How to Close More Life Insurance Cases: E-Applications vs Paper?

You’re an on-the-go life insurance producer. 

Saving time is a necessity. 

One of the biggest time-wasters has always been the amount of paperwork that’s required to take and process life insurance cases.

It’s a lengthy enough process when things are done correctly. 

But when there’s missing information, it creates that back-and-forth tennis match that slows down your case and frustrates you and your client. 

Today’s technology has provided a way to make the method easier, faster and with fewer errors.

The goal is an application that’s “IGO” – or “in good order.”

Let’s take a look at some of the apps that can help you turn in applications that are IGO, as well as a comparison between these tools and traditional paper applications.

iGO makes life insurance sales easier

iGO (In Good Order) is an online portal for life insurance producers to complete and submit life insurance applications electronically. This speeds up the application, underwriting and approval process.

One of the advantages of iGO is that it doesn’t let you submit an application that isn’t complete. It will only accept one that’s In Good Order.

Through the iGO portal, you have access to two electronic processes that will speed up the process and help you get more cases approved: E-application and Drop Ticket.

Using E-applications

An E-application is essentially the same thing as a paper application – but quicker, easier and more efficient.

It’s a quick 3-step process:

• Step #1: The producer completes the application on a computer.
• Step #2: The E-application is emailed to the client so they can e-sign the application.
• Step #3: After the producer adds his electronic signature, the e-application is submitted to the carrier for processing. 

It’s that easy. No snail mail. No driving. No errors or missing information.

Using Drop Tickets

A Drop Ticket is a similarly streamlined e-tool, but this one can even be accessed on a smartphone or tablet. 

Here’s how it works:

• The producer submits a short online client questionnaire. It takes less than 10 minutes and doesn’t require signatures. 
• The insurance company will contact your client to conduct a phone interview and capture the balance of the application questions. This part of the process takes about 30-45 minutes.
• The application is submitted and the underwriting process begins, just as it would with a paper application.

What's better? Electronic applications vs. paper applications

When electronic applications go head-to-head with the old-school paper version, there’s a clear winner for submitting and processing life insurance applications.

And it’s not paper.

There are three big reasons that electronic life insurance applications edge out the traditional method.

They include:

1. They save time. The paper process is more labor- and time-intensive. 
2. You’ll have fewer mistakes. Any time you put pen to paper on an important document, there’s room for errors.
3. You’ll close more cases and generate more revenue. Saving time and making fewer processing mistakes means more time for prospecting and opening new cases.

Essential tools for closing more life insurance cases 

Streamlining the life insurance application process is good for everyone.

Making life easier for your clients is going the extra mile that they’ll always appreciate.

You’ll close more life insurance cases and hit your goals when you put tools like iGO, E-applications and Drop Tickets to work for you.