Life insurance for high net worth clients is decided by comparison, and comparison was the part that could not be done efficiently. Agile Labs built a policy illustration platform that models lifetime projections and compares them across carriers within minutes. It was first built four years ago and the relationship is now five years old.
Carriers issue policy illustrations for term, whole, universal and variable life products. Each illustration runs to fifteen or twenty pages of complex text, and each carrier presents its own differently. A consultant advising on the choice was reading and reconciling those by hand.
Building a tool to compare them meant handling a large volume of information, keeping it secure, and adapting whenever projections and forecasts changed.
A five-year working relationship rather than a project. The platform was built four years ago and has been refined continuously since, through repeated planning, execution and review.
Every policy modelled across its full term.
Illustrations from several carriers normalised into one view.
Age, health conditions and medical history at the simple end. Assumed rate of return and policy changes at the complex end.
The hard part was the variation, not the volume. Every carrier formats its illustrations differently, and normalising them is what the platform actually does.
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