Year End is Here!
What a year 2021 has been!
With life coming back to normal (whatever that means) in 2021 after the craziness of 2020, business at BC Brokerage was able to grow tremendously. This year we were able to get out and meet a lot of our relationships face to face, sometimes for the first time ever! We were also able to attend our first XYPN conference in November of 2021. We are beyond thankful for the advisors and clients who we have serviced in the last 2 years, and look forward to growing with everyone for the years to come!
As we near the end of 2021, we have a lot of exciting projects that we are wrapping up to implement in Q1 of 2022. Some of these items include the BC DropBox link, 1 page insurance analysis and quote comparisons, as well as more education around insurance. We will highlight these items below.
New Value Adds for Fee-Only Financial Planners
BC DropBox
You asked. You now receive.
We now have communal folders for our clients and advisors. This way, everyone always has access to their insurance policies!
Get yours set up today!
1 Page Insurance Analysis/Quote Comparison
Insurance isn't the easiest to understand and compare. This is why we are now putting all quotes on our own 1 page insurance plans.
Next time you run a Life, Disability, LTC, or Annuity Quote, you can expect a PDF comparison like this one to be in your inbox!
2022 - the year of insurance education
What are the details on XYZ again?
It is time to make insurance information more consumer friendly and comprehendible.
This is why we are making 2022 the year of insurance education.
We are in the process of creating an easily searchable insurance information bank for Fee-Only planners and their clients.
Accelerated Underwriting Expectations
20-30% of Applicants Qualify - industry average
We love innovation and the fact that many companies we work with are coming out with instant approval life insurance processes, but it's creating some unrealistic expectations in regards to underwriting.
Only 20-30% of people actually qualify for the instant offer with many of these companies. The rest proceed into a holding period for further review or get redirected into traditional underwriting.
What does this mean for your clients?
It means a process they thought was going to take 15 minutes is going to take at least a couple of weeks if not a month.
For extremely healthy people it's a great option. For the rest of the population, not so much.
Tech and innovation are great, but it's important to be realistic and transparent.
The Archaic System of Retrieving medical records
The majority (70-80%) of insurance applications will require a medical exam and/or medical records. The medical record retrieval process is the longest part of the underwriting process.
Processing time can range 15-45 days as a 3rd party copy service sends someone out during select office hours, completes as many copies as possible during their time, scans, and uploads to the UW.
Sometimes there are 100+ records and they can only scan 30 per session, thus records can remain in cycle for a few weeks at a time.
QUICK REMINDER
Want a quick year end insurance task?
Check your clients' beneficiaries!
Happy Holidays and a strong finish to your 2021!
and...
Blessings to your family and business for a great 2022!
^ XYPN Denver 2021 at the Denver Bronco's Stadium ^
BC Brokerage, LLC PO BOX 441032 Indianapolis, IN, 46244 www.bc-brokerage.com 765.730.7146