Term Conversion Playbook:A guide to engage clients and increase revenue

Why We Created This Technology

Simplify Compliance

At LDA we know compliance is extremely important but we also think it can be easier. From prospect to inforce policy we have tools that turn compliance into a sales tool, not a liability.

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Increase Commission

Our reports have been proven to help increase sales by better communicating insurance solutions. This helps your clients see the big picture and see the value in products that fit their needs, allowing you to close the deal and get the right protection for your clients.

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Service the Client

We know your customers are your first priority. We want to help you help them by providing an easy to understand comparison of their options.

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In this guide we’ll cover the following topics:

➔ How this pilot works➔ What triggers are➔ How to view & send your opportunities ➔ Contact the client ➔ Example sales scripts➔ Case studies

Term Conversions & Exchange CampaignGenerate revenue from your Empire Life Block of Business

Traditional Term Conversion ProcessCan be hard to pull together information for your clients in a meaningful way

Collect Policy Info

● Collect info in Spreadsheet to organize and manage

● Ensure policy info is up to date

● Sort By Most pressing

Find Term Insurance Opportunities

● Search for relevant products

● sort by age - remove +65 or whose convertible date has expired

Contact Wholesalers

● Request in-force term info

● Current premium

● Get next renewal amount (all if possible)

Prepare Presentation

● New Product quotes.

● Excel - calculate cost of proposed change

● Powerpoint presentation of options

How LDA works with Carriers and MGA’sTo deliver in-force policy automation designed to increase conversions.

We automate sales presentations for inforce policies to save you time and increase conversion rates

Step 1Your Empire Life in-force business feed is sent directly to Life Design Analysis.

Step 2With the help and support of IDC WIN and Life Design Analysis, you know when and what kind of opportunities exist in your Empire Life block of business at all times.

Step 3You receive notifications of new Empire Life case opportunities in addition to a prepared case you can immediately share with your client.

Step 4Share Empire Life cases with your client and they receive early engagement and options for their policy replacement. They also have the opportunity to buy now or contact you directly to ask questions.

Step 5Easily transitioning to eapp to close the deal faster. Selling life insurance has never been simpler!

Inforce AutomationTriggers & Resulting Recipe Automation

A term ten policy in years 7-10

Term 10 Conversion

Term 10Term 20

Whole Life

A term ten policy in years 2-5

Term 10 Exchange

Term 10 Term 20 Term 30

A term twenty policy in years 15-20

Term 20Conversion

Term 20 Whole Life

Recipe Recipe Recipe

Case Study: Term 10 Conversion● Client: Male (Brian) age 43 non smoker

○ $500,000 Existing Term 10

○ Issued (2011)

○ Original Purchase Trigger: Kids

● Resulting Automation - T10 vs T20 vs WL

Brian originally purchased this policy to cover liabilities with kids on the way. Fast forward 8 years and the needs have all changed, the house is bigger the cars are nicer but Brian still has the same coverage. Unfortunately Brians health has declined due to all this added stress.

Fortunately Brain can convert his term policy to a permanent form of insurance.

Highlight level payment over time and ask the simple question, “when do you want your insurance to end?”

Case Study: Term 10 Exchange

● Client: Female (Susan) age 49 non smoker○ $750,000 Existing Term 10

○ Issued (2016)

○ Original Purchase Trigger: House

● Resulting Automation - T10 vs T20 vs T30

Susan originally purchased this policy to cover her house she had originally been interested in a longer length of term but was concerned about cash flow.

This is a perfect opportunity to approach her about her exchange options. Illustrate the value of longer term lengths by showing the savings over the life of her 30 year mortgage focusing on the sum of premiums chart.

Case Study: Term 20 Conversion

● Client: Male (Barry) age 61 non smoker○ $1,000,000 Existing Term 20

○ Issued (2003)

○ Original Purchase Trigger: Business Owner

● Resulting Automation - T20 vs WL

Barry originally purchased this policy to cover himself as he was/is the principle in a business he created 17 years ago. Today that business has grown and now his focus is on reducing his tax burden.

This is a perfect opportunity to highlight the value and convenience of a conversion. Focus on the cost of the upcoming renewal vs the the cash value of the policy.

Step 1: Review your opportunitiesDiscover what opportunities are available by viewing your available cases

➔ Sign Up & Enter your Group & Advisor Code (group code found with email invite)

➔ Find the most urgent opportunities

➔ Sort by your largest opportunities

➔ Sort by product type

Sign Up FreeLogin Or To view Case Opportunities

Step 2: Select An Opportunity Choose one of your available opportunities by selecting the “View” button.

➔ View all cases created for your opportunities

➔ Add inforce policy information

➔ Generate your report

Step 3: Review the CaseCase Highlights:

➔ Premium Schedule - Show the pattern of how cost changes over time (digital napkin drawing)

➔ Presentation Summary - A detailed summary of the cost and benefits of coverage

➔ Sum of Premiums - Show the total cost over time and have your clients see the value of permanent insurance!

Step 4: Share your report with your clientNo matter what your style of presentation LDA has options for you:

Want more ideas & information on how to present LDA reports click here

In Person Digitally

➔ Print your report

➔ Share your boardroom screen

➔ Present on your a tablet

➔ Email link to case with message

➔ Screen share

➔ Email PDF

Share Cases With Clients Digitally

Let your clients indicate what they want to buy!

➔ Leave behind material as dynamic as you!

➔ Allow clients to interact and engage with your report

➔ Get notified when your clients view and for how long they view

➔ Get buying indicators from your client

Step 5: Follow-upFollow up at the right time to close the sale.

➔ Call the client after giving them time to review

(or when notified)

➔ Notifications when you share digitally

(see engagement stats)

➔ Set a reminder to follow up

➔ Answer follow up questions

➔ If client is interested book meeting to close the sale or use Fast & Full eapp

Outreach Scripts

Download Script Download Script Download Script

Term 10 Conversion Term 10 Exchange Term 20 Conversion

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Support

For support or demonstration of Life Design Analysis, please book a demo with one of our representatives or contact your local branch office or your BDM.

Jonathan Jarvie:jonathan@lifedesignanalysis.com Book a Demo with Jon519-636-8139

Nikolas Fergusson:nikolas@lifedesignanalysis.com Book a Demo with Nik1-844-631-0870

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