What is Sales Automation Software for Life Insurance and Annuities?

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Insurance sales automation software is a type of modern technology solution. It streamlines the life insurance and annuities sales process. Some of these solutions are comprehensive platforms. They provide end-to-end functionality and automation. Many insurance carriers and distributors use sales automation software. It helps create a modern experience for advisors and clients.

Who uses insurance sales automation software?

Many in the life insurance and annuity industry use sales automation. From carriers to distribution firms and advisors. These solutions automate and streamline sales, processing and policy management. They also create a better advisor and client experience.

A better experience comes from wizard workflows that simplify the application process. As well as business rules that prevent common errors. Errors can lead to costly not-in-good-order (NIGO) applications.

What is insurance sales automation software used for?

Carriers and distributors use sales automation for a variety of purposes. In general, it brings as many sales activities as possible into a digital workflow. This can include needs analysis, e-application and illustration, e-delivery and post-sale services. Plus, it automates much of the process.

These software solutions simplify and speed up quoting, submission, processing and policy management. Sales automation software empowers efficiency for all parties involved.

What are the benefits of using insurance sales automation software?

There are many reasons insurance carriers and distributors use this technology. A few stand out as the most common reasons.

Save Time and Costs

Sales automation can help carriers and distribution firms save time and costs. It streamlines the entire sales process. It reduces the time it takes to complete applications and issue policies.

Automation eliminates many manual activities. It also reduces the need for paper-based processes. This saves time and reduces expenses.

For example, e-delivery gets rid of the time and expense of mailing materials from place to place. And e-signature capabilities get rid of the need to print and mail out for signatures.

Achieve a Better Advisor and Client Experience

Insurance sales automation software provides an improved advisor and client experience. It simplifies the sales process.

For example, these solutions make it easier for advisors to quickly create illustrations. As well as compare quotes from multiple carriers. Clients get a streamlined digital sales process. They also get faster policy issuance, improving their experience.

Reduced NIGO Rates

Insurance sales automation software can reduce NIGO rates. NIGO applications lead to delays and more work. Automation prevents errors that lead to NIGOs. It ensures that applications are complete and accurate.

For example, rules inside an e-application solution stop advisors from submitting applications with missing paperwork. This ensures advisors submit more applications in-good-order.

Carriers, distributors, advisors and clients all benefit from this. They receive a faster and less frustrating application process.

Support End-to-End Functionality

Some insurance sales automation software solutions provide end-to-end functionality. They support the entire sales process inside a single connected platform. These platforms manage most or all activities. Needs analysis, e-application, illustration, e-delivery, post-sale services. Sometimes more.

This can be an important factor in the quality of the sales experience. A single platform offers a consistent user interface (UI). This makes it easier for advisors to manage all sales activities.

It also ensures data passes smoothly from one activity to the next. This reduces errors and the need to manually edit or rekey information.

Ensure Regulation Compliance

Insurance sales automation helps carriers and distribution firms stay compliant with regulations and guidelines. This reduces the risk of penalties and fines. It also helps advisors better serve clients. They can match clients with the products most suitable for their goals.

Work With the Latest Carrier Information

It is important that advisors use the latest versions of carrier products and rules. When carriers make changes, products and rules update on the distributor’s end. There is no question whether an advisor is using the most up-to-date information. This leads to many benefits. For example, it reduces NIGO rates, cutting down on repetitive work and costly delays.

Meet Client Expectations

Modern consumers want fast, easy and digital-first sales experiences. They are used to conveniences like two-day shipping, digital checkout and order tracking.

Carriers and distributors in the life insurance and annuities industry need to modernize. They can use sales automation to offer the streamlined digital experiences consumers expect.

Modern Insurance Sales Technology at Work

Insurance sales automation software is becoming more widely used. These solutions create a modern experience for advisors and clients. They allow carriers and distribution firms to save money and add efficiency.

Today’s consumers have high expectations. And the insurance landscape is becoming more competitive. But life and annuity carriers and distributors have options. They can stand out from competitors with modern insurance technology.

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