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Study: Most Life Insurers Use Proprietary Illustration Tools

By staff Writer

June 26, 2011 at 08:00 PM Share & Print

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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 3^rd-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.