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2019 Movers & Shakers • Financial Services Firm • Special Sponsored Section

Working Together for Everyone’s Best Interests:

How a Company Built by and for Independent Advisors Is Driving Change in the Financial Services Industry


commitment to innovation and collaboration is at the core of Lion Street’s foundation. Since the company’s inception nearly a decade ago, the vision was to create a contemporary platform for its elite life insurance, business insurance and wealth management advisors and help them provide the best solutions for their clients. Back in 2010, the industry was just emerging from the financial crisis. The carrier and product landscapes were in flux, and many companies had left the life space, radically changing product prices or completely pivoting to new products with less capital strain. Lion Street’s independent producers were spending an excessive amount of time on what should have been simple tasks — quoting, application fulfillment and policy management — that were made more complex by varied processes across the carrier landscape, combined with having had no real technology advancements in quite some time, at least not for the high net worth clients that Lion Street advisors were working with. Lion Street saw the need for change and set out to bring carriers, tech partners and distribution together to align product and innovations with everyone’s best interests.

Lion Street’s latest innovation is a collaborative application fulfillment platform

Scott Weber, vice president of practice management and technology, who has been with Lion Street since the beginning, states, “To date, carriers have focused much of their technology on higher-volume, lower-face-value transactions to reduce overall processing costs associated with each policy. Unfortunately, this leaves valuable high net worth clients looking at benchmarked quotes, disparate manual processes and paper applications. If carriers want to increase their market share of high-value transactions associated with larger-face, fully underwritten, complex sales of permanent life insurance products, they must provide producers with a better transaction and client experience — Lion Street is helping make that possible.” Enter Multi-Carrier e-App, powered by Porch Software, which creates a single digital experience across multiple carriers that is designed to support the complex sale of fully underwritten, permanent life insurance products. In a seamless collaborative effort from the carrier all the way to the policyholder, the e-App platform is designed to allow the advisor and client to work together in completing an application remotely. And it goes beyond being easy to use and understand; e-App was designed with the life insurance producers’ and their busy clients’ schedules in mind, supporting mobile interactions on phones and tablets. The entire experience integrates full carrier applications and product illustrations along with applicant medical and


InsuranceNewsNet Magazine » December 2019

financial records — all the critical components of a complex, high-face life insurance application package. And it accepts e-signatures, making the policy placement and issuing all the faster. This game-changing solution, now available to Lion Street’s advisors, stems from “Lion Street honoring its commitment to innovation and gathering its key carrier partners, advisors and technology providers at the table, and the willingness, vision and support of leading life insurance carriers to see it to fruition,” adds Weber.

And this wasn’t the first time Lion Street delivered on its promise to find groundbreaking solutions for its advisors

Lion Street has tailored several technology solutions that were built for the mass market and has reshaped them for the specialized work of the advanced, high net worth advisor.

“Serving the demands of the high net worth family office market is much easier and rewarding when you have like-minded colleagues willing to share ideas and resources. Ownership in Lion Street enables producers to grow, share and control what is important to them.” — Rod Sager, Lion Street Owner, IPS Advisors | Hub International

“Broad acceptance of our fully electronic application solution has proven independent advisors are ready for a contemporary solution. The Penn Mutual Life Insurance Company is pleased to collaborate with Porch Software and Lion Street to continue to advance the industry with new electronic application technology to better serve advisor-directed life insurance sales.” — David O’Malley, President and Chief Operating Officer, The Penn Mutual Life Insurance Company.

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InsuranceNewsNet Magazine - December 2019  

Between the End and the Beginning: What will history say about 2019 in terms of financial regulation and health care reform? Read this story...

InsuranceNewsNet Magazine - December 2019  

Between the End and the Beginning: What will history say about 2019 in terms of financial regulation and health care reform? Read this story...

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