Tuesday, September 26, 2017

Jump On Board with E-Apps

By Meghan Eiler, New Business Coordinator

We have all been inundated with catch phrases urging us to “go paperless,” or “get on board with the newest technology.” We have all felt pressure in our lives and careers to “jump in and ride the wave of the future” and we have all been told of the urgency to adopt and adapt to the newest, fastest way of doing things. Some take the reality of changing technology and processes more seriously and want to be the first to adopt while others are reluctant and choose to wait until absolutely necessary. Regardless of the approach, we all have one common expectation: a successful end result!
Banks, doctor’s offices, healthcare providers, mortgage loan wholesalers, etc., are all going or have gone “paperless.” The pen to paper method has virtually disappeared in many industries. At one point the push for businesses to go “paperless” was primarily driven by environmental awareness, the desire of some to run a green business and save trees. While this is still a very big advantage, there are many other additional benefits to consider such as:
  • Less time devoted to non-essential tasks
  • Higher security for your documents
  • Increased productivity/business velocity

The annuity and life insurance industry is realizing the multiple advantages to using today’s technology and many carriers have begun to introduce electronic, paperless applications and electronic submission processes.

E-applications are allowing for less time being devoted to non-essential tasks

Once you are properly set up, fillable applications and electronic signatures allow for a drastic reduction in the time to complete an application. There is also a reduction in the likelihood for errors.

E-applications are allowing for a faster and more efficient review process and higher security for your documents

Writing and submitting an application online eliminates the worry that personal data is in print and could be lost or stolen in the mail. Less handling of physical documents means more overall security for your clients and the information that is being provided.

E-applications are allowing for increased productivity/business velocity

Completing an application in less than half the time it currently takes and saving, at minimum, a day and a half in the submission process, allows for increased productivity due to saved time. Given that the e-app must be filled out correctly before submission, it eliminates many of the mistakes commonly made when filling out paper applications. The electronically submitted application arrives at the home office to begin review quicker than a paper application can be received in the mail, opened, scanned and then sent to review. Quicker review means quicker issuance. Quicker issuance means faster commissions! What else have you saved along the way? Money! Think about the reduction in office overhead you can realize when not worrying about supplies and packaging, postage, and the like.

Ann Arbor Annuity Exchange is “jumping on board” and we want to help you do the same so you can reap the benefits! Please contact us with questions regarding electronic submission and how you can complete your next fixed annuity application online.  800.321.3924

Meghan Eiler| New Business Coordinator
Ann Arbor Annuity Exchange
Ph: 800.321.3924 x156 | Dir: 734.786.6156

Designed for Financial Professionals.