ITC Special 4A - Reinventing Life Insurance: Technology and Transformation with Hilliard Milner

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:

1. 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  

2. Creating Value Beyond Efficiency  

• Measuring AI's impact  
• The importance of a flexible tech stack that can adapt to future AI advancements  

3. Understanding the Agent's Perspective  

• Empowering independent agents  
• Go-to-market strategy  

4. Building Relationships and Trust  

• Establishing rapport with clients  
• Customizable solutions that enhance efficiency and effectiveness  

5. Navigating Industry Challenges  

• Bridging the tech gap for independent agents  
• Market-driven product development  

6. The Future of Optifino and  Xcela and the Insurance Industry  

• Anticipating industry changes and commitment to flexibility  
• Evolving strategies in distribution  

7. Building Trust in Technology  

• Ensuring data security  
• Navigating long sales cycles

8. 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)