More than three in four life insurers offer a proprietary life illustration tool, according to a new report.
Dalbar Inc., Boston, published this finding in a summary of results from a new study that reviews life insurance and annuity illustration tools as part of a quarterly ranking of financial professional websites in the life insurance and annuity industry.
Seventy-seven percent of life insurers offer a proprietary life illustration tool, the Dalmar study funds. While many are web tools, download software is usually Windows-based.
Among the reports other findings:
–59% of firms use a 3rd-party platform, with the most popular being ForeSight by Insurance Technologies (41% of firms).
–59% of life insurers offer a software download through their professional website. Annuity downloads are less prevalent, with 23% of tools being available for download.
–45% of annuity tools are proprietary.
–23% of firms use an online tutorial on illustration tool usage.
–18% of firms do not offer life illustration tools online (13% for annuity tools), requiring users to call to request illustrations be run.
–13% of life insurance tools offer an express option to obtain a quick quote for a product.
– 9% of firms offer life insurance software via CD only while no annuity firm is opting for this avenue.
–Warren S. Hersch