How does traditional life insurance agency operate?
Years ago life insurance agents knocked on your door and sat down with you at your kitchen table to sell you a policy. That evolved into insurance storefronts where you could come in and sit at your agent’s desk to get a policy. All of those policies required a paramedical exam and ordering of your medical records, with the whole approval process taking about 8 weeks.
What are some benefits of the traditional agency?
Face to face business was a preference in the US in years past, a hand shake and feeling like your agent knew you made you feel good. People felt comfort knowing all of their insurance products (life, home, auto) were being handled by one person they had made a personal relationship with.
What challenges does a traditional agency experience?
Many traditional agencies only represented 1 insurance carrier, so the agent was forced to try to fit each different person into the same set of guidelines. Clients were overpaying for their coverage without realizing it since “shopping” for life insurance felt much more time consuming and seeing your different options was not as readily available. The model of the traditional agency could not keep up with the technology changes that made rates more readily available to customers.
How will the recent innovations impact the agency model?
Agents are expected to have multiple rates and options to choose from so that clients know they are getting the best price. Agents have to know the underwriting niches of different carriers and where accelerated underwriting options are available to expedite the approval process. Agents have to be willing to let technology lead the way when the customer wants it.
What is LeapLife’s approach to life insurance?
LeapLife serves customers how they want to be served. You can have a fully digital application process if you want it, or you can have an agent driven process over the phone so that someone is right there with you to answer all the questions you have and prefill your application for you. LeapLife routes you to the right carrier fit to ensure you are getting the best available product at the lowest price for your health and lifestyle.
Underwriting guidelines vary drastically from one company to another which drastically impacts the price you pay for your policy. Our cutting edge AI and deep underwriting knowledge gives you the peace of mind that there is no need to shop somewhere else. If you want the easiest process and the lowest price, we have it.
What do multiple carriers mean for the consumer?
Traditional agencies did the best they could with the resources they had. Technology has changed the way people shop for life insurance and has changed the expectation of the process for the consumer. Having multiple A rated carriers to choose from gives you confidence that you are with a strong and stable carrier who will be there to pay out a claim for your family if the time comes. Further, having the ability to shop for your policy among the top rated carriers in the nation means we can find you the best price available. There is no need to call 10 different agents to get your rates, we have them all in one place for you with LeapLife. Life is not one size fits all, and your life insurance policy is no exception.