The AAA brand is known for providing millions of Americans peace of mind when traveling down the road. The AAA Life Insurance Company, whose products provide security along the road of life, is turning to a Web-based illustration system to boost sales through the creation of a more streamlined and automated process.

For nearly four decades AAA Life Insurance Company has been offering life insurance related products to AAA members and non-members alike. Customers can purchase AAA insurance through a few touch points. They can do it the old-fashioned way by sitting down with an agent to discuss their needs face-to-face. The transaction can be done online or through a telephone conversation with a licensed professional. In addition, some selected insurance coverage may be purchased through the mail.

While each of these delivery mechanisms is important, AAA recognizes that having strong Web capabilities is a source of competitive advantage. So when it came time to reinforce its technology, AAA chose an integrated Web-based illustration system from COSS Development, a Microsoft insurance industry partner, in an effort to simplify its sales process and increase its revenue.

Already used by about 30 companies, COSSEnterprise point-of-sale suite features life insurance, annuity, mutual fund and long-term care illustrations; needs analysis and advanced marketing systems; and intelligent forms for the electronic, error-proof submission of insurance applications and forms. The COSSEnterprise suite is designed to maximize producers’ ability to efficiently market financial products, calculate customers’ insurance needs, illustrate solutions, and help customers plan for retirement, education funding, survivorship and other life events.

AAA Life recognized that having strong Web capabilities is a source of competitive advantage.

COSS Development differentiates itself based on its approach to the development process and the ability to customize its solution. Essentially, carriers can choose between three different models. The full-service model is a complete suite of point-of-sale solutions, and COSS will customize the solution components to the carrier’s needs. The co-development model incorporates the COSSTools suite, which allows customization of COSSEnterprise by the carrier’s home office staff. These tools enhance speed-to-market and offer savings over a purely outsourced model. The build-it-yourself model, COSSEnterprise Application Framework (AF), offers a build-ready, .NET application framework that saves significant home office R&D. Carriers receive the base systems desired, the COSSTools suite, and the source code needed to develop their own custom solutions.

The ability to customize was a key selling point for AAA because its distribution structure is so unique. Insurance is sold through AAA clubs around the country, and although AAA owns the brand, the clubs are independent. Within the clubs, producers specialize in a particular type of insurance. When a property & casualty specialist finds that a customer is also interested in life insurance, for instance, that customer is referred to a life insurance specialist. Located in Livonia, Michigan, AAA Life Insurance Company is owned by several of the largest entities in the AAA organization and serves as the primary life insurance company and marketing headquarters.

“They were able to take our system and really customize it around their capabilities,” says Jay Stevens, senior vice president and chief marketing officer at COSS Development. “We built a complete referral mechanism in the system around how their referrals work within the organization.”

Other functionality built into the AAA system includes basic needs analysis, quotes and illustrations for return of premium term, a referral function, an underwriting calculator and electronic forms for new business submission. In addition to the Web-based capabilities, COSS Development is delivering a disconnected system because AAA recognizes that producers may be in customer meetings where connectivity is not available.

AAA’s mission is to be a strategic, long-term partner with its clubs by providing competitive life, health and retirement products, customer-care service, marketing programs and distribution solutions. Its culture supports rapid growth and excellence in customer service. COSSEnterprise will play an important role in turning this vision into reality.

www.cossdev.com

www.aaalife.com

By Sherree DeCovny