Innovative Blockchain Design for Life Insurance & Annuity Commissions Lowers Costs & Enables Growth Focus
August 27, 2019 by InsurTech Express
RALEIGH, N.C., Aug. 22, 2019 /PRNewswire/ — Commissions are an important part of the life insurance and annuity business model, but if the process does not go smoothly, it can impede effective partnerships, increase costs and waste valuable time.
InsurTech Express is rethinking the way life and annuity providers handle the complex challenge of commissions—leveraging technology to solve historic issues and enabling participants to focus on growth and serving customers well.
InsurTech Express published a White Paper, available for free download at InsurTechExpress.com, explaining how in today’s marketplace, the current life and annuity commission model is archaic and cumbersome, resulting in wasted time for all parties—time they would prefer to spend on growth and serving their clients’ needs.
“The Commission Blockchain plan that InsurTech Express is launching can streamline the entire commission and contracting process for participating carriers and distributors alike,” said Dan LaBert, CEO of the National Association of Independent Life Brokerage Agencies (NAILBA). “Ken and the team have designed an innovative approach to leverage the latest blockchain technology to solve recurring challenges our members see in their businesses. I look forward to NAILBA members further engaging in this exciting new technology that could resolve commission accounting concerns.”
“The InsurTech Express Blockchain for Life and Annuity Commissions solves many pain points that distribution and carriers have experienced for years,” said Ken Liebow, InsurTech Express Founder and Chief Executive Officer. “This innovative approach to paying commissions will reinforce trust between all parties. By setting up commission schedules and hierarchies, the new process eliminates manual entry into Agency Management Systems. All parties will have easy and secure access to their unique respective commission statement details for all parties in one place with clean, accurate information. We are delighted with the early favorable feedback on this revolutionary model. This commission Blockchain model delivers secure and reliable capability and truly is a gamechanger!”
“Blockchain technology has the potential to simplify and improve the overall speed and accuracy of the commission accounting process,” said Sherri Isaacson, Director of Agency Management at Ebix, a leading international supplier of On-Demand software and E-commerce services for the insurance industry. “The establishment of commission schedules and payment transactions at a single source then shared with the distribution chain will remove one of the biggest pain points of a BGA Commission team – duplicated data entry.”
About InsurTech Express
InsurTech Express is a leading technology and process improvement central resource for the life insurance and annuity industry, including carriers, distributors, and solution providers. With a core leadership team totaling more than 100 years combined experience, InsurTech Express focuses on technology, process and education.
All the information and tools on insurtechexpress.com are accessible to the public at no cost. Features include:
- InsurTech Express Blog—Visitors can learn the latest life insurance and annuity technology trends.
- Solutions—Pages provide education on models of Straight Through Processing and updates on platforms from solution providers like Ebix, iPipeline, and PaperClip, as well as Life Underwriting Solutions and Policy Admin Systems. The page also covers the latest innovations in emerging technologies like Blockchain and AI.
- Resources—Matching people and opportunities in the insurance sector.
A One Stop Life Insurance Resource.
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A one stop life insurance resource.
SOURCE InsurTech Express