Life Design Analysis
Simplifying Policy Issuance Workflows

“Insurance documentation can be very confusing. After understanding the available information, I began to curate ideas to turn the data into something accessible, engaging, and comprehensible for everyone,” says Charlie Conron, president and founder of Life Design Analysis (LDA).

Introduced to the insurance industry by his stepfather, Charlie first focused on understanding the internal operations of insurance market before delving into technology solutions to streamline advisor operations.

Charlie and his stepfather, Lawrence Kinlin, quickly saw success in Kinlin’s own insurance practice with increased customer comprehension which led to an increase in policies sold. Once they had streamlined the ideas and solutions with his stepfather’s insurance practice, Charlie began looking at the broader advisor market. After several brainstorming sessions, using the knowledge he learned from the successes in the independent insurance advisor market, he scaled to build and release Life Design Analysis. The software platform today enables and supports all levels of the life insurance distribution chain including advisors, wealth management firms, MGAs, and insurance carriers.. Initially focusing on independent advisors, the platform’s rapid adoption enabled the expansion of capabilities to support higher-level entities, such as wealth management firms and MGAs. The goal is to empower advisors to provide ongoing support and services to their existing policyholders rather than focusing solely on acquiring clients. This support for the entire policy cycle also provides a pathway for advisors to ensure that existing policy holders receive proper attention and assistance beyond the initial sale.

Due to enhanced regulatory compliance, LDA enables advisors to overcome and automate their compliance oversight through in-depth analytical insights and the ability to streamline activities. The platform also includes features that benefit both advisors and head offices with staff organization, performance measurement, presentation compliance, and brand standards across reports.

An exciting new option for advisors, MGAs, and insurance carriers to generate leads and provide a consumer with a wonderful experience of receiving quotations is LDA LeadGen. Embeddable directly onto a website, the embedded widget allows policy buyers, who are visiting an advisor or MGA’s website, to generate insurance quotes based on parameters like age and purpose to invest in a policy. After entering a few details, LDA LeadGen generates an insurance case and highlights the different products from an advisor’s shelf that match that consumer’s needs. When a lead goes through the website, advisors can customize the presentation to provide further value to the consumer.

When working with an MGA, LDA looks for opportunities across the MGA’s entire business spectrum, rather than automating a single advisor’s block of business, then automates insurance proposals for the opportunities. The insurance proposals are then instantly able to be sent to consumers as opportunities to renew or exchange products before price renewal is applied. In collaboration and partnership with PPI, one of Canada’s largest MGAs, LDA created a fully custom platform, Amplifi, which allows their advisors to control plan design, metrics, and incorporation of their entire book of business from various carriers. Amplifi is part of PPI’s Stratosphere toolkit for their advisors and provides PPI advisors with a seamless and tailored experience.

In addition to MGAs, LDA has gained significant traction with the five big Canadian banks. While working with insurance carriers, advisors, and other stakeholders, the platform allows banks to maintain an operational line of decorum and stringent security standards. LDA upholds security standards by maintaining industry leading security protocols such as SOC2 Type 2 (Systems and Organizational Controls) certification. These partnerships with banks and large enterprise organizations complement its constantly evolving customer needs.

LDA has worked from inception to build strong relationships with insurance carriers and facilitate a seamless sales and policy management relationship between the carriers and the rest of the insurance distribution chain. Insurance carriers can partner with LDA to import advisors inforce policy data directly into LDA. Sales opportunities are automatically generated from the policies inforce with the insurance carrier, providing more value for the advisors.

Insurance carriers can onboard their entire wholesale team into an organization within LDA, providing the wholesalers with greater communication and access to advisors in their regions. These organizations provide insight into advisor pre-sale behaviour for cases that are created by the advisors working with their wholesale team.

Life insurance is very confusing for regular people, and at LDA, we curate ideas to turn available data into something palatable, more fun and easily understandable for consumers

In 2022 LDA launched AdTech to further enhance value to insurance carriers. The AdTech platform allows carriers to place messages beside their products while advisors are making product selection decisions for their clients. This provides the carrier with an opportunity to emphasize cross product promotions, advisor incentives, or non-price related features.

Since more than 88 per cent of consumers are confused about their insurance options, LDA provides a complete view of any number of carrier products and how they compare to one another. Data visualization allows advisors to translate confusing policy text and numbers into simple, branded, and aesthetic visualizations for consumers to easily understand their available insurance product options. LDA saves advisors time by directly organizing and consolidating data from carriers and automatically creating a proposal for a client based on inforce policy data. Advisors no longer need to manually enter information from multiple carriers into an Excel sheet, then transfer into PowerPoint in order to create a palatable sales presentation.

LDA automates of inforce policy management by aggregating data from an advisors book of business. Advisors are notified when policies are either approaching renewal, a conversion date, and on policy anniversary. Managing compliance is an important component of an advisor’s day-to-day and LDA allows them to automate the compliance process. In the event of an audit, advisors can easily prove that a consumer was given a suitable product based on their budget and insurance needs which are recorded in the Financial Needs Analysis on every case. The product quoting process is well-documented and meets all Canadian Life and Health Insurance Association recommended practices.