a larger face amount. It s fast, easy and free. It s edelivery. QDR is a super cool, brand new lead-generation web tool. 45

46 QUESTIONS? ANSWERS.

47 THE END. DISCLOSURE Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Garden City, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. Third place ranking among U.S. companies determined by 2013 year end LIMRA report based on survey participants. Rating sources: A.M. Best as of Standard & Poor s as of