Insurance Illustration Support

Insurance Illustration Support

Bridgewater's illustration support service, led by an executive professional who understands your needs based on over 20 years of experience in the US life insurance industry, provides illustration support for Term Insurance, Whole Life Insurance, Universal Life Insurance, Disability Insurance, and Long Term Care. The number of reports generated per day depends on various factors, such as the number of scenarios requested and the kind of product, but turnaround time for the vast majority of illustrations is 24 hours. Almost 98% are completed during the same business day, and day-end orders are delivered before the start of the next business day. By leveraging our support, you can improve profitability, process efficiency, and cash flow while reducing cycle time and cost.

We typically support around both Basic/Regular and In-Force illustrations, but can also support supplemental and LIRP illustrations.

In-Force Illustrations

Annually, carriers may choose to provide, or the owner may request, periodic updates on a policy's performance. These updates are provided in the form of in-force illustrations, which are similar to the basic illustration in almost every way, including the listing of the insured's age, the issue age, and the number of years the policy has been in force. The illustration will show exactly what has happened from the initial policy inception to date, with future projections based on current assumptions.

In-Force illustrations are extremely important tools for evaluating the performance of any given policy over time. If a policy has not performed to the level originally anticipated, changes can be made to improve future performance. In-Force illustrations enable intelligent policy adjustments that can make the difference between a strong insurance policy and a policy that lapses due to poor performance.

Familiarity with Insurance Illustration Softwares

1. Life Insurance Illustration Software

Based on performance assumptions involving interest rates, mortality, and expense charges, illustrations display key policy guaranteed values and hypothetical non-guaranteed values.

Because our experienced professionals are familiar with most of the major insurance carrier's illustration software, they can help the advisor explain an intangible and complex financial product.

2. Annuity Illustration Software

Annuity illustration software is an important sales tool for advisors. Clients expect advisors to have up-to-date technology and many expect their advisors to compare information from different carriers.

Bridgewater's experienced professionals generate 10-15 different insurance carrier illustrations and provide a comparison statement, which plays a major role in guiding advisor's financial decisions.

Receive Quote request:

Bridgewater receives request for quote with details regarding the insured's name, age, gender, state, rating class, carrier, product type, mode of premium, face amount, death benefit, and 1035 exchange. Riders are sent to Bridgewater via email, web portal, mobile app, or other client software/tool.

Check for all required information

  • Bridgewater will check whether all the required information is available in the request.
  • If Yes - Bridgewater will proceed with preparing the quote.
  • If No - Bridgewater will reach out to the requestor for the missing information.

Running Illustrations

  • Using the credentials provided by the client, Bridgewater will fulfill the quote request via Winflex, iPipeline, the carrier's software, or another quote engine. Once generated, reports will be sent to the requestor based on the instructions provided.
  • Additionally, Bridgewater will save the generated quote in Winflex or another quote tool and, when the premium is $5,000 or more, prepare the spreadsheet comparison with Comdex ranking for the specific carrier/product.

Deliver the Illustrations & MIS Reporting

  • Our standard turnaround time to complete the quote is 2 hours.
  • Daily status update report will be provided if requested by the client.
  • Process steps will be added or modified based on client needs.

Insurance Illustration Toolkit

Bridgewater's Illustration Toolkit includes Mobile App, eTouch Order Management System (Web Portal).

1. Mobile App

This app will be used by the sales agents to login to the app and create client orders and track the same. These created orders will be stored in a database using the web portal's API. There will be a web portal at the backend used by the support team to track and update the case status.

  • Login Authentication - Sales agents of the client will be able to login to the app using their username and password. The access details for these agents will be created in the Order management web portal by the administrator. Users with the agent role alone be able to login to the mobile app.
  • Finger print & Face recognition authentication - Sales agents can use their username and password for the first time login. On the first attempt mobile app will prompt for finger print & Face recognition authentication option. If the agent provide his finger prints, then for the next attempt to login, the agent can authenticate using fingerprint methodology Or the agent can use his face recognition for further login.
  • Order Listing & Detail - On successful login, the agent will be able to see the list of orders created by him. The list will display the client name, gender, Premium amount, policy type, status. Agent will not be able to modify any information of the client and the policy details in the app.
  • Create Order - Fields like Client name*, DOB/Age*, Gender, Class Rating (dropdown), Table Rating (dropdown), Is this a second to die policy (Y/N), Type of Policy* (dropdown), Policy Solve*(Premium/Face amount) and its value & Terms, Mode of Payment* (dropdown), 1035 exchange, State* (dropdown), Products (dropdown), Financial Advisor, Additional information. On provide the above field information, agent can submit the case in the mobile app. This will trigger email with all the above field information in email to the configured administrator email
  • Order search - Search option available with filters - Date Range, By Status of the Order and By Client Name
  • Available for iOS / Android

2. ETouch - Order Management System (Web Portal)

The Order management web portal can be used by the support team to track and update the order. Administrator of the web portal will be able to manage the users and the roles to access the portal and the mobile app.

  • User Management
  • User category
  • Order Management
  • Order update
  • User Activity tracking
  • Dashboard and Reports
  • Purging of data - Auto Purge / Manual Purge Utility

Value Proposition

Our illustration support service is led by an executive professional who understands your needs based on over 20 years of experience in the US life insurance industry.

  • Improved Profitability
  • Improved Process Efficiency
  • Improved Cash flow
  • Reduce Cycle Time
  • Reduce Cost

Turnaround time for the vast majority of illustrations is 24 hours, depending on the complexity of the job. Almost 98% of the orders are completed during the same business day. Day-end orders are delivered before the start of the next business day.

Why Bridgewater?

  • 17+ Years of Experience

  • Global Presence

  • Good Decision-Making Insights

  • Reduce Time to Market

  • Powerful Collaboration Tools

Other Key Services

  • Case Management Services

  • Commission Management Services

  • Medical Records Summarization

  • Medical Records Retrieval

  • Licensing and Contracting

  • Policy Owner Services

  • Inforce Policy Services