Life insurers have always known the importance of their product in consumer’s lives, but it hasn’t always been an easy sell. In fact, the purpose of Life Insurance Awareness Month (LIAM) is to educate consumers and encourage them to “get the coverage they need to protect themselves and their loved ones.”

This year’s LIAM theme is “Reality Check: The Time for Insurance is NOW,” a timely theme as the COVID-19 pandemic has increased interest in life insurance products. Ironically, it also underscores one of the life insurance industry’s biggest challenges: access. Even before the pandemic, many carriers had begun to see a shift in the marketplace. Consumers no longer wanted kitchen table, face-to-face sales. However, they still wanted expert advice and guidance, as evidenced by the fact that over 90% of policies are still sold by producers. 

For life insurance carriers, the time for innovation is NOW. This perfect storm of events provides a unique opportunity for carriers to rise to the occasion and meet the growing need for life insurance products and expertise. This means ensuring that producers are empowered with the tools they need to sell and distribute products digitally, especially important as consumers maintain social distancing recommendations. 

Breathe Life client La Capitale is a great example of a life insurance carrier that recognizes the importance of empowering producers. La Capitale partnered with Breathe Life before the pandemic with the goal of making it easier for producers to meet consumers on their own terms. They wanted to increase sales, cut down on errors, and energize their advisors by empowering them with revolutionary digital tools. 

By deploying the Breathe Life’s modern distribution platform, La Capitale effectively energized its producers, and results exceeded expectations:

  • The average sales cycle, which typically took up to three months regardless of product sold, declined by 25%;
  • The application error rate, averaging 30%, was reduced to 0% by digitizing the experience;
  • In just five months, more than 28% of all new policies sold were through the Breathe Life platform, more than 500% of La Capitale’s initial goal.

Perhaps the biggest surprise benefit was the return of producers that had abandoned La Capitale products. By eliminating the 40-page paper application that needed to be mailed to corporate, the back and forth resulting from errors, and the weeks delay in policy issuance, La Capitale was able to energize its producers by giving them the modern digital tools they needed.

As we continue to celebrate #LIAM2020, Breathe Life will continue to share inspirational stories that demonstrate why #lifeinsurancematters, and how life insurance carriers can step up to meet this unique moment in history and meet the needs of millions of new life insurance consumers on their own terms.