Some major players in the Canadian life insurance scene are looking to remove the administration-heavy application processes by introducing a new way of doing individual insurance.
Some major players in the Canadian life insurance scene are looking to remove the administration-heavy application processes by introducing a new way of doing individual insurance.
“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, executive vice-president of individual distribution and marketing for Great-West Life, London Life and Canada Life. “For example, for qualified clients, we offer instant decision - not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”
Advisors play an integral role in helping insurers meet the individual insurance needs of Canadians, says Pszeniczny, yet for decades, they have been challenged by time intensive, administration-heavy application processes and procedures. But now Great-West Life, London Life and Canada Life are changing the way they do individual insurance new business to better serve the individual insurance needs of advisors and their clients.
“All of our individual insurance business processes have been streamlined and the individual insurance organization has been re-aligned to support this entirely new way of doing business,” says Pszeniczny. “Advisors and clients can expect quicker policy issue times, less paperwork for individual insurance applications and new user-friendly methods that will improve how clients and advisors apply for life insurance.”
The changes are expected to significantly decrease the time it takes from when an application is submitted to the time a contract is issued. Underwriting is done in real time, and in some instances, qualified clients will be approved instantly and will be able to make the initial payment by credit card.
The individual insurance new business offering includes:
• A new online insurance application for life, critical illness and disability insurance products, driven by a responsive underwriting program that generates questions based on the applicant's previous responses;
• The flexibility to complete applications via desktop computer, laptop, iPad or other tablet technology, complementing the companies' existing paper and tele-application options;
• The ability to apply for up to six lives and multiple individual insurance products in a single application, using electronic signatures, for greater convenience;
• Technology-enhanced underwriting with a rules-based engine, for faster decisions;
• Automated ordering when additional medical information is required, for faster turnaround;
• Mobile-friendly, automated email communications to help keep advisors informed of the status of their client's application at every stage of the process;
• Instant decision and approval for web applications that meet specific criteria; and
• Imaging of documents for faster processing, moving closer toward a paperless environment.
“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, executive vice-president of individual distribution and marketing for Great-West Life, London Life and Canada Life. “For example, for qualified clients, we offer instant decision - not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”
Advisors play an integral role in helping insurers meet the individual insurance needs of Canadians, says Pszeniczny, yet for decades, they have been challenged by time intensive, administration-heavy application processes and procedures. But now Great-West Life, London Life and Canada Life are changing the way they do individual insurance new business to better serve the individual insurance needs of advisors and their clients.
“All of our individual insurance business processes have been streamlined and the individual insurance organization has been re-aligned to support this entirely new way of doing business,” says Pszeniczny. “Advisors and clients can expect quicker policy issue times, less paperwork for individual insurance applications and new user-friendly methods that will improve how clients and advisors apply for life insurance.”
The changes are expected to significantly decrease the time it takes from when an application is submitted to the time a contract is issued. Underwriting is done in real time, and in some instances, qualified clients will be approved instantly and will be able to make the initial payment by credit card.
The individual insurance new business offering includes:
• A new online insurance application for life, critical illness and disability insurance products, driven by a responsive underwriting program that generates questions based on the applicant's previous responses;
• The flexibility to complete applications via desktop computer, laptop, iPad or other tablet technology, complementing the companies' existing paper and tele-application options;
• The ability to apply for up to six lives and multiple individual insurance products in a single application, using electronic signatures, for greater convenience;
• Technology-enhanced underwriting with a rules-based engine, for faster decisions;
• Automated ordering when additional medical information is required, for faster turnaround;
• Mobile-friendly, automated email communications to help keep advisors informed of the status of their client's application at every stage of the process;
• Instant decision and approval for web applications that meet specific criteria; and
• Imaging of documents for faster processing, moving closer toward a paperless environment.
