Tag: Roy Goodart

What’s Changed in the Past 8 Months? A Lot, According to Our Clients… So What Have We Been Up To?

From an industry perspective, insurance carriers are more interested than ever in digitization. At the same time, they’re in hot pursuit of direct-to-consumer (DTC) solutions to meet the needs of millennials, retirees, and everyone in-between. Not surprisingly, the idea and interest in a DTC model has exploded in the past eight months, accelerated by people panic-buying to make sure their loved ones can cover their mortgage, for instance. More specifically, we’ve seen a lot of desire to bring final expense products to market quickly and put the appropriate technology in place to support a DTC strategy.

As a carrier, when you start your discovery process around DTC, there are numerous factors to consider:

  • What types of products are you planning to offer?
    Most consumers are looking for simplicity, great rates, and something they can obtain today.

  • How are you going to retain consumers?
    One of the most expensive parts of the process is getting the consumer in the door- but once you have them, how do you keep them? Exit rates are high- in many instances as high as 80%- depending on the lead source. It’s imperative to arrive at the right mix of information and education and ask the right questions.

  • What’s the best path for the consumer?
    Some don’t want to speak with anyone and want to complete the entire process by themselves. Others need a little handholding with a good, clean, instant handoff to an agent or call center at precisely the right time. This requires careful consideration as to how you should build these workflows. An even better offering is to integrate a great AI solution that learns from the consumers that came before them, creating a truly dynamic workflow and process.

  • What types of solutions are you integrating with?
    How will they show you bottlenecks in your process, where the drop-off rates most commonly occur, and where people tend to spend way too much time in the process? Knowing these will increase your success rate, and at the end of the day deliver more policies for your organization.

  • What about those who don’t meet your instant issue scenarios?
    What path are they heading down and what are the key touchpoints to keep them engaged? How will you keep them informed throughout the underwriting process? Be sure you’re not forgetting those extra underwriting requirements and additional forms that might be needed. Ensure you are offering a great digital process to collect every detail, e-Sign, and bring that data back to your underwriters quickly.

  • What will happen when the policy’s ready?
    Your customer is going to want it delivered electronically. Will you need to collect payment at delivery, allow for beneficiary changes, and/or allow for possible upsells? You’ll want to make sure your entire process is digital for smooth integration and an exceptional experience.

  • After the policy is in-force, how does the customer journey look?
    Keeping the customer engaged for the next 20–30 years should be your goal. What type of metrics are you planning to use? What types of third parties can you tap into that give you up-to-date life event information? The answers to these questions will provide you insight into possible future sales, probability of policy lapses, and more.

For most carriers, dipping their toes into the DTC marketplace can be a scary proposition, since there are a lot of unknowns and making the wrong choices up front can lead to poor results and big missed opportunities. If you’re looking for a good partner, and one that can help consult with you through the entire process–sharing ideas, best practices, and keeping you out of the preverbal minefield–give us a look. We have the tools and the experience that many other insurance carriers just like you count on to bring thousands of insurance products to market.

Is DTC on your mind? I’d like to know what your organization has been planning regarding the launch of its DTC model. Reach out to me with your ideas, comments, and suggestions!

What Can You Do With 50 Petabytes of Data?

Over the past five decades, our industry has collected over 50 petabytes of data—that’s a huge pile of information by anyone’s calculation—including demographics, financial and purchasing history, and many other pieces of potentially valuable information collected by insurance companies. Alone, it’s just data—basically zeros and ones—however, when amalgamated, analyzed, and put to use, it has tremendous power to find bottlenecks in our business flows, help guide our customers through a lifetime journey of financial awareness and family protection, and present new opportunities for agents and advisors to grow the business.

I can say with confidence that we have the technology and tools to put that data to good use not only in the future, but also today- something you won’t easily find, short of hiring an army of data scientists! Let’s take a step back and look at some examples of how to best utilize all of that data:

Here are five big data scenarios that could make an impact on your business.

  1. Consumer Bailouts
    Most of us spend a lot of time and money driving people to our websites and creating a customer journey experience that results in a quote. But how might we use big data to drive people through a different, more effective workflow? For those who are direct marketers, your data will tell you where consumers bail out from the buying process. Smart systems can drive the consumer through different workflows, selecting the best path based on their answers along the way. Machine learning can help further improve rules and workflows for the benefit of insurance companies and individuals.
  1. ‘Know Before You Go’ Quotes
    Why give consumers an approximate price when you can let them know the exact rate and the best carrier that fits their situation, based on analytics? By looking at the consumer as an individual, we can give them an exact price, their percentage chances for approval, and the shortest path to a policy. With all of this powerful data, maybe you decide not to give an individual too many choices—just the top three—so that they’re more likely to make a purchasing decision on the spot.
  1. Growing Your Book of Business
    Perhaps obviously, you can leverage your data to increase new business. We recommend using a third-party tool to continuously scan your data to see what’s happening in an individual’s life. Someone may have just bought a home and could use more coverage. Others may be looking to buy other types of insurance, like home and auto. With Artificial Intelligence capability, you’ll be able to use these tools to create an automated quote based on what you believe they need, according to the data.
  1. Cross-Selling at Delivery
    People may not want to be sidetracked with additional recommendations until they reach the end of the sales cycle. But, once a policy has been issued, what else might they qualify for? You could, for instance, send them a car insurance quote based on what you know- and then ask them to apply. Overall, to reach a successful outcome, you need both the analytics and a way to manage them.
  1. Your Best Rep at the Ready
    What if you could drive consumers to the rep who is best suited to speak with them? This is a potential gold mine within your business. Some of your reps may be more empathetic in certain situations (for instance, difficult health issues) than others. Simply stated, some reps are better at getting those individuals through the process. Sometimes it’s hard to identify them; however, machine learning and analytics can automatically drive those consumers to your best reps. Ultimately, this approach provides significantly better customer service and also helps drive more sales.

So how do we bring it all together?

Our InsureSight® product leverages data analytics and delivers AI technology that makes all the data work for you. We can amalgamate, massage, and help you interpret your data to make the most impact on your business, with the end goal of helping more families feel safe and confident.

If you want to take a deeper dive, check out the recent LIDMA webcast I did with our CEO Larry Berran called ‘Rise of the Machines: Using Data and AI to Grow Your Business’. You can also find more detailed information on the InsureSight product page.

Rise of the Machines: Using Data and AI to Grow Your Business

iPipeline CEO, Larry Berran, and VP of Product Management, Roy Goodart share how owning and understanding your data and customers can transform your operations, increase revenue and manage risk. In this session you’ll learn how we’re empowering our industry to make the shift to becoming data-driven organizations!

iPipeline sponsored this session in conjunction with LIDMA’s 2020 Virtual Mastermind Series.

iPipeline Expands Product Management Group With Appointment of Industry Veteran Roy Goodart

Focus Will Be on Advancement of iPipeline’s SSG Digital Platform for Brokers and Advisors, Direct Writers, and the Direct-to-Consumer Digital Experience

EXTON, PA (August 4, 2020) – iPipeline®, a leading provider of cloud-based software solutions for the life insurance and financial services industry, today announced the appointment of Roy Goodart as VP of Product Management. A 20-year veteran with a record of success in managing SaaS and business process automation platforms for the life insurance and financial services industry, Goodart comes to iPipeline from Paperless Solutions Group, where he served as Chief of Product and Customer Success. In his new role at iPipeline, he will be responsible for implementing his vision for the enhancement of the SSG Digital® Platform and Direct-to-Consumer (DTC) solutions, as well as executing the company’s overall product strategy to fulfill customers’ digital initiatives.

“We have been re-thinking our approach to our solutions given the impact of the COVID pandemic. As part of our initiative to accelerate the pace of digital transformation we have decided to add multiple additional senior leaders and top talent to our Product organization. We are happy to welcome Roy Goodart back to iPipeline to drive a seamless digital experience for consumers, agents, and advisors,” said Larry Berran, CEO, iPipeline. “We are looking to double down on our investment in this space and Roy has a track record of producing innovative, easy-to-use products that meet the immediate needs of our industry. Given the likelihood that more business will be transacted remotely, one of his strategic initiatives will be the continued development of comprehensive, next-gen direct-to-consumer (DTC) solutions, including DTC offerings enabled by advisors and brokers. Roy is no stranger to anyone in our industry, and we are pleased to have him onboard at iPipeline to drive our innovation.”

“iPipeline is in a unique position to deliver incredible value to an industry greatly in need of fulfilling their digital transformation imperative. The new challenges emerging from COVID-19 are going to be with us for the foreseeable future. There is no better way to overcome remote engagement obstacles than by using an integrated platform designed for agents, advisors, and consumers,” said Roy Goodart, VP of Product Management, iPipeline. “My immediate focus will be on advancing the SSG Digital platform, integrating new products, and delivering on the next installment of a DTC solution to power sales and meet consumer expectations.”

Prior to Goodart’s role at Paperless Solutions Group, he held key executive positions at Prospect9, Aplifi, AgencyWorks, and InsureSocket. He earned a Bachelor of Science Degree in Marketing at Westminster College, and a Master of Business Administration Degree from University of Phoenix.

For assistance in reimagining how your organization does business in the COVID-19 environment and to achieve a competitive digital advantage, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

About iPipeline
iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital end-to-end platform, we accelerate and simplify sales, compliance, operations and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

iPipeline’s platform is used by approximately 150 carriers, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484 870 6234