Digital processing will help insurers deal with the current rush of universal life applications.
Peter Wouters, director, Tax & Estate Planning at Empire Life, told The Insurance and Investment Journal that the Fast & Full application submission process helps a lot with handling the additional influx of requests triggered by the upcoming tax changes impacting these policies.
Canada Life says it solved its automatic processing issues just in time; its system had been faltering since its launch in July 2014. “Now that we’re out of the backlog of the New Business Now struggle, we’re also hiring additional staff to meet the additional application counts that we are getting,” says Saundra Roll assistant VP, Business Development & Solutions at Canada Life, Great-West and London Life.
Although less affected by a surge in new applications, Desjardins Insurance is also benefitting from high tech. “Almost all our products are available through our electronic application. This clearly helps reduce processing time. Advisors can’t skip a field with these applications. Usually they are better completed than the paper applications,” says Nathalie Tremblay manager, development and marketing, Life and Health Products.