iLife is excited to announce a new partnership with Legal & General America where they will provide the first carrier, Banner Life Insurance Company, to be fully integrated into our platform.
Previously, if a prospect wanted to submit an application through the platform, they’d have to go directly to a carrier’s website, fragmenting the process and delaying results significantly.
Now, the process is completely seamless and takes place entirely within iLife’s software.
To better understand how this initiative will both benefit customers and pave the way for future advances in the life insurance industry, our CEO, Nelson Lee sat down with LGA for a discussion.
What drew iLife to a partnership with LGA?
LGA’s open-mindedness from our very first conversation, in terms of wanting to innovate via a partnership with a young, high-growth tech startup like ourselves, really stood out from what is otherwise a very old industry. This reaffirms our belief that true change and impact in the life insurance industry comes from incumbents and new innovators working together, not competing against each other. Also, LGA is well known in the industry for being very competitive in terms of pricing and application convenience, which matches really well with our thesis of doing whatever it takes to make the lives of insurance agents and their customers easier, without sacrificing on price and product quality.
Typically, the insurance industry isn’t known for being tech savvy. Tell us how technology has paved the way for growth and transformation in the life insurance space?
I think it really begins with what we intend for any technology to achieve from a human perspective, in that technology isn’t always necessarily or inherently good or bad, and it all comes down to intent and execution. Although a lot of resources and efforts have gone into innovating the life insurance industry over the past 10 years, only a very small percentage has been focused on helping to improve the existing stakeholders’ infrastructures, instead of replacing or competing with it. We at iLife always believed that our central mission and business model was to help other businesses and not replace them, and that belief in our minds has been instrumental in hyper-growth adoption that is ultimately required to achieve transformational impact.
How does it feel to have the LGA integration live on 1/26 and what does it mean for your customers?
It’s a real game changer, never before has it been possible for an agent to take the entire business online, self-service, within 1 minute, at minimum budget with no codes, and immediately start offering seamless online policy decisions to their customers. The biggest impact comes from the fact that great consumer experiences can now be had at insurance businesses of any size, any budget, with an extremely short time needed to realize value, all of which are radically different and opposite to the insurance industry’s prior concepts of Enterprise software.
With this new LGA integration and partnership live, the traditional hurdles in digitizing an insurance business have all been eliminated: budget, IT know-how, and lead gen. Starting or growing an insurance business online will be 10x easier than even 1 year ago.
How do you see innovation impacting the industry in the next few years?
We will surely continue to see the diverging groups of insurance stakeholders, where on one side players do all they can to innovate both consumer and agent experiences, and on the other side players insist on doing what they have always been doing for decades. This gap in approach, technology, and resulting experience, is about to get much larger over the next 5 years compared to what we’ve seen in the past 30 years.
What makes this LGA partnership unique?
The freedom of appointments is a big one for many agencies, in that agents do not need to change their existing LGA appointments if they already have one. This effectively means that instead of being a competitor to traditional BGA/GA/IMO’s in the existing ecosystem, we are simply a new technology infrastructure that needs no additional onboarding or build out. For agents and agencies who want to digitize their consumer experience and processes without losing the liberty of controlling their own appointment of choice, this is an ideal option.
What does this mean for the quality of life of your primary users, the consumers and the agents?
For agents, the change in quality of life is very dramatic. In the past, agents had to spend painfully long hours doing cold outbound prospecting, then piece together 6-7 different pieces of software from various providers to complete the sales process, all to just have an unstable flow of income. Now, they are able to work from anywhere, get matched with customers on a consistent basis, with clients browsing and applying for policy options even when agents are away, leading to a dramatically better return on their time. When the agents’ income becomes more passive, inbound, predictable, and less dependent on hours spent actively prospecting, they are able to spend more time with family, and servicing their customers.
End of interview transcript
In recent years, the transition of various legacy industries, such as life insurance, into the digital age has only increased more rapidly.
While it’s impossible to know the future for sure, one thing is certain — iLife’s partnership with Legal & General America is a strong step forward for the industry and implies even greater shifts yet to come.
Regardless of where you are now or where you want to take your business in the future, utilizing technology is an essential component in the modern-day life insurance industry. Partnering with iLife gives you access to our insurance hub platform, comprising advanced tools like CRM functionality and automated underwriting that will keep you moving forward and help you gain a competitive edge.
Contact iLife today or sign up for your free account to learn more about how we can help you launch or scale your life insurance business.
Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.