NAILBA Perspectives Virtual Symposium Special Edition | Page 23

Underwriting Advocacy
to navigate the new
world is as critical as the
digital processes itself.
While prescription checks, electronic inspection reports and
other non-invasive data driven tools have become table stakes
for accelerated underwriting processes, the almost-overnight
integration of electronic health records since the pandemic has
been noteworthy. Some vendors are now providing a faster
alternative to accessing medical records and have likely brought
about permanent change in processes.
Innovation through pandemic
Administratively, the pandemic has forced all parties involved
in the new business process to adopt innovative ways to fulfill
applications, navigate requirements, and ultimately issue and
deliver the insurance contract. With face-to-face meetings
on hold, advisors and staff working in different locations, and
clients often stuck at home with no access to printers and
scanners, mundane tasks like collecting wet signatures on forms
and delivering a traditional leather-bound policy have become
challenging.
Fortunately, manufacturers and distributors have created or
enhanced processes that aim to solve current challenges and
meet consumer demand for a more digital life insurance buying
process. At Valmark, for example, it is common for a client to
obtain significant amounts of death benefit without a face-to-face
meeting, hard copies of paperwork, or any wet signatures from
application to policy delivery.
Reducing errors and cycle time
Electronic applications have become commonplace, and this
digital process has dramatically reduced application errors and
cycle time. When a carrier or product is not conducive for when a
carrier or product is not conducive for a full electronic application
experience, a digital platform may be used to collect electronic
signatures. This was not always the case, as prior to COVID-19,
many carriers restricted the use of electronic signature platforms.
On the back end, electronic delivery is now offered by most
major life insurance carriers, which has sped up and simplified
the policy placement process. Other creative process innovations
include one carrier’s ability to send a hyperlink directly to the
client to collect an electronic signature on a form midunderwriting
or carriers exhibiting flexibility to allow for Smartphone pictures
of signed forms to be submitted. All of it means the process of
obtaining coverage no longer must be laborious for clients.
In this environment of rapid process innovation, carriers have
never been more divergent in their offerings, and to reap the
many benefits of a multi-carrier platform, Underwriting Advocacy
to navigate the new world is as critical as the digital processes.
Having underwriting and new business expertise on the side of the
client and advisor to research, understand, promote and navigate
the various carrier processes ensures the right platforms are used
and a successful client outcome is achieved.
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