Compliance

This guide will show you how to ensure compliance in your insurance practice natively within Life Design Analysis

Client Expectation and Disclosure

The first two pillars of compliance encompass client expectations and disclosure. These relate to your mission statement and disclaimers, which can be customized for your LDA account.

  • When presenting a report in LDA, the mission statement and disclaimer are included by default.
  • Ensure that these are checked off as defaults for each concept you present.
  • These statements are covered right away when presenting your case in LDA.
  • To customize the disclaimer and mission statement, go to the cases tab in the account setting section of LDA.

Fact-Finding Process

This pillar emphasizes the importance of the fact-finding process. In LDA, you have the option to create a needs analysis that can be filled in by the client.

  • LDA offers a needs analysis tool for both personal and business needs.

  • Clients can fill in the needs analysis themselves from their own device.
  • You can send clients a custom web link to complete the needs analysis.

 

Needs Assessment

Needs assessment is a critical part of compliance. LDA's needs analysis tool assists in determining the client's insurance needs, and this information becomes part of the presentation.

  • LDA's needs analysis is interactive, allowing you to toggle options on and off to adjust the client's insurance needs.
  • You can manipulate the analysis as you present it to the client, showing how needs change over time.

Advise and Recommend

In this phase, it's essential to recommend insurance options based on the client's needs. LDA integrates with LifeGuide to survey the insurance market and present curated options.

  • LDA integrates with LifeGuide to survey the insurance market.
  • Present all insurance options in one report with interactive visuals.
  • Show premium schedules and cumulative costs to demonstrate long-term savings.
  • Utilize presentation summary pages to present information in tabular form.

Reviewing Insurance Reports

Reviewing insurance reports is crucial for compliance. LDA allows you to generate reports that include mission statements, disclaimers, the needs analysis, and reason-why letters.

  • Generate reports in LDA that include all compliance-related content.
  • Customizable reason-why letters can be included in the report.
  • Ensure all compliance elements are presented to the client.

Reason Why Letter

The final pillar relates to the "Reason Why Letter," which can be added to the report via LDA's notes section.

  • Add a "Reason Why Letter" to the report using LDA's notes section.
  • Fill in the blanks based on the client's needs and recommendations.

Managing Insurance Block Business

LDA isn't just for insurance reports; it can also help you manage your insurance block business. Use LDA's e-app integration to expedite the application process. You can save policies to the client file, mark them as sold, and track policy details over time.

  • Utilize LDA's e-app integration to streamline the application process.
  • Save policies to the client file for tracking purposes.
  • Monitor upcoming opportunities through LDA's filters and notifications.