Life in the Middle Market

Life in the Middle Market

The life insurance middle market’s potential, estimated in 2011 to represent $15 billion of untapped annual premium by the Society of Actuaries, is well established. Yet despite years of attempts and analysis, the market remains underserved. Not surprisingly, software vendors highlight the processing speed and cost effectiveness of their automation technology as the obvious cure. While Straight-Through-Processing and Simplified Issue programs are a critical component, numerous analyses point to many other considerations:

  • Expanded delivery methods, including online, multiline, innovative retail locations such as Walmart and banks, and brick & mortar offices.
  • New products aimed specifically at the middle market, not retreads of the same products offered to earlier generations.
  • More tailored approach, with a more sophisticated understanding of the different middle market segments.
  • Pricing that reflects the segment’s economic realities and priorities.
With all of these considerations and the lack of a proven winning combination, what is clear is that any technology brought to bear must support a diverse range of possibilities and enable rapid, cost-effective experimentation. Resonant’s ILUS is unique in this regard.

  • Quickly revise guidelines, including new products and STP conditions.
  • Model guideline effects before, during and after launch.
  • Easily define new channels and sophisticated customer segmentation.
  • Support for multi-line selling.
  • Immediate decisions with state of the art support for Straight Through Processing and advanced risk assessment.