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Update News for May 2008
Here is a quick run-down on what you will find in this bulletin:
These topics will be dealt with in more detail throughout this bulletin.
During April we were able to complete work on our forms retrieval software. We have begun the process of developing custom web sites for life insurance companies that will give them our forms technology as an alternate version (at the very least backup version) of whatever technology they currently have to provide forms to agents. As we have said over and over again, Compulife's forms technology is FREE to any life insurance company that provides its forms to Compulife for use in our forms library.
With the completion of the forms library system Compulife is now turning its attention to the construction of a Critical Illness comparison option. This option will be provided to all Compulife subscribers at no additional charge.
Compulife's Critical Illness comparisons will be PREMIUM ONLY. For that reason work on the project will go quite quickly as there will be no need for any new mechanisms to store and retrieve data.
The problem with a premium comparison ONLY is that unlike life insurance, which provides standardized coverage no matter which policy you buy, two different CI policies may cover totally different risks and there is NO standardization of coverages. With that in mind Compulife does not want our comparisons to ignore that issue. On the other hand, and as we have discussed before, we lack the expertise to analyze these differences.
Previously we advised you that Compulife was teaming up with an individual who has been a Compulife subscriber for over 25 years - Dick Gilbert of Megacorp Insurance. Dick has become an expert on the subject of the differences between Critical Illness insurance policies and is recognized by many agents as the most knowledgable individual on the subject.
The joint project with Dick will be an "agent only" web site called www.cianalyzer.com. The site will be a password protected site which Compulife subscribers will have direct access to by clicking on a link in the Compulife program. Agents who are NOT Compulife subscribers will still be able to register FREE to use the site. The site will be a resource for information and comparative analysis of different CI policy contracts and a discussion of the differences between policies.
Because it will take time to get the new site up and running, and because we do not wish to delay rolling out the premium comparison software, we have devised an interim and permanent way for our subscribers to obtain information about CI policies and the risks that they cover.
Before Compulife adds any life company's CI policies to our software, the company MUST provide Compulife with a sample policy contract in PDF file format. That PDF sample policy will be added to Compulife's forms library and will be directly accessible from the "Display Single Product" window for an individual policy. The "Display Single Product" window appears when a subscriber double left clicks on a product in the comparison.
To ensure that agents know about this new feature, the following WARNING will appear on the top of all comparisons:
WARNING: The following is a price comparison ONLY of Critical Illness policies.
Different policies cover different Critical Illnesses. You must carefully consider the
coverages provided by any policy that you are recommending or buying.
IMPORTANT: To review the policy contract for any of the following policies,
double left click on any of the products quoted. This will display a single product
window. At the top of that window, select "options". The last option on the list is
"sample policy". Select "sample policy" to review coverages for that policy.
When the agent clicks on "sample policy" on the options list, the forms library will retrieve the sample policy and display it in a PDF window, just as it does with any other form.
A modified version of the above warning will appear on the bottom of any CI comparisons or individual quotes you print. It will say:
WARNING: The above is a price comparison ONLY of Critical Illness policies. Different policies cover different illnesses.
In other words, one policy may NOT cover you for something another policy does. Your agent has the ability to provide
you with a sample policy for any of the above products. Make certain that you obtain and read that sample policy carefully.
Compulife will NOT add the CI products of a life insurance company unless the company also provides a sample policy for those products. Typically a sample policy will be a copy of a typical contract for that product WITHOUT information for an individual client. Often there is a VOID disclaimer on the pages.
Given that we have already built our forms retrieval system, and given that we have already produced our premiums comparison software for life insurance, which will be used for CI policies, this work will go quickly. While our programmer is making the necessary modifications to get these changes made, we will be adding data files as companies provide them.
As you will note from our earlier discussion, Compulife has wrapped up work on our on-line forms retrieval system. With that complete we are now anxious to get some Canadian life companies into our forms library.
We have spoken with a handful of Canadian companies who have expressed interest but no one wants to be first. With that in mind Compulife is offering a one year free subscription to the first company to provide Compulife with their application and service forms for our forms library.
Once again, the first Canadian life insurance company to provide us with forms gets one year of Compulife for FREE - that's a $299 value. The second company to provide us with forms will receive 6 free months of software.
In order to help motivate the companies, the agent/agency subscriber to Compulife, who is influential in getting the first company's forms into Compulife, will also receive 12 free months of Compulife for FREE. In all cases these free subscriptions will be added to the time left on any existing subscriptions.
So how about it? Would you like the convenience of getting life company forms from Compulife? Our U.S. subscribers do.
During March significant improvements have been made to our websites, both www.compulife.com and www.term4sale.com. The changes make our websites more attractive on the new generation of wide screen, LCD displays.
We think the new pages are better organized and look more professional. The question is, did anyone notice? Tell us what you think? Do you have any suggestions?
We are also obtaining the software and hardware that we will need to begin offering on-line tutorials. From our website you will be able to link to a Windows media program that will give you a multi-media tutorial which will have video, computer image displays and voice instructions on how to use our software. You will see us use the program, and talk about it while we do. We have decided that we will use a two person audio track where Jeremiah and Bob will actually discuss the software and its use during the course of the tutorial. For those of you who have listened to director/producer audio tracks provided with many DVD versions of movies, you will understand how this will work.
Tutorials will be short and topically arranged. For example, the first tutorial will be an audio visual presentation of the Dare to Compare Challenge, which is a training tutorial we use for first time users. Someone will actually be able to sit and watch us do that tutorial in a video. We think for those who fear touching the keyboard, this will be useful.
The second tutorial that we are planning will explain how to use our "ROP Analysis". We think that function in the software is overlooked but is very useful, particularly when selling ROP products to high end insurance buyers who actually understand the time value of money. Once we have that tutorial ready, we will talk about it in the future Update News, and invite you to check it out. At that point we will ask if there other features and options in Compulife that you would like us to cover in the tutorials? Let us know.