Predictive Analytics for Life Insurance: Register Today

by Chris Stehno, Deloitte Consulting

What if your producer could start his day by grabbing his iPad and clicking on the following apps:

  • iProspect – each day this app provides the names of 10 local prospects who are likely candidates for life and annuity products.  In addition to general contact information, the app tells you what products they should be most interested in and why.  Equally important, the app also determines if they were likely to make it through the underwriting process and identifies the potential issues.
  • iX-Sell – this app reviews the agents’ meetings and phone calls for the day, and suggests X-sell opportunities that exist for each of them.  Additionally, it lays out the key points unique to each individual that will make the most compelling case for turning that X-sell opportunity into a reality.
  • iApply – this app allows the agent to gather the prospect’s application for a UL product and within 15 minutes be able to issue that policy at their best fully underwritten rates.
  • iRetention – this app displays the names of 25 clients weekly who are most likely to lapse or surrender their product(s) with the agent.  In addition, it lists the top five unique reasons for each of the 25 clients’ anticipated lapses and lists strategies for mitigating those risks.

If the above sounds like a scene out of “2001: A Space Odyssey,” it is probably time to check your calendar.  It is now 2012 and all of the above is either already developed or is being rolled out in the near future.  And to clarify, it is not the magical iPad or associated apps that are driving the advancements.  It is, however, the predictive analytics behind those tools that are creating the magic.

Please join us in Los Angeles on May 23 for this year’s Predictive Analytics for Life Insurance as we discuss the above analytical advancements and others.

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