Thank you, technology.
So much of life – and business – is easier because of the digital age we’re living in.
Electronic applications for life insurance have made many of the everyday processes more convenient and MUCH less time consuming.
You’ll also have happier clients and attract prospects when people find out you’re using the most efficient methods available to meet their life insurance needs.
The biggest problem may be getting life insurance producers who are skeptical on board.
Let’s take a look at the available electronic applications that will make your life so much easier, and what you need to know about overcoming resistance to changes.
IGO
IGO, which stands for “In Good Order,” is a portal that life insurance producers can log into and access carriers that offer Drop Tickets, e-applications and electronic delivery of policies.
One of the great things about IGO is that it doesn’t allow you to submit an application that’s only partially complete – or partially “In Good Order.” What it will do is guide you through exactly what questions need to be answered so that you end up with a perfectly complete "ticket" or application.
This saves you time by reducing the frequent back and forth that’s common with traditional methods.
Here are two of the most helpful electronic application options for today’s life insurance producers.
1. Drop Ticket
You can find detailed directions for using a Drop Ticket in this video, but here’s a quick overview.
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The life producer does a quick online application with the client, acquiring some basic information, via a phone interview. At this point, no signatures are required and this part of the process can be completed on a desktop computer or even a mobile device in usually 10 minutes or less.The info goes directly to the carrier or to the client first for an e-signature.
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Next up for your client is a 30-45 minute phone interview with the life insurance company.
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The underwriting process is the next step. It’s handled the same way that a typical paper application would be.
2. E-application
This type of application is basically the same as a paper application – but better.
It’s more convenient and saves you valuable time.
This is what the process involves.
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The producer types the application information into the computer.
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Next, the information is emailed to the client so they can add their electronic signature.
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It’s then submitted to the carrier just after the producer adds their electronic signature.
With a Drop Ticket, the carrier will set up the applicant's exam. With an e-application, the producer would set it up (although some General Agencies will provide this service to the producer, saving valuable time).
Change is hard – but good
Not everyone is happy to jump on the tech-train as it speeds down the tracks.
Let’s look at some of the most common objections producers may have for not wanting to integrate technology into their business. If you fall into any one (or more) of these categories, consider giving better applications methods a try – even just once.
1. You don’t like change.
It’s really that simple.
Change is hard – even good change – and sometimes, you would just rather stick with what you know, thank you very much.
Do this instead: Usually, once you actually try an electronic application or Drop Ticket, you will see its value and you’ll be hooked.
2. You don’t like giving up control.
When you’re responsible for the making-or-breaking of your business, it’s hard to loosen the reins a bit.
Do this instead: Realizing that you’re not really giving up control at all – but actually being more productive – can make all the difference. Think of the electronic application process as your "electronic assistant," leaving you to handle more valuable activities.
3. You like to see the client in person.
There’s nothing wrong with preferring to see a client face-to-face.
Except for the fact that it’s not always what the CLIENT prefers.
Do this instead: You have to understand that today's consumers don't necessarily want face-to-face interactions. Of course it will depend on the client, the amount of insurance being applied for, and where the client is located.
Remember, your job as the life insurance producer is to do the very best job for them, which includes providing them with the conveniences they would like.
What is your time worth?
Your time is used most efficiently when you’re able to focus on what you do best – selling.
Let today’s technologies take some of the administrative hassle off your plate.
Chances are, a time will come in the not-too-distant future when carriers will require you to use virtual tools. Will you be ready?
What are your go-to electronic applications for life insurance?
