NAILBA Perspectives Virtual Symposium Special Edition | Page 21
One thing that the recent pandemic has proven
is that we need electronic solutions, and most
clients in today’s world actually
prefer it and
expect it.
Key features of a complete digital sales process
Multi-Carrier/Multi-Product Access – Advisors need quick
and easy access to their various carriers and products to sell
products to their clients effectively. Make it easy by providing
them a single spot to shop and submit business.
Workflow Flexibility – Firms have various workflows and
requirements. Workflow flexibility allows firms to implement
and replace existing paper processes across multiple lines
of business and sales activities. In a digital world, data is
entered one time and flows into the next activity, creating
connected, more efficient, and streamlined sales processes.
Client Fill and Sign – Provide advisors the ability to fill in
required advisor information in an application and then send
a request for the client to fill in missing information and sign
in one step. This ability is valuable in required remote sales
situations.
e-Signature – Capturing signatures is part of the sales
process and shouldn’t cost more when conducting business
electronically. Look for a solution that includes, at no
additional cost, various e-signature options to enable
advisors to collect signatures face to face or remotely.
Authentication – Signer authentication is vital in conducting
compliant, in-good-order sales. Having various types of
e-Signature Authentication and the ability to define the
authentication required for each activity allow firms to
create compliant processes that best fit specific sales
situations, especially in remote sales.
Transfer/Share/Case Access – Each sale is different.
Sometimes the sales process involves a call center, a sales
assistant, or someone other than the advisor that will
complete the application. In these situations, your firm will
want to support various sales workflows by providing a
share or transfer feature.
Field Underwriting – Many carriers are beginning to add
automated or field underwriting at the point-of-sale by
leveraging rules within e-App solutions for simplified
underwriting or integrating underwriting engines with the
e-App solutions. Some carriers are creating new products
for automated underwriting processes. As more carriers
implement field underwriting, firms will want digital
processes in place for their advisors before it becomes
the new standard, not after.
Review Queues – Compliance/suitability/manager review
is often part of the process that, in a paper world, requires
shuffling of paper and faxes. In a digital world, firms can build
in the reviews and manage the review electronically, keeping
sales moving forward.
APIs – Today’s technology uses APIs to make instant requests
to various services to bring back data, verify information,
and prefill or share data with CRMs and other systems. With
robust API capabilities, it is much easier to create a holistic
process that’s easy to use and eliminates jumping from
system to system.
Getting digital now
If you’ve had the same technology for a while or haven’t really
focused on a true digital sales process because you didn’t feel your
advisors would really use it, you might be surprised if you assessed
again. Today, new systems and tools are more powerful, quicker
to implement and less expensive. They are also more connected
and offer a more seamless end-to-end process than you’ve come
to expect. One thing that the recent pandemic has proven is that
we need electronic solutions, and most clients in today’s world
actually prefer it and expect it. So, start thinking about how you
can best meet the needs of your advisors and clients today. The
tools are out there, and the time is now.
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