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Teachers Life

Teachers Life. On Line Automated Underwriting Policy Issue Initiative. On Line Policy Issue . Teachers Life began in 2007 with a Term 25/CI – Simplified issue product

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Teachers Life

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  1. Teachers Life On Line Automated Underwriting Policy Issue Initiative

  2. On Line Policy Issue • Teachers Life began in 2007 with a Term 25/CI – Simplified issue product • 2012 – Launched a Term 20 – essentially a paper app on line(through the TL Web and also through our partner OTIP)- using a third party developer • 2013 – began discussions with Onvivo – Kevin Pledge to look at implementing the TCP Tool – it is a game changer

  3. Online Functionality in the Market Current online capability cannot complete the sale Self-serve Quote Apply Buy now 12 minutes

  4. Go To Market Strategy – Traditional Approach Slow – on average 47 days to issue a policy, often much longer Expensive – on average $630 per policy in costs plus commission Introduction to an agent Define Discover and Create Promotion Sales Process UW and Issue Customer Research Traditional Media Advertising Agent: In person On phone Initial UW Agent: Delivery Objective: focused on agent needs Fit across portfolio Social Media and PR Tele UW Product Design and Pricing Comparison Sites APS Additional Tests Agent Feedback • Advise - Guilt - Pressure - Quote - Apply – Underwriter Handover

  5. Our solution Fast 12 minutes Efficient Plus commission $100 - 200 $45 Under-server / under-insured market Define Discover and Create Promotion Sales, UW and Issue Customer Research Objective: Meet the needs of the under-server / under-insured market Traditional Media Advertising Online - Direct Customer Experience and Brand Social Media and PR Product Design and Pricing Comparison Sites Customer Feedback • Inform - Educate - Motivate - Quote - Apply - Underwrite - Issue

  6. Product Design • Term Life and Critical Illness(customized Disability Income possible) • Affordable due to full underwriting and low cost of acquisition. • Convenient online underwriting decision, with no barriers such as blood. • Products designed using Axis are easily customized to your market Simplified Issue Onvivo Traditional Insurance

  7. Buy now Predictive Model New Business Rated Acceptance Original Acceptance Automated Underwriting Sent to manual underwriting Decline 10% 65% 10% 15% 75% immediate issue Not proceeded with Rated Acceptance Original Acceptance Declined ’ Manual Underwriting Onvivo issues 29% more business that traditional new business processes 15% 3% 2% 5% 5% Onvivo Total = 15% 70% 3% 12% Traditional life co. agents ~ 20% 46% 30% 4%

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