Why should life insurance sales be a long, complicated process? What if agents could close deals faster, more efficiently, and still deliver top-quality service? Imagine a world where the journey from initial intake to underwriting orders takes minutes, not days. It sounds almost too good to be true…
In this episode, we sit down with Hillard Milner, co-founder of Optifino, and the Xcela team—Angus Dunn, Xuejun Tao, and Nick Bowman—to explore their innovative approach to life insurance technology. We discuss how Optifino and Xcela use AI to enhance agent and client experiences, streamline processes, and address industry challenges. The conversation also delves into evolving market strategies, the importance of understanding client needs, and the industry's historical challenges with innovation. Xcela and Optifino’s commitment to trust and adaptability shines through as they reshape the future of life insurance.
Tune in to learn more about the future of life insurance and how technology is transforming the industry. Don’t forget to subscribe for more insights!
Key Insights:
The role of technology in modernizing the life insurance industry.
Xcela’s mission to enhance life insurance sales and distribution
Strategies for market penetration and adapting to customer needs
Importance of building relationships and trust with clients
Overcoming legacy issues and regulatory challenges in the life insurance sector.
Challenges of technology adoption in the insurance sector
Dual approach to engaging both agents and management in sales
Navigating lengthy sales cycles typical in the insurance industry
The transformative potential of AI and the need for flexibility in tech solutions
Commitment to data security and compliance in building client trust
Featured Conversations:
Hilliard Milner, Optifino
[00:00:39] - The role of the platform
[00:01:41] - Empowering agents
[00:03:47] - User interface for agents
[00:05:05] - Lead generation challenges
[00:08:38] - Importance of holistic solutions
[00:11:46] - Legacy issues in insurance
[00:13:32] - Engaging carriers
[00:20:38] - Learning and growth as a founder
[00:21:46] - First key hire
[00:23:22] - Future vision for the company
[00:25:22] - Trends in life insurance market
Notable quote: “My co-founder has a vast amount of experience in life insurance. He built a massive brokerage that has sold over $20 billion of life insurance. We specialize in complicated cases because we have the subject matter experts and our technology adds massive value.” Hilliard Milner
Angus Dunn, Nick Bowman & Xuejun Tao, Accela
[00:02:39] - Overview of Xcela's mission
[00:03:03] - Collaborative development story
[00:06:43] - Building a flexible tech stack
[00:09:09] - Agent's perspective on technology
[00:13:18] - Challenges in life insurance innovation
[00:20:30] - Dual approach to distribution
[00:24:16] - Learning from the insurance industry
[00:26:11] - Team dynamics and expertise
[00:27:50] - Navigating long sales cycles
Notable Quote: "I really don't like to build products and we want to sell the product first, then you build the product. The reason is because if you can sell it, you can build it. When you build a product, that means that you already have a market." - Angus Dunn
Notable Quote: “Now everything is possible, and how we actually make things happen is by taking a new approach to apply AI, especially to help the specific industry.”- Xuejun Tao
Notable Quote: “As a young person in the industry who plans on being in the industry for a very long time and really loves this industry, I cannot wait for someone else to do this. I have to bring this change.”- Nick Bowman
Key Themes:
Xcela's and Optifino’s Mission and Vision
Streamlining life insurance with AI
The genesis of Xcela and Optifino: A shared vision of applying AI to the insurance industry
Creating Value Beyond Efficiency
Measuring AI's impact
The importance of a flexible tech stack that can adapt to future AI advancements
Understanding the Agent's Perspective
Empowering independent agents
Go-to-market strategy
Building Relationships and Trust
Establishing rapport with clients
Customizable solutions that enhance efficiency and effectiveness
Navigating Industry Challenges
Bridging the tech gap for independent agents
Market-driven product development
The Future of Optifino and Xcela and the Insurance Industry
Anticipating industry changes and commitment to flexibility
Evolving strategies in distribution
Building Trust in Technology
Ensuring data security
Navigating long sales cycles
The Evolving Role of Financial Advisors
Integrating life insurance into financial strategies
Overcoming historical challenges
Challenges and rewards
About Our Guests:
Hilliard Milner is the Co-Founder and CRO of Optifino. He previously worked at NM Capital as a Managing Director. Hilliard Milner attended the University of Johannesburg.
Angus Dunn is a seasoned professional based in the Bay Area with over 25 years of experience working alongside both tech startups and major tech companies. His career began with assessing factories and collecting SAP data, which laid the foundation for his deep expertise in technology and business operations. After several years in that field, Angus transitioned to a startup called Velocity, a company focused on vertical applications. Velocity was later acquired by Salesforce, providing Angus with a successful exit. He spent several years at Salesforce, working on industry solutions before diving into the rapidly evolving world of AI.
Xuejun Tao is an experienced engineer and co-founder with over 30 years of industry experience. Based in the Bay Area for more than 25 years, he has built a diverse and successful career, including nearly 11 years at Google. During his time at Google, Xuejun led the development of several cloud and AI projects, playing a key role in shaping cutting-edge technologies.
Nick Bowman brings 14 years of experience in the life insurance industry, with a focus on both independent distribution and career distribution. He started his career with a hands-on approach, cold-calling clients and honing his skills in the real world. This early experience shaped his pragmatic, street-smart approach to business—something he’s carried with him throughout his career.
Having worked in various capacities within the industry, Nick has developed a deep understanding of the challenges and opportunities that agents face. He is particularly passionate about making life insurance more accessible and efficient for agents and their clients.
Resources:
Xcela: https://life.xcela.ai/
Optifino: https://optifino.com/
LinkedIn: Angus Dunn (https://www.linkedin.com/in/angus-dunn-2827b2 )
LinkedIn: Nick Bowman (https://www.linkedin.com/in/nicholas-bowman-cfp%C2%AE-ms-cep%C2%AE-9bb31743 )
LinkedIn: Xuejun Tao (https://www.linkedin.com/in/xuejun-tao-0998594)
LinkedIn: Hillard Milner (https://www.linkedin.com/in/hilliard-milner-ca-sa-578663138 )