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Looking Ahead at Early Trends for 2023
Insights from the iPipeline Data Team
Happy New Year – or better yet – Happy 1st Quarter of 2023!
Here at iPipeline, we may not believe in Ouija boards, fortune tellers, or crystal balls to forecast our future, but we do believe in our data – and the power of that data.
As we look forward to the year ahead, we’d like to share a few trends that we are seeing in the industry right now.
Early Trends for 2023
- Higher face amount cases ($5 to $10+ million) being submitted -- and placing
- An 18% increase in submitted cases between $5-10 million
- The placement ratio for cases over $10 million increased from a steady 55% for most of 2022 to 73% by the end of the year
Hot Products
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Universal Life products saw a nearly 30% increase in submissions recently -- with an 18% increase in those submissions placing
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This increase was mainly in high face amounts, including:
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335% increase in submissions between $3-5 million
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281% increase in submissions between $5-10 million
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75% increase in submissions over $10 million
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The Buyers
Based on our data, we’ve seen recent trends where:
- Term products are predominantly being purchased by those 18-24 years of age, who are buying $1-2 million policies
- UL products are being purchased by 45-55 year-olds, who are buying $3-10 million policies
- Annuity products are being purchased by 18-24 year-olds – after trending all year in 2022, submissions increased 126% toward the end of last year
We do know that one thing is certain about 2023:
Technology will continue to transform and drive growth in our industry. By digitizing the application process, we can make it faster, easier, and more accurate, and with a complete array of analytics – all to help you build your business and help more clients purchase life insurance, annuities, and wealth products.
Mary Maxson
Director, Data Analytics
Case Manager Confessional is your chance to spill your deepest and darkest work secrets to our relationship expert: Forms Guy. If you have a question that we can answer, share your insurance workplace quandary with Forms Guy.
Dear Forms Guy:
I work at a fairly busy BGA and lately, I've been receiving too many calls from agents asking about their commissions. It's starting to feel overwhelming and it's taking up a lot of my time. One agent even found out my personal cell number and has been texting me on the weekends. How can I set proper barriers and manage their expectations?
Sincerely,
Commission Conundrum in Connecticut
Dear CC in CT:
A wise BGA principal once told me, don’t mess with an agent and their paycheck. But, then again, they shouldn’t be bothering you over the weekend during mimosas and brunch! While it's important for them to know where they stand on comp, it's also important to establish proper boundaries to ensure you can continue to perform your job effectively. Here are a few tips on how to set proper barriers and manage expectations:
- Create clear guidelines: Set clear guidelines for when agents can call you regarding their commissions, such as designating certain times of the day or week for these inquiries.
- Communicate effectively: When agents call, let them know that you value their business and that you will get back to them as soon as you can.
- Delegate tasks: If possible, delegate tasks related to commissions to other team members who can assist agents with their inquiries.
- Offer resources: Consider providing agents with access to online portals or other resources where they can view their commission information on their own.
- Stay organized: Keep accurate records of all commission-related information to avoid any misunderstandings or discrepancies.
By setting proper barriers and managing expectations, you can help alleviate the pressure of constant commission inquiries and improve your overall workflow.
I’ve got your back!
Forms Guy
$19 Billion
That's the amount of premium submitted through iPipeline's agency management system in 2022.
Of that, $14 billion of that placed - a whopping 350,000 cases!
* * * * * * *
A case was more likely to place in 2022 if:*
Permanant Life
42-year-old applicant
Less than $7,808 in premium
No APSs ordered
315 or more touches by case manager
*Powered by iPipeline's InsureSight, and its Propensity to Buy Algorithm
Term Life
58-year-old applicant
Less than $3,060 premium
No APSs ordered
257 touches or more by case manager
We asked our technical support team to share some tips on items they frequently get asked about. Here are their top tips:
Add or Edit Users on Your DocFast Account
We make it easy!
Just click below, download the Distributor User Management document, and follow the steps. Click here for a video (see Carrier/Supplier User Management, then Distributor User Management).
Need to Resend eSig Emails in iGO?
We’ve just made it even simpler to resend an eSignature email.
Now all you have to do is click our new “Resend Pending Emails” button – right from your My Cases screen.
Locked Out of iGO?
Emails get lost, deleted or misplaced -- or you get locked out.
We can help!
Thoughts from our Founder and Chief Innovation Officer, Bill Atlee
We're Breaking the Mold of Static Marketing Brochures
Do carriers’ digital product brochures seem like they miss the mark? These brochures are designed to educate brokers on product features -- but most of the time, they end up as deleted emails or in the recycle bin.
But why?
It may be because the message is conveyed through a static PDF brochure -- and lacks an interactive digital experience.
Consider this ...
Imagine a digital brochure that is smart enough to instantly react to each individual broker. A broker enters the information for their client -- age, premium tolerance, payment years, retirement income, and death benefit -- directly into the digital brochure.
In just seconds, the broker receives a specific pricing for that client, along with access to a compliant illustration and the ability to connect seamlessly to an e-app to apply. With one additional click, a broker can also generate an interactive presentation -- that can be emailed to their client in minutes.
We call this iBrochure.
It's a new digital way for carriers to create interactive brochures where you can:
The following carriers' products are now available on iGO® and DocFast®:
| Carrier | Go Live Date | iPipeline Solution |
Insurance Products |
| Foresters Financial | December 2 | iGO | Prepared II (now available in additional states) |
| January 23 | iGO and DocFast | Lincoln WealthAccelerateSM Indexed Universal Life | |
| Transamerica | January 4 | iGO | FCIUL |
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For more information on
the Foresters Financial Prepared II product,
For more information on the
Lincoln WealthAccelerate IUL product,
For more information on
Transamerica’s FCIUL products,
read the recent press release and
visit the FCIUL agent toolkit.
If you do not see one of these carriers listed as a supplier in your iService Tool,
please contact us for instructions on how to gain access. See our “Need Help?” section below.
Connections
March 12-14 | ARIA Resort & Casino | Las Vegas, NV
Discover It All
Join us as we share and discuss the future of the insurance and financial services industries to help you reach your goals and discover what's possible!
Attendance fees have been prepaid for most BGA customers using Agency Integrator. Please contact your sales rep to see if you qualify.