How AAA Life and iptiQ partnered to drive superior customer outcomes

At iptiQ, we cultivate close relationships with our partners to drive business growth. We get there by thinking differently—propelling you forward not only by accessing new markets, but expanding your current offering. We do it using our forward-thinking Rapport© Sales Platform. It helps you to understand your customer needs better, ensuring you intelligently build your business through the customer base.

The 2022 LIMRA Barometer study illustrates that 1 in 10 life insurance owners (26M adults) want additional coverage, indicating a sizable opportunity in the existing customer base. One of the largest reasons policyholders don't seek additional coverage is the feeling that the process will be too cumbersome. This feeling is not unique to the customer, as the information on these policyholders is complex and difficult to organize. The process of marketing to existing customers has become so difficult that many carriers opt to focus almost entirely on new business, overlooking a virtually costless lead.

The platform uses a sophisticated, proprietary data science layer that automatically ingests existing customer data and translates it into actionable offers for customers. The tool, which also includes highly customized scripting for sales agents, has proven to be very successful, driving up conversion rates as high as 20%. The implementation process takes less than 90 days with agents seeing results almost immediately.

Rapport© tackles the problem by ingesting and automatically evaluating the eligibility and opportunity of specimen policies. By connecting internal policyholder data and bringing in relevant third-party data through the sophisticated data science layer, the model produces actionable customer profiles with “just-in-time” product offers that are uniquely tailored to each policyholder.

The Rapport Sales Platform has a guided sales process that maximizes conversion by showing agents exactly when and how to deliver each offer through individualized scripts based on behavioral science. Selling to existing policyholders is made easy by empowering carriers and their agents to engage each of their policyholders on a 1:1 basis, at scale, using internal and external data.

iptiQ was specifically launched in the U.S. to help close the massive insurance protection gap. Within the U.S. Middle Market, 51% of families don’t have any or sufficient coverage to help them cope with the financial hardship of a death in the family. We partner with well-known brands to reach more consumers and help close the protection gap.

We recently ran a successful Rapport pilot program with one such partner, AAA Life. AAA Life has been offering life insurance solutions to the Middle Market for decades. To reach more consumers, AAA Life has been evolving its direct-to-consumer (D2C) channel strategy beyond mail, by strengthening its digital capabilities and finding efficiencies through data science, product value and channel mix. This shift in their marketing strategy has made iptiQ a solid partner for AAA Life’s acquisition ambitions.

Through the Rapport model, iptiQ was able to take AAA Life's existing customer base and identify customized offerings for agents to proactively serve to customers. Here is an illustrative example of how the Rapport model can benefit both the agent and the end customer. A life-long AAA Life customer whose Term Life insurance coverage is coming to the end of its term is called by an Agent who provides new options that better suit their current needs during this stage of their life. Through the Rapport solution, the agent was able to flag the opportunity and receive appropriate scripting to reach out to the customer with the best products for their needs. The customer ends up purchasing a larger term life policy to better protect their growing family and is appreciative the agent reached out and helped them navigate the options for their evolving needs.