Underwriting Goes Automatic

A new automation area that CBLife is pursuing is automated underwriting, which will yield some key advantages. Automated underwriting…

  • Reduces the life cycle time of an application, “resulting in a faster underwriting decision,” says Jeff Levin, president of CBLife. That means the applicant receives the policy more quickly and producers are paid commissions faster, he adds.
  • Provides continuous opportunities to review underwriting guidelines and quickly make changes to either reduce or increase our risk measurements, ensuring a better quality of business and an expected mix of risk, says Levin. 

Great move

“Ultimately, automated underwriting results in better service for the client and producer, reduces the time involved to underwrite a case, thus allowing our underwriters time to review more complex cases, and captures the underwriting data in our systems for continuous review by our risk and actuarial teams,” Levin says. “Everyone benefits.”

Live Chat: What It Is and How It Works

We’ve all clicked on websites and immediately a window pops up with a name, face, and question: “Hi! Looks like you’re searching our web site. Anything I can help you with?”

Customers love live chat, and so do a lot of businesses: It reduces incoming calls and emails, can increase sales, and helps businesses better understand customers.

Did you know?

If you have at least one team member who can devote the majority of their day to customer interaction, then you can add chat to your website by signing up with a company like Helloify, which can be set up for as little as $17 a month.

Want to take the next step and outsource your chat service? Services like DeskMoz offer industry-specific 24/7/365 chat support to customers from their remote office to your website. Here’s how it works:

  • When you sign up for the service, you create a list of the most common questions customers pose, and the answers to them.
  • Within 48 hours, DeskMoz trains at least nine of their chat agents (main chat agents, backup chat agents, shift managers, dedicated managers, and more) on the basis of your FAQs.
  • You receive a full transcript of each chat to analyze and provide feedback on.
  • Feedback is used to increase the chat agent’s ability to handle FAQs.
  • Sales leads and support tickets go to your inbox.

Pricing starts at $199 a month for up to 50 chats and 20 FAQs on a single website with 24/7/350+ chat agent availability.

Reality Check

While extoling the benefits of outsourcing and automation, Ayers acknowledges the critics. “This is a sensitive subject,” Ayers said at Elevate 2018. “I get it. You are either for this or you are against this.”

The truth is, though, that the insurance market is under pressure. “The channel is being squeezed,” Ayers said. “We have to think of ways to run our business, our organization, in a way that makes more sense. We need to think about our business differently and about how we can sustain ourselves past the year 2020.”

The bottom line, says Levin, is that technology is quickly transforming the insurance industry.

“I was in a meeting where a distribution partner asked if we were an insurance carrier or a technology company,” Levin says. “The answer is both. Technology surrounds us in our everyday lives.  It can be overwhelming.  But it can also be transformational.

Staying the Course

At CBLife, says Levin, “we will continue to leverage technology to improve the consumer and producer experience, to improve our processes, to reduce costs, and to identify opportunities where we can achieve ‘first mover status.’ Technology provides an opportunity to disrupt the norm and be recognized as an innovator, and the insurance industry is in need of innovation.”