Electronic applications have been used in the annuity market for years. Recently, universal life and term have been gaining momentum behind vendors such as iPipeline, Ebix, Aplifi and other non-proprietary solutions.
The basic process for sending electronic applications closely follows the paper process (including the MBA’s ability to review) and can be similar across life and vendors:
- Agent completes the application and sends it to the customer
- Customer electronically signs it and sends it back
- Agent signs it and releases it to the MBA
- MBA reviews/manages the application and submits it to the carrier
The benefits to using electronic applications are numerous:
- Speed of submission process
Data entry is usually faster or eliminated.
Sending the app to each person for e-signatures/approval is definitely faster.
- Cost savings
No more mail/fax costs.
- “In Good Order” application processing
Vendors use business logic to help the user submit apps “in good order” which should speed up app processing.
The solution LBL uses today is iPipeline’s iGO e-App. We like it because:
- It closely mimics the paper process (allowing MBA review, manage and order requirements same as they do today).
- It streamlines the process for multiple product types (screens may be different, but the process is the same).
- It allows you to fill out a part then stop, save it and pick up where you left off later.
- It works on all major Internet browsers (MS Internet Explorer, Apple Safari, Mozilla Firefox, Google Chrome).
- iPipeline really understands the independent brokerage industry.
While universal life e-apps may not be as widely adopted as term, the solution your preferred carrier provides is still worth using.
We want to hear from you about your e-app preferences. What are your barriers? What do you like/dislike about the e-app process? If you don’t use it, why not?