With the ubiquitous news reports surrounding the launch of the iPhone 5 over the past few weeks, it seems like everyone’s been talking about the continued success of the powerhouse that is Apple. In a crowded field of phone makers, they once again do what they so uniquely do with all of their offerings—create and market a product and service better than anybody else.
I’d like to point you to a thought piece a UK colleague of ours, Campbell Macpherson, wrote for Money Marketing last week. The title of this one—“What . . . → Read More: What if Apple built an Insurance Company?
In my last entry, I mentioned the $18 trillion income protection gap in the United States. Much of this gap sits within the middle and lower middle markets—which make up about 75 million U.S. households. I was talking with the president of a large distributor recently, and I asked him why this market was so hard to sell to. He said, “Tim, you can’t make much money off a $250,000 term policy when the total premium around $250 per year and the first year commissions are 140%.”
That got me thinking about . . . → Read More: Addressing the Middle Market
I came across a statistic a few months back that truly perplexed me. According to a recent LIMRA study, there’s currently an 18 trillion dollar gap in income protection in the United States. How could life insurance sales be flat in the last five years when we have that big of a divide in coverage?
If you take a look at any industry, there are three things you need to do to be innovative and successful:
You have to have a product that someone needs.
You have to have a product, service or business . . . → Read More: Creating the Demand to Close the Gap
Our recent Insurance Industry Thought Leadership Expo 6, Selling Insurance in a New Digital World, attracted nearly 850 registrations—a surprising number given the topic explored the use of mobile devices in insurance. Or should I be surprised? Who among you does not have either an iPad or a Smart device? Who among you does not want to leverage new mobile technology to improve how you market, sell and process insurance?
iPad sales hit 7 million in 2010 and are expected to triple by 2012. Consumers are embracing mobile technology at unprecedented rates, . . . → Read More: Like It or Not, Here Comes Mobile
This year iPipeline’s user meeting and conference was held at the new Aria Resort & Casino in Las Vegas, and this year our theme for the conference and our company is “Connections”. I can sum up the conference with one word…..great! Understand the context in which I say this: as a CEO who has spearheaded many of these meetings throughout my career, annual user conferences typically aren’t that exciting.
So why was it great? We managed to assemble 400 individuals who represent some of the nation’s most influential carriers, distributors and solutions . . . → Read More: The Great Connection
iPipeline broke new ground in the insurance industry in 2006 by enabling many of our carriers, distributors and producers/financial advisors to drop their pens, use an intelligent fillable form (our iGO e-App) and complete the application processing activity by using e-Signature. In 2010, we extended the use of e-Signature by making it a component of our e-Policy solution, PolicyEX™, and PolicyHS™, our Policy Holder Services solution.
There is no doubt that “electronic” is synonymous with simplicity and accelerated processing. Yet, from time to time, many question the safety and security in using . . . → Read More: e-Signature – Is It Really Safe?
When I first came into the life insurance industry I was amazed at how many unique and interesting characteristics were core to the success of the businesses. These characteristics included very close long-term relationships, strong rules on disintermediation and real strong pride in the insurance profession. However, the one thing that puzzled me was this chicken and egg approach to the use and adoption of technology that benefits everyone involved in the processing of quotes and applications. Over the last two and a half years I can’t believe how often I . . . → Read More: Chicken or the Egg
The Wall Street Journal recently offered an interesting article on e-books and the effect they are having on the publishing industry. It made me think about e-apps and the effect they are having on the insurance industry.
Currently, electronic books comprise 3% to 5% of all book sales. However, those sales are estimated to increase to 20% to 25% of all unit sales by the end of 2012. Many analysts estimate that the percentage of unit sales could be much higher. e-books are having a major impact on companies such as Barnes . . . → Read More: Making the Connection – e-Books and Life Insurance?