What does a successful 150-year-old fraternal life insurance company do for a next chapter? It does what it’s always done — it focuses on what’s next.

“You get to celebrate your 150^th anniversary by being entirely focused on the future,” said Matt Berman, CEO of Foresters Financial. “We were founded on the spirit of innovation, with the goal to provide protection with a purpose that meets the ever-changing needs of the marketplace. Today, the spirit of innovation at Foresters Financial is as strong as ever.”

Mr. Berman added: “Through the use of data, technology, and advancements in underwriting, we’re going full speed to help shape the future of life insurance and the customer journey.”

Driving the opportunity for independent agents by making it easier and faster

Using a combination of digitized solutions, product design, and member benefits unique to a fraternal insurer, Foresters is focused on making it easier and faster for more independent agents to provide financial security to everyday families, including those that may not have qualified for coverage in the past. The end goal: create more opportunity for agents to grow their business.

New independent agents: JIT to success

It starts by simplifying the agent appointment process. Foresters has created a new digital licensing program it calls JIT — Just In Time — that allows agents to get appointed quickly and easily. 

The simplified online registration process only requires completing a short form to obtain an independent agent code within minutes. This enables new agents to write business before contracting paperwork is submitted to Foresters for processing.

End-to-end process improvement to accelerate the journey to approval

Foresters knows what agents want: easier and faster approvals. That’s why the company is dedicated to improving the life insurance sale process from end-to-end through a combination of world-class tech platforms.

On the front end, Foresters has implemented a reflexive application that provides structured data to underwriting engines. This optimizes Foresters straight through application process leading to faster point-of-sale decisions with the goal of improving approval rates.

Using risk scoring as its underlying underwriting, Foresters is able to evaluate mortality risk that places greater emphasis on relative mortality — significantly expanding the market opportunity for independent agents by giving more people a chance to qualify for life insurance; including those who may not have in the past.

“Risk scoring is a dynamic approach that analyzes data in real-time, with observations based on multiple characteristics or attributes. This modeling helps us look beyond classic negative mortality risk toward other factors that can improve someone’s profile and increase eligibility,” said Doug Parrott, Chief Underwriting Officer — North America.

Expanding markets to give independent agents more opportunity 

To understand what’s next you need to listen to the market. That’s helped Foresters continuously provide agents with innovative products that address all life stages and new markets. From its early success with one of the most unique final expense products, to being an early adopter and eventual leader of non-medical “fluidless” solutions, to its contemporary children’s whole life — when Foresters spots an opportunity, it can move fast. 

For instance, in 2023, independent agents were increasingly talking to Foresters about life insurance solutions for the ITIN (Individual Taxpayer Identification Number) market. Given the company’s commitment to expanding markets by providing life insurance to more people in need, Foresters quickly developed its ITIN program with a customized set of parameters so independent agents can help more potential clients. 

Recognizing the demand for life insurance for people living with diabetes, Foresters launched an industry-first in the US: Non-medical life insurance products built with diabetes in mind. This includes relaxed underwriting on non-medical products offering up to table 6 ratings at no additional premium — and one product that goes from table 7 to 12 ratings. This way, more people living with diabetes can apply for life insurance — once again expanding the market opportunity for agents. 

Similarly, Foresters has a game-changing approach to tobacco: The use of cigars, pipes, chewing tobacco, nicotine patches, vape pens, marijuana and other substitutes fall under non-tobacco definitions for one product. 

 “Have you ever met a 150 year old that moves as fast as we do?” Mr. Berman said.

The digital journey accelerates member engagement

Foresters recently launched its robust MyPolicy platform, which is a milestone on the Foresters digital adoption roadmap. 

MyPolicy is a self-serve portal that allows policy owners to access and manage their accounts. They can view policy details, initiate transactions and complete specific service-related activities. 

Importantly, via MyPolicy policy owners can initiate loan and repayment requests. Foresters has made arrangements to provide a digital disbursement program so members can receive funds quickly and securely into their accounts electronically. 

Benefits: the fraternal advantage that makes a difference

“When you consider how we are giving agents a competitive advantage through product innovation, advanced underwriting, and tech-driven end-to-end sales, then our member benefits are the icing on the cake,” Mr. Berman said. 

The Foresters fraternal purpose is to enrich the well-being of its members, their families, and their communities. This has propelled the insurer to deliver a modern suite of complimentary member benefits including the Foresters Go™ wellness app, education and career advancement funding, and  community grants that empower members to support the local causes and organizations they believe are most important. In this way, members and agents can make a difference in their communities.

Member benefits are a source of pride at Foresters: they reflect the insurer’s larger purpose of giving back that it was founded on 150 years ago. 

Mr. Berman said: “Our founders had a vividly clear vision of what mattered in society. That vision is as relevant today as it ever was. We celebrate those who share in our purpose of giving back — the volunteers who are our members, employees, and agents we serve.”

What’s next? 

According to Mr. Berman, what’s next is faster, easier, and seamless.

“That’s what the market is telling us,” he said. “Fluidless is a great advantage, but what else can we do to get to instant decision and issue? That’s the entire focus of our digital strategy driving our new product pipeline and approval process. I invite agents who want to accelerate their growth to join us, because this 150 year old is moving fast.”

For more information click here to visit ezbiz at Foresters today.

Foresters member benefits are non-contractual, subject to benefit-specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available. Some of these benefits may be administered by third parties such as Foresters Go, which is operated by dacadoo AG. 

Foresters Financial, Foresters, Helping Is Who We Are, Foresters Care, Foresters Moments, Foresters Renew, Foresters Member Discounts, Foresters Go and the Foresters Go logo are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, ON, Canada M3C 1T9) and its subsidiaries. 

For producer use only. Not for use with the public.

423407 US (05/24)