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From the Learning Center

How Our Tech Empowers Advisors and Underwriters

By Tyler Blake·September 19, 2023·3 Minute Read

In this Article

A lot can change in a year. This month’s newsletter highlights a number of innovations that Bestow has made in the last twelve months. Specifically we’ll focus on how we’re helping carriers optimize and empower their advisors, distribution teams, and underwriters.

Innovations to activate and empower advisors

When we sit down with carriers to begin the work of understanding their biggest challenges, one question inevitably comes up: “How can we activate and optimize our distribution teams and advisors?” 

One of the exciting things about working at Bestow is leveraging the talent we have across the organization to solve big problems. We tapped our product, insurance innovation, and growth marketing technology teams for some key innovations that have helped move the needle. 

Powerful advisor tools 

One reservation many have about new technology is that it can mean surrendering control - from client relationships to product selection counseling. So we developed a number of tools to help empower advisors to work smarter, not harder. Our advisor-led application process keeps the agent in the driver’s seat for both virtual and in-person client scenarios, while our portal experience allows advisors to manage warm leads and even follow up with stalled applications, or with those who are approved but haven’t yet purchased. All of this is just a few clicks away for any advisor.

There was also the need to optimize distribution teams and processes on a larger scale. Our enhanced management tools make it easy to do just that, so carriers can get the most out of their distribution resources with comprehensive data reporting, distribution trends, and intelligent projections.

Product recommendation engine 

From initial inquiries to field underwriting, one of the biggest lifts for advisors is getting to the point of understanding what product needs that customer actually has, as well as what products they may be likeliest to qualify for. Enter Bestow Data Solutions, a suite of data and marketing tools built around sophisticated modeling and designed to help guide the right customers to the right products. For marketers, this offers an advantage in terms of targeting, retargeting, and cross selling. Similarly, advisors can leverage our powerful product recommendation engine to access an already tiered or segmented applicant pool. This makes field underwriting much easier, and guiding customers to the right products much faster. These tools can also generally increase success rate and lifetime value, as they help facilitate a quicker, more modern experience for customers.

This is just a small peek at a much broader set of enhancements we’ve made over the last year, and we’re not done yet. After all, when it comes to innovation in the life insurance space, if you’re not moving forward, you’re falling behind. 

Q & A with Blake Cory, Director of Underwriting

Q: How has Bestow’s new underwriting rules engine evolved to help carriers?

A: Our underwriting rules engine was already a revelation in the life insurance space, but the innovations we’ve developed with our latest version are the equivalent of adding a turbo engine to a car. 

Speed and capacity have been vastly enhanced, allowing carriers to respond to in-market experience quickly and deploy rule enhancements in days or weeks with just a few keystrokes. 

Our powerful new Refer-To-Underwriter workbench was designed by underwriters for underwriters, with additional feedback from carrier underwriting teams and applicants. 

We also launched expanded audit capabilities to help carriers better monitor underwriting results and furthered our integration of cutting-edge data sources. 

These enhancements give carriers an even bigger leg up while navigating an industry that seems to move faster everyday.