While Pierce expects to see an increase in sales by advisers using Lifestyle Check, he would be just as happy if all it delivered to AIG was better quality business.
The Lifestyle Check gathers up-to-date information about lifestyle factors such as income, dependents, responsibilities and future plans to define areas of risk.
For example, if you are in a job or industry that is currently vulnerable, you can purchase protection to meet your financial obligations during a period of unemployment. Lifestyle Check is currently a paper-based needs analysis tool, however AIG is planning to put it into an electronic format later.
Pierce says a full Lifestyle Check takes between 35 minutes and an hour to complete. AIG Life is currently running training seminars to teach advisers how to use Lifestyle Check and to help them understand the results and how they can use them to provide appropriate cover to their clients.
Piece says Lifestyle Check "is all about best practice" and helps advisers "move away from product selling."
He describes it as a "needs-based selling system" and is all about "pulling" customers in rather than pushing product out.
While a needs analysis tool sounds like something to do with investments, rather than life insurance, Pierce makes it clear AIG is only interested in life insurance.
"That is our brand DNA and we are proud of it."
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