Company: Liberty Bankers Insurance Group, Dallas, TX
Company Description: Liberty Bankers Insurance Group is a nationally recognized and respected insurance group that offers a variety of life, health, and financial products. Rated A- Excellent by AM Best, Liberty Banker Insurance Group's On-the-Spot process for Medicare Supplement applications offers a 100% digital underwriting experience with a rapid point-of-sale decisions. The process is a first in the industry.
Nomination Category: New Product & Service Categories
Nomination Sub Category: Financial Services
 Nomination Title: Liberty Bankers Insurance Group's On-the-Spot (OTS) 2
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Liberty Bankers Insurance Group (LBIG) released its On-the-Spot (OTS), paperless underwriting process, on October 11, 2019. OTS 2 became available on July 1, 2022, further enhancing the industry-leading underwriting process for Medicare Supplement applications. The recent enhancements with OTS 2 eliminated the underwriting telephone interview to a 100% online experience. The time to complete the underwriting process reduced from 15 minutes to three minutes or less.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
When it comes to underwriting a Medicare Supplement insurance application, time is a primary factor. According to the U.S. Medicare Supplement Market Survey published in 2022 by Gen Re, the average turnaround time for underwritten applications was 3.9 business days. However, with Liberty Bankers Insurance Group’s (LBIG) industry-leading On-the-Spot (OTS) 2 underwriting process, an insurance agent and applicant will have a decision in three minutes or less. Through Artificial Intelligence, OTS 2 offers a 100% digital application and underwriting experience with rapid point-of-sale decision.
Within a minute of submission, 72% of all underwritten applicants know if they are approved or denied for coverage. Now with OTS 2, it only takes three minutes or less to have the remaining 28% of cases receive their underwriting decision. Ultimately, OTS 2 replaces the need for a phone call or underwriter review and utilizes artificial intelligence to determine if an applicant is approved.
The new OTS 2 process benefits agents and applicants because it is fast, simple, and streamlined. It reduces the underwriting cycle time, which leaves stakeholders satisfied. LBIG is proud to offer this innovative process to the market to help insurance agents provide generational peace of mind through Medicare Supplement insurance.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Review and Feedback:
Two months after the release of Liberty Bankers Insurance Group‘s enhanced OTS process, an online survey was sent to Medicare Supplement agents to receive feedback on their experience. More than 150 agents responded ranking their overall experience 4.88 stars out of five stars. Additionally, 89.74% of responders stated that the OTS process was "very easy" or "easy." One agent shared, “One word to describe working with LBIG – fast. In matter of minutes, I can submit an application for Medicare Supplement coverage and receive an immediate decision. Their On-the-Spot process is easy to use and has allowed me to quickly enroll my clients with the best coverage.” Another agent shared, “The application process is one of the best, user-friendly, and easy!”
Usage:
The average usage for OTS 2 is between 35-70 application submissions per day. By moving to a 100% digital underwriting experience which can be completed in less than three minutes, LBIG has seen a reduction of pending applications. LBIG's process for underwriting Medicare Supplement applications has created efficiencies for the company, insurance agents, and potential policy holders.
Competition:
The Medicare Supplement market is highly competitive with more than 100 insurance carriers. Since the product is regulated, the only way that insurance carriers can differentiate themselves is through price or service. The LBIG OTS 2 process is a first in the industry, and no other insurance carrier offers an underwriting process as fast or efficient.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
- Press Release - https://www.prnewswire.com/news-releases/liberty-bankers-insurance-group-releases-enhancements-to-on-the-spot-underwriting-301579723.html?tc=eml_cleartime
- OTS Video - https://www.youtube.com/watch?v=-QygJ8A4_ek&
- OTS System Overview Video - https://www.youtube.com/watch?v=sJuZOqDm4aQ
- OTS Flyer – see attachment to nomination
- OTS Quick Reference Guide – see attachment to nomination
- LBIG Website - https://lbig.com/
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