Impact Partnership plans to leverage Policygenius Pro to empower its member firms to dramatically reduce the time spent placing term life coverage and increase overall profitability
Policygenius and Impact Partnership announced a joint partnership to bring term life fulfillment platform Policygenius Pro to Impact’s network of financial advisory and broker-dealer partners.
Latest Fintech News: Parallel Finance Continues Rapid Product Expansion With Launch of Omni: NFT Money Market
Policygenius Pro, which was announced earlier this year, is a turnkey partnerships platform that helps advisors accelerate and streamline life insurance sales. With this tool, advisors and agents can refer their clients to Policygenius to take them through the process, from finalizing policy selection to placing coverage in-force.
The move lets Impact’s large partner network, which consists of over 200 constituent firms and 2,000 advisors, save significant time and energy helping clients secure term life coverage, while also maintaining a superior client experience. The time savings lets Impact reduce its current costs of placing term life coverage while also capturing additional opportunity that advisors may have avoided due to the onerous process of helping clients secure term life coverage. The partnership is one of many innovation partnerships Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO).
“We’re thrilled to be able to offer Policygenius Pro to Impact partners,” Clay Eschrich, Impact SVP of Life and Distribution, said. “Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point.”
Latest Fintech News: GreenBox POS and Armanino Sign Partnership To Attest to All GreenBox Custodial Accounts in Real-Time.
With Policygenius Pro, Impact advisors receive access to Policygenius’ wide variety of insurers, coverage types, and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform. Partners also receive support from an expert staff of 200+ dedicated specialists for case management, underwriting, and product support.
“Impact is an ideal partner for our Policygenius Pro platform,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “They’re an innovative FMO that experiences the exact pain point that Policygenius Pro is designed to solve: helping financial advisors and independent agents provide essential term life coverage for their clients, without the complexities and time-consuming process. The speed with which Impact has implemented Policygenius Pro and driven adoption shows how committed they are to better serving their advisory network and end clients.”
To date, Policygenius Pro has helped partners cut placement times by half, on average, and reduced the average time an advisor spends on an application from 2.5 hours to 15-20 minutes.
“This isn’t just a way for us to offload term life – we expect Policygenius Pro to help us more than double our term production,” Eschrich said. “Simply by allowing partners to save so much time managing the logistics of getting their clients covered, they’ll be able to focus on higher-value work and increase their overall profitability. We now feel we’re in a position to make term life a profit center rather than a cost center.”
Latest Fintech News: Designstripe Raises $10MillionFrom Insight Partners and Silicon Valley Bank to Build Smart Design Tools.
[To share your insights with us, please write to sghosh@martechseries.com]
