Magazine article American Banker

Tools for Selling 'Permanent' Life on AgentLife Site

Magazine article American Banker

Tools for Selling 'Permanent' Life on AgentLife Site

Article excerpt

Banks looking to expedite sales of complex "permanent" life insurance products -- such as whole life, universal life, and variable life -- are a target market for Saver3, a new package of Web site tools on AgentLife Inc.'s site.

"Our main thrust is to offer our platform on a private-label basis for different distribution channels," including financial planners, insurance agents, banks, and accounting firms, said James D. Roberson, a co-founder and the president of the Tampa agency technology company.

The tools, which went live on the site last week, simplify an agent or bank rep's three most time-consuming tasks in selling such products, he said. Saver3 can create an "illustration," the document showing the calculations of premiums and policy values for the client; speed up case analysis, showing how the insurance fits in a client's specific financial plan; and put together the report for the client.

Normally, Mr. Roberson said, these tasks can take several hours or even days to complete, because the agents must get feedback from several insurance carriers to complete the analysis. Saver3, however, has policy information from carriers including Pacific Life, John Hancock, Allmerica Financial, Mony Group, and Prudential.

To use Saver3 an agent, rep, or financial planner must register with AgentLife, which will approve only those with contracts with one of the carriers.

The tools are not meant as a way for insurers to sell directly to consumers over the Internet, Mr. …

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