Great-West Life, London Life and Canada Life have streamlined their insurance application systems.
On July 14, the three insurers announced the launch of a new online insurance application for their life, critical illness, and disability insurance products that is expect to significantly decrease the time between application and contract issue.
The insurers say that underwriting will be done in real time. In some instances, qualified clients will be approved instantly and will be able to make the initial payment by credit card.
Advisors will be able complete applications via desktop computer, laptop, iPad, or other tablet technology, and can apply for up to six lives and multiple individual insurance products in a single application using electronic signatures. When medical information is required it will be ordered automatically, and advisors will receive automated emails to help keep them informed of the application's status. The insurers also note that documents will be imaged for faster processing, moving them closer to a paperless environment.
"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," comments Nick Pszeniczny, executive vice-president of individual distribution and marketing for Great-West Life, London Life, and Canada Life.