Approach to new business comprises leading-edge technology, a sophisticated underwriting rules engine and streamlined processes for instant decision and approval for qualified clients
Winnipeg, MB (July 16, 2014) – Advisors play an integral role in helping insurers meet the individual insurance needs of Canadians, yet for decades, they have been challenged by time intensive, administration-heavy application processes and procedures.
Now, Great-West Life, London Life and Canada Life have transformed how they do individual insurance new business to better serve the individual insurance needs of advisors and their clients. The companies are first to market with a revolutionary way of doing individual insurance business.
The changes are expected to significantly decrease the time it takes from when an application is submitted to the time a contract is issued. Underwriting is done in real time, and in some instances, qualified clients will be approved instantly and will be able to make the initial payment by credit card.
“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, Executive Vice-President of Individual Distribution and Marketing for Great-West Life, London Life and Canada Life. “For example, for qualified clients, we offer instant decision – not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”
The individual insurance new business offering includes:
- A new online insurance application for life, critical illness and disability insurance products, driven by a responsive underwriting program that generates questions based on the applicant’s previous responses;
- The flexibility to complete applications via desktop computer, laptop, iPad or other tablet technology, complementing the companies’ existing paper and tele-application options;
- The ability to apply for up to six lives and multiple individual insurance products in a single application, using electronic signatures, for greater convenience;
- Technology-enhanced underwriting with a rules-based engine, for faster decisions;
- Automated ordering when additional medical information is required, for faster turnaround;
- Mobile-friendly, automated email communications to help keep advisors informed of the status of their client’s application at every stage of the process;
- Instant decision and approval for web applications that meet specific criteria;
- Imaging of documents for faster processing, moving closer toward a paperless environment.
“All of our individual insurance business processes have been streamlined and the individual insurance organization has been re-aligned to support this entirely new way of doing business,” Pszeniczny concludes. “Advisors and clients can expect quicker policy issue times, less paperwork for individual insurance applications and new user-friendly methods that will improve how clients and advisors apply for life insurance.”
About Great-West Life, London Life and Canada Life
Great-West Life, London Life and Canada Life offer a broad portfolio of financial and benefit plan solutions, and serve the financial security needs of more than 12 million people across Canada.
Together, Great-West Life, London Life and Canada Life remain leading providers of individual insurance solutions. From term, universal and participating life insurance to individual disability and critical illness insurance, our broad range of products give advisors choice and flexibility in meeting clients’ diverse individual needs.
Combined, the companies have nearly three million* individual life insurance policies in force as well as another 350,000 living benefits policies in force.
* as at Dec. 31, 2013.
SOURCE: Great-West Life Assurance Company