San Diego, CA (PRWEB) November 15, 2012
My Life Savings LLC, a technology company that develops software for the life insurance industry, has announced the release of a patent pending tool designed to help life insurance professionals generate leads while simultaneously helping policy owners save money. Studies have shown that more than 80% of policies could receive a 40% reduction in premium or a 40% increase in coverage for the same cost.
“With trillions of in force life insurance coverage, the life insurance industry is well aware of the untapped opportunity that lays at their feet,” says Josh Jenkins-Robbins, co-founder of My Life Savings, LLC. “Based on overall declining industry sales, it’s clear that the industry has not been able to unearth this sales opportunity.” The industry needs a “point of sale” tool which generates the conversation and quickly identities what’s in it for the client.
“The current method of continually discussing the importance of policy review has not motivated clients to go through a cumbersome review process,” says Cody Foster, co-founder of Advisors Excel, the fastest growing FMO in the nation. “We see My Life Savings as a great solution for bridging the gap and motivating clients to move forward.”
The team at My Life Savings spent over 2 years developing the patent pending tool. Within seconds, and using only information found on a client’s policy statement, the advisor can quickly and easily display the unrealized savings potential of ANY policy (term, whole life, universal life). The tool can be accessed on a web browser or the mobile application making it easy for the “on the go” advisor.
Through exhaustive market research, My Life Savings discovered that clients and their advisors ultimately want to know three things:
- How much money they could save by replacing their current policy.
- How much more coverage they could have for the same cost.
- How much reduced “paid up” coverage they could have if they never wanted to pay a premium again.
“When we discovered My Life Savings, we knew we had found the only tool in the marketplace that helps clients immediately see their unrealized savings potential and thus allows the agent to generate immediate client interest and ultimately a replacement sale,” said Bruce Carleton of iGROUP, a national marketing organization with over 250 member brokerage agencies nationwide. “It seems so simple but that’s the beauty of the tool.”
Many large institutions have identified My Life Savings as a way to generate cross-selling opportunities. “The idea of cross-selling life insurance through banks and wealth management firms is a natural fit but has proven very difficult for a variety of reasons, not the least of which is getting the representatives to bring up the topic of life insurance, especially when in it’s not their core competency or focus,” says Anne Long, a 30 year insurance industry veteran and president of Long Consulting Group.
“At $49.95 dollars a month, the system provides incredible value to our advisors” says Cody Foster, co-founder of Advisors Excel. “Brokerages are always looking for ways to add value to their advisors and ultimately their clients. This tool provides a major competitive advantage and a great return on investment.”
ABOUT My Life Savings:
My Life Savings, LLC is a technology company based in San Diego, California.