NAILBA ID Trends Resource Guide 2020-21 - Page 7

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5 Ways to Adapt Your Insurance Business for the Future

In these unprecedented times , it ’ s more important than ever to keep business moving forward . For buying and placing life insurance , that means speed and efficiency through digital capabilities that help streamline the application process to speed up production time and drive business growth .
1 . Ditch the paper applications
Trade paper applications for digital apps to submit them more quickly and easily . Avoid NIGOs and data entry errors , submit applications faster and more efficiently , and complete applications on desktop and mobile devices .
2 . Take an innovative approach to application fulfillment
Just submit an application and let a team of professionals take care of the rest . Partner with a carrier that completes the interview , schedules exams , orders medical records ( if needed ), and request additional information – all with a high standard of quality throughout the process .
3 . Leverage expedited underwriting
One size doesn ’ t fit all when it comes to underwriting . So go with a tailored underwriting solution that ’ s designed to underwrite applicants with the least invasive requirements possible . Optimize speed to issue by providing clients with the opportunity to qualify for accelerated underwriting and reduce overall cycle time .
4 . Take convenience to the next level with electronic signatures
Eliminate the need for paper-based signatures and timeand-place limitations with electronic signatures from Adobe , DocuSign , eSign Live , and Paperless Solutions Group .
5 . Make finalized policies easier with electronic policy delivery
Make it so you can review , approve and deliver policies to clients electronically through one , simple and secure website . It speeds up the delivery process , tracks delivery status , and allows clients to view and download completed policies and delivery requirements .
DISCLOSURES : Protective and Protective Life refer to Protective Life Insurance Company ( PLICO ) and its affiliates , including Protective Life & Annuity Insurance Company ( PLAIC ).
Insurance products are issued by PLICO in all states except New York , where they are issued by PLAIC . PLICO is located in Brentwood , TN and PLAIC is located in Birmingham , AL . All payments and guarantees are subject to the claims paying ability of the issuing insurance company .