When it comes to time, there just does not seem to be enough of it these days, especially with the current COVID-19 situation and the many adjustments we have all had to make to continue generating business. As an Advisor, you want to provide your clients with the best possible service, but like many of us, you are probably grappling with how to do so while working from home in self-isolation. The solution is simple – technology! Electronic applications (e-apps) will not only help to streamline your business, but will give you that extra time to devote to your clients on a non face-to-face level.
E-apps are advantageous for both you and your client because they reduce time and effort throughout the underwriting process. Here are a few of the benefits you can enjoy by using e-apps:
Reduce Not In Good Order (NIGO) Applications
It can be a little frustrating when you discover that an application you have been waiting on has been rejected due to missing information. Using E-apps can prevent that headache since they cannot be submitted with absent information, thus avoiding any application delays.
Prompt Underwriting and Decision-Making
E-apps reduce the waiting time considerably. The insurance carrier receives applications instantly, allowing an underwriter to review them at a much faster pace. Consequently, many carriers are able to make decisions on e-apps quite quickly – often within just a few days or even immediately after receiving the application. Additionally, some carriers offer e-delivery of policies, meaning you will not need to deliver the policy in person.
From a Distance
Based on the current COVID-19 situation, it is recommended that all business is conducted non face-to-face. The majority of insurance carriers already have excellent non face-to-face procedures in place, complete with electronic apps and signatures. Policy delivery can even be done remotely with some carriers. If you need any training in this area, please reach out to your PPI Sales Team or consult our PPI website, which has many links to help you with these processes.
From the Mill to Your Wallet
E-app processing is more efficient, meaning policies are put inforce much faster, resulting in your commissions being paid sooner. In fact, some carriers even offer enhanced compensation for Advisors who use e-apps over the paper option!
Today, e-apps will not only save you time, but are the best way to conduct your business in a safe, non face-to-face manner, so make sure to implement this valuable and time-saving technology into your practice today.
To learn more about e-apps and how they can assist you and your business, contact your local PPI office today.