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License gaps
License , appointment and training gaps are another major cause of NIGO applications . These errors are frustrating and slow down the process . They put the application on hold until the issue is resolved . Often , the advisor must return to the client to solicit updated signatures .
Some sales platforms provide can sell checks , which are designed to catch these issues and notify the advisor prior to submitting business . This allows the advisor to take care of any issues prior to completing the application process .
The sales platform references an agent appointment database , which sends a call back to the platform . It identifies whether the advisor has taken all needed training courses and has proper licensing on record . This allows the advisor to take care of any issues prior to completing the application process .
Payment errors
NIGOs are common when dealing with payments . Many annuities are issued by check . Until the carrier receives the check , the application is considered NIGO . Even in cases with electronic payment , the application can face ACH errors . This typically means the user entered the account information incorrectly , an unfortunate but unavoidable fact of manually keying information .
A good e-Application tool integrates with an account verification and authentication service and can validate in real time if the account information is correct . There is no need to wait for the check to arrive at the carrier , as it is instantly validated within the platform and processed at the carrier in good order .
Missing paperwork and signatures
Paper applications are complicated and sometimes overwhelming to manage . Frequently , if the application lacks one or more forms , NIGOs are the result . Or , even more defeating , the application could simply be missing a signature .
A good sales platform can use rules to prevent advisors from submitting applications without all the necessary paperwork . In addition , firms can use rules to validate if the advisor has included all supplemental documents . Rules can require the user to verify that items like a copy of a voided check or a signed illustration are complete and attached to the order .
NIGOs caused by missing signatures are likewise as simple for technology to prevent . Some sales platforms have e-Signature technology built in , allowing for rules to make signed fields a requirement in the e-Application workflow . Plus , e-Signature speeds up the application process compared to wet signatures by reducing time for signature collection from weeks down to minutes .
Incorrect application
Minor application errors are some of the most frustrating challenges of paper processes . Something as simple as checking the wrong box or misspelling information can cause a NIGO . Advisors should never have to deal with these types of errors given today ’ s e-Application tools , which pre-fill known information . If the advisor has their own forms to fill out , most of the client ’ s information is already in the system . The platform will carry that information forward to populate forms later in the process .
Aside from being a time saver for the advisor and client , this prevents keying errors . Client information will always be consistent across all forms and paperwork — no more typos or discrepancies . In addition , rules ensure the application meets insurer-specific product requirements . This includes items like minimum and maximum premiums , rider conflicts and statespecific requirements .
Restoring order
NIGOs have plagued carriers and distributors in our industry for far too long . Modern sales platform technology can ensure advisors submit applications in good order . Advisors are saved from frustration and the possibility of losing the sale . Carriers and distributors save time and money with efficient application processing . And your clients experience a sales process that meets their high expectations .
87 % to 12 % drop in NIGO after adopting an end-to-end sales platform – reported by a prominent insurance provider recently .