For insurance and wealth management advisors, staying competitive is essential. The best advisors embrace technology and leverage its capabilities to enhance their services, shorten the time it takes to get their clients the right coverage, and improve their team’s efficiency. 

Modern Life is an insurance brokerage that combines proprietary technology with hands-on brokerage support, ensuring that advisors receive the support they need while leveraging new tools to help them at every stage of the life insurance journey.  In this article, we'll explore why advisors should consider using a tech-enabled brokerage, like Modern Life, to serve their clients better:

1. Easy client intake

One of the biggest pain points of the life insurance journey occurs at the very start: intake conversations with clients about their medical history and lifestyle, which are not only awkward but often require clients to remember details about their medical history on the spot, leading to improper or incomplete medical histories that can impact underwriting time.

Digital intake forms solve these issues. By moving client questionnaires online, advisors benefit from an application form designed for clarity and completeness. In fact, Modern Life’s digital intake form can improve field underwriting. The responsive form automatically prompts clients to provide additional key health details crucial for accurate underwriting, which can improve time to approval by as much as 41%.

Technology can also make uncomfortable conversations more bearable. Instead of completing the form in-office, advisors can share a secure, unique link to the intake form with their clients to complete from the comfort of their own homes. This eliminates the awkwardness of walking through clients’ detailed health history and allows them to fill out the forms on their own time, with access to their medical records, which can improve the quality of responses and, by extension, underwriting timelines and outcomes.

2. Single-point document management

Complex insurance applications can run to dozens of illustrations and hundreds of documents. Keeping track of all moving pieces is crucial to keep clients on track and applications humming along. Brokerages like Modern Life provide advisors and their teams with a secure platform for storing and organizing client documents, reducing misplaced paperwork and making case management a breeze. 

Using the Modern Life dashboard, advisors and their teams have a single interface where they can retrieve, review, and upload case files. Documents are organized under each case for easy reference, and advisors can share a file with their Modern Life case manager by simply uploading it directly to the platform, ensuring nothing falls through the cracks or gets lost in an email inbox.

3. Easy and responsive status and requirement tracking

Just as with documents, insurance applications may have dozens of requirements, from medical and financial underwriting forms to trust and estate documents. With no centralized repository for tasks, advisors and their teams must track these requirements on their own, digging through their inboxes for updates and repeatedly contacting clients with follow-ups and new requests. The process wastes advisory teams’ time, frustrates clients, and drags out the application and approval process.

Modern Life’s dashboard features an easily referenced overview of all the pending and completed requirements for every case that an advisor has outstanding, including notes and comments from their case management team. This dashboard, which can be easily referenced from any computer, phone, or tablet, helps advisors stay up-to-date with every case and is a handy reference when discussing pending cases with clients.

Advisors and their teams also receive weekly round-up emails on every case, making it easy to get a head start on their week and proactively reach out to clients to keep cases moving quickly.

4. Unparalleled insights and choice

With complex financial products like life insurance, clients prefer multiple options to review and choose from. Every client has unique insurance requirements, and tech-enabled brokerages offer access to a wide range of coverage options, ensuring that advisors can cater to various client needs, whether term life, whole life, long-term care, disability, or other insurance products. Additionally, advisors can compare quotes from multiple carriers to find the best options for their clients that fit their budget. 

With Modern Life, advisors can:

• Start an application directly from the quote page with pre-filled key information.
• Compare term, permanent, long-term care, disability, and annuity quotes between carriers for each client in one interface, including viewing policy illustrations to show clients how a product might perform over their lifetime. 
• Share those quotes directly with clients in a responsive, branded experience, just like you do for instant term quotes.

Modern Life partners with over 30 of the nation’s leading carriers, including John Hancock, Prudential, Lincoln, Pacific Life, and Nationwide.

5. White glove, responsive service for all cases

Like a traditional brokerage, tech-enabled brokerages provide advisors and their teams access to a dedicated brokerage team, including advanced planning and case management support. Our team is specially equipped to assist advisory teams with complex impaired risk or jumbo cases, such as those for clients with a stroke history or criminal record, as well as in-force analysis and policy reviews.

In addition to our readily available tools, Modern Life’s brokerage team can prepare detailed analyses to help compare existing policies to new options or help with challenging scenarios, such as rising LTC rates.

Finally, we’re believers that responsiveness is key. With Modern Life’s digital underwriting capabilities and strong carrier connections, our advisors have a 41% faster approval time and save their clients an average of 17% on their policies. In addition, we commit to responding to advisor questions and generating illustrations within 24 hours to address client concerns and keep business moving smoothly.

Next steps

If Modern Life sounds like the best solution for your firm, fill out the form below to speak to a brokerage manager.