Help an MBA Student?

[JCameron]

Hi all,

I would be ecstatic if you guys could help me out on a research project I'm working on. I am trying to understand the operational, day-to-day frustrations in the life insurance and annuity business.

Here are my classes requirements:

1. Reach out and talk to a professionals in your chosen market
2. Understand their day-to-day operational pain points
3. Create a hypothetical product that solves or addresses their pain point(s)

I have heard from the agents I've talked to so far that trust and getting the clients to understand the value and importance of the policy or annuity is a big hurdle, however, I am specifically looking to find out what tasks take the most time for you and which do you like the least?

My research is basically geared more towards what operational activities you have to do that you get frustrated with or wish you could wave a wand and make it/them disappear.

Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?

or

2. What piece of software that you use makes you want to punch your computer?

or

3. What software do you wish to have but you do not?

or

4. What would you develop to make your day more productive?

or

5. What the most expensive problem in your business that could be automated?

I know you guys are all very busy and this will net you nothing but good karma but I would LOVE to hear some responses. Also, if you would rather talk than type it all out feel free to call me. Just PM me and I'll send you my phone number.

THANKS!

Jared

 

[STIBROKER]

Hi all,


Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?
Life insurance company's do telephone applications

or

2. What piece of software that you use makes you want to punch your computer?
my phone

or

3. What software do you wish to have but you do not?
an phone in application on life insurance

or

4. What would you develop to make your day more productive?
a phone in application for life insurance

or

5. What the most expensive problem in your business that could be automated?

not having a phone in application for life insurance

I know you guys are all very busy and this will net you nothing but good karma but I would LOVE to hear some responses. Also, if you would rather talk than type it all out feel free to call me. Just PM me and I'll send you my phone number.

THANKS!

Jared

..............................................................................................

 

[JCameron]

Haha! I appreciate the response. Seems like you and your phone need to go to counseling

1. I had no idea Life insurance companies do all there applications over the phone. If you could have it your way, how would you change the system (online app? paper app?)?
2. Is your phone hooked up to software or was that sarcastic?
3-5. Wait, you WANT a phone in application!? If I'm reading that right is it easier to call in an app vs. whatever you do now?

I apparently know even less about your job than I thought

 

[scagnt83]

Most LI apps are on paper.
Some are over the phone these days, but most are not.
More and more are moving to online apps, but many still do not offer it.
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Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?

Obtaining the APS(medical records) of the client.

This isnt something that I do personally, but it is a manual task for someone, and often indirectly turns into a manual task for me to!

The only real way to make this better would be to move the nation to a national electronic database.

This has other benefits as well of course, making the LI application process quicker & more affordable is just one of them.

Currently it cost the LI company around $200-$400 per applicant (not client, there are many more applicants than clients) to pull their medical records.
The doctors office(s) charge, plus they all use a 3rd party middleman who charges as well.


Not all LI policies pull records, but most do.

or

2. What piece of software that you use makes you want to punch your computer?

Its usually company specific software that sucks. And dont take that to be a general statement as to the quality of company specific software.

or

3. What software do you wish to have but you do not?
A generalized illustration system for indexed annuities that offers customizable hypotheticals and customizable historicals.

or

4. What would you develop to make your day more productive?
Refer to question 3.
or

5. What the most expensive problem in your business that could be automated?

Having to fed-ex annuity applications to the company because they require the original signature.

Cant think of anything else.... I cant automate our assistant yet... lol

_________________________________________________

 

[DHK]

Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?

Prospecting... but without that human touch... we'd all be out of a job and the insurance companies would keep it all.

or

2. What piece of software that you use makes you want to punch your computer?

CRM programs... gotta buy Frank's YIO soon.

or

3. What software do you wish to have but you do not?

Frank's YIO... but other than that, there are others that I'd like to expand into using... once I determine there's a need for it.

or

4. What would you develop to make your day more productive?

An assistant to answer my phone and emails... but that's in the future...

or

5. What the most expensive problem in your business that could be automated?

Get something else to do my thinking FOR me about how to automate more things. Nothing has cost me more money than trying to 'reinvent the wheel' with more technology.
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scangt83,

Check out this website to help you solve your problem:
Fixed Indexed FIA - Equity Indexed Annuity EIA, Income Planning and Portfolio Simulation Software

 

[JCameron]

Thank you SO much for your reply! This is exactly what I need for my project. I have a few follow up questions for you too...

Most LI apps are on paper.
Some are over the phone these days, but most are not.
More and more are moving to online apps, but many still do not offer it.
- - - - - - - - - - - - - - - - - -
Originally Posted by JCameron
Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?

Obtaining the APS(medical records) of the client.

This isnt something that I do personally, but it is a manual task for someone, and often indirectly turns into a manual task for me to! When you say this turns into a task for you indirectly what does that look like? How do you get the clients medical records?

The only real way to make this better would be to move the nation to a national electronic database. That's definitely coming but we are still a ways out for complete adoption.

This has other benefits as well of course, making the LI application process quicker & more affordable is just one of them.

Currently it cost the LI company around $200-$400 per applicant (not client, there are many more applicants than clients) to pull their medical records.
The doctors office(s) charge, plus they all use a 3rd party middleman who charges as well.

This is pretty interesting to me. Do you know what the 3rd party guys actually do? Any company names for those 3rd party guys? Do you think in an ideal world this process could be easier for you or the insurance companies via a software solution?

Not all LI policies pull records, but most do.

or

2. What piece of software that you use makes you want to punch your computer?

Its usually company specific software that sucks. And dont take that to be a general statement as to the quality of company specific software. Any specifics you can give me on the kinds of software you use most and why it sucks? Not asking you to dog on a company just interested in what you would change about what you currently use.

or

3. What software do you wish to have but you do not?
A generalized illustration system for indexed annuities that offers customizable hypotheticals and customizable historicals. I LOVE this idea! Any chance you could elaborate a little on what you would want it to do (I am fairly naive to the industry but I do know about annuities), how it would help you and how much you think it would either save or make you in a year if it was available?

or

4. What would you develop to make your day more productive?
Refer to question 3.
or

5. What the most expensive problem in your business that could be automated?

Having to fed-ex annuity applications to the company because they require the original signature.

Cant think of anything else.... I cant automate our assistant yet... lol Haha! Ever heard of the 4 Hour Work Week by Tim Ferris? Everything can be automated





_________________________________________________

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Thanks a ton DHK! I have some follow up questions for you too:

Originally Posted by JCameron
Here are a couple questions I came up with to get you thinking but any answer is appreciated:

1. What manual task in your daily routine would you like to automate?

Prospecting... but without that human touch... we'd all be out of a job and the insurance companies would keep it all.


or

2. What piece of software that you use makes you want to punch your computer?

CRM programs... gotta buy Frank's YIO soon.

I did a search here for YIO and found that is a pretty well loved CRM tool. Is that because it is specific to your industry? What are your favorite features of YIO and/or what do you want/need most out of a CRM?

or

3. What software do you wish to have but you do not?

Frank's YIO... but other than that, there are others that I'd like to expand into using... once I determine there's a need for it. Any specific software pieces that you are on your 5 year plan?

or

4. What would you develop to make your day more productive?

An assistant to answer my phone and emails... but that's in the future... Haha. I want an assistant too. Maybe we can find a 2 for 1 deal and we can split the cost

or

5. What the most expensive problem in your business that could be automated?

Get something else to do my thinking FOR me about how to automate more things. Nothing has cost me more money than trying to 'reinvent the wheel' with more technology. Like a A to Z program that shows you how to automate an insurance office and what products to use to do it?
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A separate thank you to all three of you guys for your responses so far. I'm ecstatic! They have been exponentially more helpful than the responses that I have received from the people I emailed. I guess there is a reason you are all "Gurus" on here!

 

[DHK]

I did a search here for YIO and found that is a pretty well loved CRM tool. Is that because it is specific to your industry? What are your favorite features of YIO and/or what do you want/need most out of a CRM?

I like to keep things organized and paperless... yet, I'd prefer to work with paper lists and "to-do's". I don't want to have to use a program that requires that I need to be in front of it in order for it to work well.

YIO will print out a list of appointments/tasks that include:
- Name
- Address
- Phone numbers
- Task notes

Print it out, make your notes, then you can input the information back into the program later.

Most CRM programs that offer free demo's DON'T do this.

YIO does.

Any specific software pieces that you are on your 5 year plan?

I'm not sure. Just because I might like software doesn't mean that it'll help me do my job better. This is a business and if you invest heavily in software, you need to be sure that you'll get the return from that investment.

What I may consider in the future is:
- Circle of Wealth ($2,000 & $300 annual renewals)
- LEAP Wealth In Motion ($2,500/year) - I just like the PS&G financial model... but I'm not sure I want to always pay such a high overhead for this, nor have the right market to use it with.
- Torrid-Tech Retirement Savings Planner ($700 & $400 annual renewals)
- PracticeBuilder CRM ($995 + $400 annual support fees; lots of additional modules to choose from) PracticeBuilder CRM is also an industry solution, but I think I'd like it when I form my RIA and begin managing investment assets, etc.
- E-relationship email drip system ($149 startup, $79.95/month)

What we have to remember as agents, is that most of the tools we need are already provided to us by our companies. We just have to use them better and more consistently.

Like a A to Z program that shows you how to automate an insurance office and what products to use to do it?

You can't automate everything. Someone has to sell someone something someday. Everything else is trying to organize the day for more pro-active activity. That's why I wrote about YIO in this way - to make it easier to have a pro-active day. Act!, SugarCRM and others just don't cut it.

Remember that there are too many "vendors" out there who are out to make money by prospecting the prospectors. The vendors typically make their pitch by saying "you can't afford NOT to have this miracle cure" or "you can pay for it with 1 case" or whatever.

Our job as agents is to run the leanest practice with the maximum results.

Just because someone is "Top of the Table", that only means that they are producing at a very high level. But that's all we know. We DON'T know their profit margins or their expenses. Yet, we need to always keep that in mind.

Sales managers and General Agents don't care. They get overrides. They practically encourage you to spend a lot on all these "glitzy tools" to make you feel like you're doing something... so they can finally earn an override on whatever you do sell.

So, I'm always wary when someone has something "new" to offer the agent.

 

[scagnt83]

scangt83,

Check out this website to help you solve your problem:
Fixed Indexed FIA - Equity Indexed Annuity EIA, Income Planning and Portfolio Simulation Software

Thanks!
------------------------

 

[DHK]