Sales technology makes processing tasks faster and easier. It can centralize client and sales data and, with much of the workforce no longer working in the same office, it lets agents support clients uniformly from different locations. This seamlessness also enables them to improve their understanding of what clients need, give more impactful advice and create stronger and longer-lasting relationships. Most importantly, sales technology reduces errors by catching mistakes early on, ensuring “in-good-order” sales from the start. “Not -in-good-order” (NIGO) documents have accounted for an estimated 60% of life insurance and annuities in the past.

To better understand how top companies optimize the sales process and elevate the experience for both agents and clients, I spoke with two respected leaders in the industry: Chris McDonald and Doug Twiddy, executives from LIBRA Insurance Partners firms about how their firms make it easier for agents to do business.

Simplifying with all-in-one tech

Both executives leverage emerging technology to provide unified platforms. By centralizing business functions in one digital platform, their agents can work more efficiently and accurately. It’s also easier for them to manage client relationships and complete sales. “We want agents to be able to log into the  platform and conduct all aspects of their business, whether that’s pre-sale, writing the business or post-sale,” explained McDonald. This includes annuities, life insurance, Medicare and long-term care policies.

Likewise, Twiddy’s organization uses technology to simplify workflows for agents to generate quotes, create illustrations, submit applications, assist clients, and pursue resale opportunities, all from a single portal.

“We are connecting solutions and data together into one experience to help our advisors stay on top of their game, have easy conversations with their clients because they’re looking at good rates, and easy processing of business,” said Twiddy. “We are creating a seamless process for agents.”

Achieving this level of integration of sales technology tools into agent portals provides agents with a seamless and connected sales process, enabling them to focus more attention on serving clients and less of their time wrestling with paper or technology.

Moving to digital

Transitioning from paper to electronic processes has been simpler than expected for their agents. The initial upfront investment to learn and implement digital tools yields long-term benefits in efficiency and productivity. “We have observed a significant shift in recent years, with a notable increase in the adoption of electronic processes by those writing business,” said McDonald.

“Once an agent learns and experiences the digital process, they’re hooked,” said Twiddy. “The return on their investment of time to learn typically is tenfold.”

Technology also removes the need to juggle multiple systems, reducing administrative burden. With the right tools and data always at their fingertips, agents are well-equipped to deliver a superior client experience while driving sales growth, fulfilling the promise of such digital initiatives.

Cutting NIGO rates

Firms looking to technology to eliminate NIGOs can catch mistakes before they happen by automatically filling in information. They can also simplify what forms, data and signatures are required. This means fewer typos and missing details and a lower likelihood of frustrating the client, the processing team and the agent.

“E-application solutions eliminate all the NIGOs and headaches agents face with paper applications. It eliminates the process of sitting down with the client and filling out a paper app with ink and writing the same thing repeatedly,” said Twiddy.

Why NIGOs are “no-go”

• • 32% of users will leave a brand they love if they have one bad experience (PwC)
  • Issues with paper applications accounted for 60% of firms’ total industry NIGO rates
  • Firms using sales tech routinely achieve a NIGO rate of 10%
  • Sales technology reportedly lowers costs (65%) and turnaround time (90%), boosting client satisfaction (HBR)
  • Adopting e-signature capabilities alone can lead to a 98% average adoption rate

A win-win-win

With these systems, most applications go straight to the carrier without problems. Agents don’t have to go back to their clients to fix errors. This saves agents and firms a lot of time and gets policies placed faster. Clients don’t have to wait as long for their applications to be approved, which improves the experience for everyone—firm, agents, and clients.

The proof is in the numbers. For instance, we’ve found that by adopting e-signature capabilities, our clients enjoy a 98% average adoption rate. We take that as proof that embracing technology can produce immediate and tangible results for the investment.

Article by Lasse Ljung, SVP, Life Distribution Sales, Hexure

This article was first published in Aspire Magazine.