Weekly Newsletter - 11.20.2024

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How Streamlined is your Training? Find out with this free Quiz!

You’re in the middle of planning a retirement strategy with a high-net-worth client when a new advisor interrupts, needing help with policy details. Suddenly, your focus is split, and both client experience and productivity take a hit. 💼

This is a common issue in Life & Annuity. Companies report a 30% productivity loss when senior advisors spend more time training new hires than focusing on client portfolios (Gartner, 2023).

Consider scenario-based onboarding. By training through real client scenarios, new hires get up to speed without pulling your experienced advisors away from crucial client meetings.

Want to find out how your onboarding stacks up? Try Hive Perform’s Sales Readiness Assessment for personalized recommendations.

INDUSTRY INSIGHTS 🌐

Accelerated Underwriting Enhances Efficiency in Life Insurance Sector

Gen Re’s 2024 AU Survey reveals 82% of life carriers use AU workflows, cutting underwriting time by an average of 18 days. While barriers like tech limitations and mortality concerns persist, 81% report hitting goals like faster policy issuance and better risk management.

AU workflows are common in term life, with 94% of carriers offering it, followed by universal and whole life. Controls like audits and electronic health records ensure accuracy, while 34% of carriers are enhancing AU with new data and model-based decisions.

Juvenile Life Insurance Market Set for Significant Growth

The Whole Juvenile Life Insurance market is set for growth, projected to expand from $25B in 2023, driven by a 6% CAGR through 2032. Offering lifetime coverage and savings, it’s a strategic choice for families, with cash value benefits often used for education or investments.

Key players like New York Life and Allianz SE lead the market, with North America and Asia-Pacific dominating, while Latin America emerges as the fastest-growing region. Segments include traditional and indexed whole life, with applications in education savings and estate planning.

This market presents a strong investment opportunity, combining financial security for children with long-term family planning benefits.

INDUSTRY NEWS 📰

Risk Strategies Expands with Felsen Insurance Acquisition

Risk Strategies has acquired Felsen Insurance Services, a New Jersey-based provider of commercial and personal insurance. This acquisition enhances Risk Strategies' expertise in real estate, high net worth, and religious institutions. Felsen's national reputation in religious institution insurance will bolster Risk Strategies' capabilities and market presence.

SelectQuote reports Q1 2025 financial results

SelectQuote reported a 26% revenue growth in Q1 2025, reaching $292 million, while improving EBITDA by $10 million. The company enhanced efficiency through AI tools and maintained high agent retention. SelectRx membership grew by 64%, and life insurance revenue increased modestly to $39 million.