Planned Performance Tracking: Pacific Life Throws a Lifeline to Producers Drowning in Sea of Paperwork |
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Written by U.S. Insurance News
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Sunday, 10 February 2008 |
To the life insurance agents who are drowning in a sea of paperwork, Pacific Life Insurance and Pacific Life & Annuity Company would like to throw a life preserver.
The help comes in the form of Planned Performance Tracking, an online policy management system that provides easy-access information and tools to help agents monitor in-force policies in order to save time, reduce paperwork, and increase client service.
"Life insurance is a long-term sale, and active monitoring is essential to achieving the best possible result from the policy," explained Alyce Peterson, vice president of marketing services for the Life Insurance Division. To prove her point, she cited the 2007 Financial Advisor Scoreboard report, which showed that 70 percent of advisors spend 20 percent of their work week doing paperwork. That translates to one full day of missed sales opportunities. Or, to view it another way, one full day each week not working directly with clients or potential clients.
Agents can use Planned Performance Tracking to help get that missed day back. "By automating many of the tasks that need to happen over the life of the policy, Planned Performance Tracking can streamline client service," Peterson added.
The newest release of Planned Performance Tracking features a policy tracking report that compares the original policy projections to how the policy is actually performing. Using this tool, agents can compare an as-issued illustration or baseline illustration against an in-force illustration to easily create client presentations.
In addition, agents can use Planned Performance Tracking to:
- Schedule automatic in-force illustrations.
- Schedule reminders for illustrated policy changes, such as switching the death benefit option in future years.
- Get a policy snapshot, including variable allocations/performance and equity indexed segments.
Planned Performance Tracking is currently available through Pacific Life's and Pacific Life & Annuity's producer Web site.
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