Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, proudly announced that its insurance quote and illustration software, Equisoft/illustrate, has been recognized by Celent as one of the top-rated solutions in North America.
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Advanced Technology and Breadth of Functionality, Source: Celent
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Research and consulting firm Celent analyzed 10 vendor-offered illustration systems available for life, health and annuities product carriers. The findings were published in Celents recent report: “Life Insurance Illustration Systems: North American Edition.“
“A life illustration system is a core piece of the sales process in life insurance,” wrote Celent’s Senior Analyst Karen Monks in the report. “Based on solid overall functionality and recent improvements that we’ve seen, we think that vendor-offered illustration systems can improve a producer’s efficiency at the point of sale and, for the investment, will also deliver significant long-term savings for the insurer.”
Going beyond table stakes quotes and illustrations
As highlighted by the report, illustration tools are table stakes for life insurance carriers. Every company has a solution, whether developed in-house or sourced from a vendor, that does the required job -showing potential clients the details of what they are thinking of purchasing.
“The quote and illustration system are important tools for the frontline sales team of the insurers and their distributors in the sales process. The flexibility and transparency of the policy illustration is a must-have from both the client and the advisor’s standpoint. It builds trust and credibility by providing a 360-degree view of the product(s),” said Rana Biswas, Vice President, Wealth and Insurance Solutions APAC, Equisoft.
“Today’s insurers are looking to gain a competitive edge on any front, whether it’s speed-to-market, offering seamless experiences or product innovation. More and more see an opportunity to elevate illustrations from a cost-of-doing-business tool to a critical platform for promoting insurance products,” said Bruno Leduc, Senior Director, Digital Insurance Solutions at Equisoft. “They want a user-friendly and effective tool that will outdo what their competitors could offer.”
“Based on customer feedback and Celent’s review of the product, Equisoft/illustrate should be on an insurer’s short list when considering a new illustration system, concluded Karen Monks in the report. “It provides the best experience we saw across all illustration systems this year.”