Simplicity delivers results in todays customer centric world. Learn how MetLife approaches a complex product from all angles to deliver on its mission to provide affordable Life Insurance to everyone.
12. Life Insurance in the USA is in decline
Source: LIMRA, 2012
Individual &
Employer
44%
Employer
only, 26%
None, 30%
% USA Citizens with Life Insurance
2012, total = 100%
14. Life Insurance Sales Process Evolution
Lead Quote
Under
writing
Approve
& Pay
1 min 5 min 1 hour 1-2 weeks 1-2 weeks 1-2 weeks
Applic
ation
Direct Term Life
Lead Quote
Approve
& Pay
1 min 5 min 20 minutes 1minute
Applic
ation
Direct Simplified Issued Term
~100 Days
$750/app
~40 Days
$500/App
27 minutes
$200/App
Lead Agent Quote
Under
writing
Approve
& Pay
5 min 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks
Applic
ation
Traditional Term Life
Medical
Medical
17. Simple Application
Name
Age
State
Name
Age
State
Some health
questions
Name
Age
State
Some health
questions
Database
checks
Name
Age
State
Some health
questions
Database
checks
Risk
questions
Name
Age
State
Some health
questions
Brief health
exam
Name
Age
State
Database
checks
Risk
questions
All health
questions
Guaranteed Simplified Simplified
Plus
Simplified
Premium
Simplified
Premium
Plus
Rapid
No UW Simplified Underwriting Fully Underwritten
Ask only what we need to know
Name
Age
State
Database
checks
Risk
questions
Brief health
exam
All health
questions
Traditional
18. 1. Bank Draft or Check
SimpletoPay
2. Credit & Debit Card
3. Multiple Payors
4. Set Payment Date
5. Gift
6. SMS Payment Alerts
You are
approved!
Mobile
acceptance
7. Mobile Landing Page
to Accept