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Thought Leadership

At Lavvi, we’re on a mission to build the future of life insurance distribution. For far too long the life insurance industry has been neglected by technology. But now, with the popularization of AI enabling technologies, this people-first industry stands to gain massively from AI heavy solutions.

While humans currently bear the brunt of time intensive insurance paperwork and applications, AI tools are freeing-up advisors and carriers allowing them to focus on the people they protect.

When we first set out to build digital solutions that address the challenges of an industry with a lot of technical debt and legacy systems, we knew that there would be a lot of opportunities to leverage modern development tools to bring things like no-code tech and artificial intelligence into this space.

For example, our development team has been able to do exciting innovative work with Microsoft Azure’s Artificial Intelligence and Cognitive Services solutions to get the power of next-gen tech into the hands of life insurance carriers and advisors. Using AI in our solutions automates the busywork, so carriers and advisors can focus on building their business and consumers can enjoy the process of shopping for coverage.

​“On our mission to make the life insurance sales process as simple as humanly possible, we’ve set out to bake in as much automation and artificial intelligence in our solutions as possible, while ensuring our solutions meet complex industry compliance and regulation needs, of course,” said Jason McManaman, Strategic Advisor of Technology and Security at Lavvi.

​“A great example of this kind of work is the AI chatbot we’re currently working on.”

The AI chatbot is a tool that helps advisors navigate and conduct eligibility checks. This tool delivers relevant guidance, data, and resources to the advisor and also features FAQs. Naturally, a product of this nature marries next gen capabilities of Azure AI and Cognitive Services with customer-centric language and an intuitively understood interface.

Working in impactful tools like these with a ton of technical sophistication gives our development team opportunity to evolve their skills. ​“The leadership team put their confidence in my technical and disciplinary skills to take on the task of developing the chatbot,” said Ibrahim Jaber, a member of the Lavvi development team.

​“As a result, I got my first chance to design solutions that provide the best conversation experience by using the power of Machine Learning and AI to analyze a vast number of contexts across multiple languages. Working with state-of-the-art solutions on Azure is an exciting experience for the team and I.”

Jaber says the experience of working with a high-performance team and world-class solutions has become a knowledge and skill accelerant.

​“Ever since I joined Lavvi as a software developer, it has been enjoyably challenging because it pushed me out of my comfort zone. The past 7‑months have helped grow my knowledge of multiple technical/​design disciplines and allowed me to attain confidence in my day-to-day responsibilities,” he said.

Jaber isn’t the only member of the team who has become fluent in building AI applications. Work with azure AI is commonplace for team members as they build the human-centric future of life insurance distribution.

If challenge, support, and opportunities to make impact are something you’re looking for in a career, Lavvi is actively looking for entry-level, intermediate, and senior developers to join the team.

See our open positions here: Careers

​“If anyone is looking for a fast-paced environment that accelerates your career, while having a terrific team with devoted leadership and a well-thought-out product roadmap; then Lavvi is the choice,” says Jaber.

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Thought Leadership

One thing we’ve learned from helping insurers sell policies online over the past 15 years is that protecting sensitive consumer data is integral to our customer’s reputation as an insurer. That’s why we’ve made a commitment to our customers to use a security-first approach that ensures the utmost standards of protection for data within our SaaS software and technology services.

We’re thrilled to announce the successful completion of our SOC 2 Type II security audit, following a rigorous examination of our company’s security controls over a 3‑month observation period. Completion of the Type II audit demonstrates that Lavvi meets the strict security procedures required over 5 key domains of trust criteria, including security, controls, availability of controls, processing integrity, confidentiality, and privacy criteria.

While last year we completed our SOC 2 Type I, completing our SOC 2 Type II audit this year validates that we’ve implemented our stated security controls and have maintained strict internal policies and procedures, as validated by an independent auditor. The audit was conducted by Prescient Assurance, a leader in security compliance attestation for SaaS organizations.

Successfully completing this SOC 2 Type II audit means that our insurance customers can feel confident their data is in good hands and rest easy knowing we manage security risks with the highest level of care. ​

“We’re incredibly proud of the tremendous effort made by our team to accomplish this” says Lavvi’s Manager of Security and Operations, Malcolm Grass. ​“Completing the SOC 2 Type II examination will give our clients the confidence they deserve when entrusting us with not only their data, but their reputation.”

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Thought Leadership

Recently, we had the privilege of speaking at the LIMRA and LOMA Canada Annual Conference at the Manulife Centre in Toronto, Ontario. When preparing for the presentation, we took into account the challenges faced by our audience of over 100 life insurance carriers in the realm of life insurance distribution.

Drawing from our extensive experience of assisting carriers in online sales for the past 15 years, we have gained valuable insights and best practices that we knew could help. 

A recurring concern expressed by our software customers is the struggle faced by insurance companies in expanding new channels, particularly partnerships with other carriers or distributors. In the ever-evolving life insurance industry, carriers are confronted with both challenges and opportunities as competition intensifies and consumer expectations rise. To maintain competitiveness, carriers are increasingly exploring strategic distribution partnerships to expand their market reach, diversify product offerings, and drive revenue growth.

During the presentation, our CEO, Roddy Awad, was joined by Pierre Martin, Associate Vice President of Partnerships and Digital Distribution at Assumption Life, a long-standing partner of Lavvi. Together, Roddy and Pierre shared lessons learned, common pitfalls, and best practices for successful collaboration and maximizing distribution return on investment (ROI). In this blog post, we aim to summarize those insights.

Steps to Planning Strategic Distribution Partnerships 

Creating a successful distribution partnership strategy requires a comprehensive understanding of your business environment, clear objectives, and a well-defined roadmap. In this blog post, we will guide you through a step-by-step process to develop a robust distribution partnership strategy that aligns with your goals and maximizes your chances of success.

Step 1: Assessing the Current Landscape

Begin by evaluating your distribution channels, internal resources, and product offerings. Analyze market trends, competitive landscape, and customer behavior to identify potential opportunities and areas for improvement. Understanding your current landscape is crucial for building a solid foundation for your strategy.

Step 2: Defining Distribution Objectives and Goals

Establish clear objectives and goals that align with your overall business objectives. Define target market segments, market positioning, and financial targets. Seek buy-in from key stakeholders to ensure alignment and commitment to the strategy.

Step 3: Developing a Business Case for Partnership Strategy

Build a compelling business case that justifies the investment in the partnership. Demonstrate the incremental revenue potential, cost savings, enhanced customer acquisition and retention, and market expansion opportunities. Consider qualitative factors such as reputation, culture fit, and potential for growth.

Step 4: Develop a Distribution Channel Strategy

Develop a comprehensive distribution channel strategy that encompasses both direct and indirect channels. Prioritize channels based on their impact and investment requirements. Consider strategic partnerships with InsurTech companies and other carriers to extend your reach and provide unique value propositions.

Step 5: Building Partner Selection Criteria and Processes

Establish a structured process for selecting partners. Identify potential partner segments and define selection criteria based on market reach, technical capabilities, brand alignment, collaboration potential, financial stability, cultural fit, and track record. Create a selection criteria matrix to evaluate potential partners objectively.

Step 6: Go-to-Market Planning

Define your go-to-market approach, including product offerings, pricing strategy, marketing activities, sales processes, and compensation strategy. Ensure alignment with your partner’s capabilities and customer preferences. Continuously refine your go-to-market strategy based on market insights and customer feedback.

Step 7: Consider Systems and Process Integration

Ensure effective integration of systems, processes, and workflows with your partner. Identify key systems and processes that require integration and work towards a seamless collaboration. Seek assistance from experts if needed and provide adequate training and support to ensure smooth operations.

Step 8: Establish Performance Measurement and Management

Establish key performance indicators (KPIs) aligned with your objectives.

Step 8: Establish Performance Measurement and Management

Establish key performance indicators (KPIs) aligned with your objectives. Set up an executive steering committee for regular monitoring and evaluation. Use data-driven insights to optimize your strategy and drive continuous improvement. Maintain a feedback mechanism and conduct performance reviews periodically.

Step 9: Integrate Risk Management and Compliance

Identify potential risks associated with the partnership and develop a comprehensive risk management strategy. Ensure compliance with regulatory requirements and integrate risk management into your partnership agreement.

Conclusion

Building an effective distribution partnership strategy requires a systematic and thorough approach. By following the steps outlined above, you can equip your organization to leverage new channel opportunities and gain a competitive advantage in the market. 

Want to learn more details about how to maximize your partnership distribution strategy? Download the full guide below. 

Download the Guide (pdf)

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Thought Leadership

Earlier this month our Product Instructional Designer Lindsay McCauley attended the 12th annual CanUX conference in Ottawa to help bring back the latest UX expertise to improve our distribution platform product design. 

She brought back her top 3 takeaways insurers need to consider when creating digital experiences that are truly human-centric and convert consumers. Lindsay emphasized that implementing digital tools to optimize user experience (UX) is crucial for insurers to stay competitive and meet both consumer and advisor expectations. Here are her top takeaways: 

User-Centric Design:

  • Prioritize user-centric design principles to ensure that digital tools are intuitive and easy to navigate for advisors and consumers. 
  • Conduct user research or ensure your platform vendor conducts user research to understand consumer/​advisor behaviours, pain points, and expectations. 
  • Ensure your digital tools were created using personas to represent different user segments and tailor digital tools accordingly. 

Accessible Design:

  • Ensure digital tools are accessible to users with varying abilities to reach more middle market consumers and a wider more inclusive range of advisors. 
  • Follow accessibility standards (e.g., WCAG) to make the tools usable for all individuals. 
  • Provide alternative text for images and ensure compatibility with screen readers. 

Feedback Mechanisms:

  • Incorporate feedback loops to gather user input on the usability of the digital tools for both advisors and consumers. 
  • Ensure you or your platform vendor actively seeks and responds to feedback to improve the user experience. 
  • Implement in-app surveys or feedback forms to capture user opinions. 

Continuous Testing and Iteration:

  • Ensure your digital tools were developed with an iterative approach to design, test, and refine digital tools. 
  • Ensure you or your platform vendor regularly conducts usability testing with real users to identify areas for improvement. 
  • Ensure you or your platform vendor stays agile and responsive to evolving user needs and technological advancements. 

By incorporating these tips, insurers can enhance the UX of their digital tools, leading to increased customer satisfaction and loyalty. UX strategies can help meet the demands of today’s insurance landscape, as well as position insurers to adapt seamlessly to future shifts in user expectations and technology. 

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Thought Leadership

In today’s rapidly evolving insurance landscape, selecting the right distribution platform is crucial for life insurance companies to stay competitive and ensure their products are being sold effectively. This decision can significantly impact the success of your advisors and, by extension, your company’s bottom line.

If you’re a VP of Sales, Marketing, Business Development, or in a similar role, it’s imperative to consider several key factors when choosing an online distribution platform for your advisors.

In this blog post, we’ll explore what insurance companies need to think about to make an informed decision that benefits both your advisors and your life insurance business. 

1. Ease of Use:

Advisor-Centric Design: Ensure that the platform is user-friendly and built with the advisor in mind. Ask your potential platform vendor about details on user testing with advisors. The more intuitive the platform, the easier it is for your advisors to navigate, leading to increased productivity and satisfaction. Also, the harder the platform is to use, the less confident advisors will feel using the platform with their customers. 

2. Comprehensive Training and Support:

Onboarding and Training: Look for a platform provider that offers thorough onboarding and training programs. Well-trained advisors are more likely to embrace and effectively use the platform. 

Ongoing Support: Access to rResponsive customer support is essential. You should have a reliable point of contact with your platform vendor to address any questions or issues that may arise during daily use of the platform. 

3. Integration Capabilities:

Seamless Integration: Consider whether the platform seamlessly integrates with your existing systems and software. Compatibility reduces the learning curve for advisors and streamlines their workflow. Ask your potential platform vendor if they are experienced in and have APIs that can support integrations with other legacy systems or software such as CRMs or Needs Analysis tools. 

4. Data and Analytics:

Performance Metrics: Choose a platform that provides robust data and analytics. Advisors benefit from insights into their sales performance and client interactions, helping them make informed decisions and refine their strategies. They may also benefit from notifications that help them upsell or cross-sell at opportune life milestones. 

5. Customization:

Tailored Solutions: Advisors have diverse needs. The platform should offer the flexibility to customize tools and resources, allowing advisors to personalize their approach based on their unique client base and goals. 

6. Compliance and Security:

Adherence to Regulations: We all know that life insurance is a heavily regulated industry. Ensure your platform vendor understands and their software complies with industry standards and that they can support your advisors in maintaining regulatory requirements. 

Data Security: The security of client and company data is non-negotiable. Select a platform with advanced security features to safeguard sensitive information, such as SOC II certification. 

7. Consumer Experience:

Enhancing Consumer Engagement: A good distribution platform should not only empower advisors but also elevate the consumer experience. Look for features that simplify and improve the purchase process for consumers. For example, providing consumers with an omnichannel (as opposed to multi-channel) experience can create a seamless experience between both the advisor and consumer to improve customer loyalty to their advisor and generally improve/​accelerate their overall journey. 

8. Accessibility:

Anywhere, Anytime Access: In today’s digital age, accessibility is essential. Advisors should be able to access the platform from multiple devices, browsers, etc. allowing them to work efficiently from any location. 

9. Scalability:

Support for Growth: Your insurance company’s needs will change over time. Ensure that the chosen platform can scale with your business as you expand and adapt to new market demands. This might mean various online channels, or integration abilities for partnerships with other distributors. 

10. Feedback and Collaboration:

Advisor Involvement: Involve advisors in the decision-making process. They can provide valuable insights on what they need from a distribution platform and are more likely to embrace the chosen solution if they feel heard. 

Conclusion:

Selecting the right distribution platform for your advisors is a strategic decision that requires careful consideration. By prioritizing ease of use, comprehensive training, integration capabilities, data and analytics, customization, compliance, client experience, mobile accessibility, scalability, and feedback, you’ll be well on your way to empowering your advisors to sell your products more effectively and provide consumers with exceptional service. This thoughtful approach not only benefits your advisors but also strengthens your position in the competitive insurance market.