Repredict is a critical, time-saving tool for life insurance producers, financial advisors, general agencies and insurance companies who seek to streamline the insurance planning, selling and review processes.
Predictions vs. Revised Illustrations
Predictions are fast (almost instant) alternatives to revised life insurance illustrations. This allows users to generate accurate "what-if" scenarios on-the-fly. Think of it as a sandbox for exploring dozens of design alternatives in just minutes.
Predictions are created using Repredict's own patented AI-assisted methodology. They tend to be highly accurate projections of actual revised illustrations. However, predictions do not contain all the necessary disclosures and disclaimers, and are therefore considered analyses and not compliant life insurance illustrations.
Predictions Are Product Agnostic
Predictions can be made from any pdf illustration of any insurance company. Just import the pdf directly into Repredict, analyze with a single click, change any value and select Predict or Repredict. Our patented AI-assisted regression analysis is able to infer surprisingly accurate calculations from the non-linear trend lines and their relationships. That means Repredict can predict future performance using a wide range of products, products that are brand new (or just updated), and even products that have been in force for years.
It should be noted that Repredict automatically uses the same assumptions as the source illustration, i.e., crediting rate, MEC avoidance test, term blends and death benefit options. Accordingly, older illustrations are projected using "as sold" assumptions and will differ from in force illustrations provided by the carrier that use updated assumptions.
Popular Ways of Using Repredict
Policy Review: Repredict can be used to project the future performance of existing policies based on the original assumptions. While it does not replace an in force ledger, it can provide additional insights.
Planning: Predictions can be exported from Repredict to Excel or various planning software to make speedy work of generating and optimizing complex proposals. For example, Repredict has a direct integration with InsMark that allows data to be transferred quickly into any desired InsMark module.
Point-of-Sale: Predictions can be used to quickly answer client questions while maintaining the continuity of discussion. Once a final decision is reached, the user can click the "Make Compliant" button to send the prediction to the illustration desk along with the source ledger so it can be replaced with an actual illustration. It is the compliant illustration, not the prediction, that will be ultimately signed and submitted to underwriting. The prediction merely served as a guide.