On Monday, Apple announced iOS 9 will be coming in the fall, so what are the benefits for the financial advisor?
Context Sensitive Features– Siri, our electronic assistant is getting better with the ability to give us reminders, if you’re receiving a phone call from a number you don’t recognize, Siri can search through your email and suggest who it could be- this is cool but can be a little creepy too…
Notes– allows you to save in different folders in case you’re in a meeting with a client- you can actually put notes in files, better for organization and for compliance.
Drawing in notes- now you actually do a napkin drawing on your iPad, I’m bias though- I think our app has some pretty awesome 21st century napkin drawings.
Battery Saver-pretty self explanatory who doesn’t want a longer battery life especially when you can almost run a business from your iPhone (more on that in another blog post)
Multitasking-now you can split screen 2 apps, imagine this: you can run your life insurance needs analysis app and split screen it with an insurance company app so you can provide a life insurance quote to your client- making the meeting super smooth, all at your fingertips.
Deep Link Search- usually when you search on your iPad or iPhone, results will generate an app or web content, now the search will look within the apps, apps that are on your device. For example, a client is looking up “life insurance”, now it will pop up your advisor app that has a life insurance needs analysis. This is pretty important given that there are currently over 1.5Million apps in the App Store and an average person has 119 apps downloaded on their iPad or iPhone.
I was watching the local news one night and saw a feature about YouCaring.com- a crowd funding website that helps people raise money to cover health care and funerals. Being an insurance nerd, it got me thinking- is this the future of insurance or another way to pay for healthcare or a combo?
So I started researching and this is what I learned:
Crowdfunding is raising money from a large number of people (usually online) where individuals/groups can contribute to your cause or business, there are currently over 450 crowdfunding platforms.
These websites give people an alternative to debt and bankruptcy by providing a platform to raise money to cover medical costs and associated expenses by asking for donations from friends, family and others by sharing over social media.
Asks can range from $1,000 to several thousand dollars, the donations can add up quickly so the recipient can hit their goal. On average though, according to the 2013 Crowdfunding Industry Report, the success rate was around 50%.
I did a little more digging and checked out 3 different crowdfunding platforms since they allowed personal causes on their sites: YouCaring, IndieGogo and GoFundMe
|Campaign Setup Fee||$0||$0||$0|
|Credit Card Transaction Fee||2.9% + $0.30 per transaction||3-5% per transaction||2.9% + $0.30 per transaction|
5% Suggested Fee from the Donor
|4% per transaction if goals are met
9% per transaction if goals aren’t met
|5% per transaction|
|Total||2.9% to 7.9%
|7% to 14%||7.9%
Interestingly enough- the total of their percentages really ranges, from 2.9% to 14%, depending on the site, while in some cases I think this might be a bit steep it is still a viable alternative to raise money to:
- Cover costs of Critical Illness
- Cover costs from an accident
- Funeral Costs
- Pay the deductible or co-insurance from health/group insurance plans
- Pay costs that aren’t covered by health/group insurance plans
- Supplement for costs not covered such as rent, mortgage, utilities and other daily living expenses not covered by health/group insurance plans.
As an alternative to critical illness insurance, disability, health or life insurance- I’m not convinced yet but I know it’s something that can help supplement and help those that can’t afford the premiums.