What is the traditional life insurance application process vs the Online Approvals process?
Traditionally, agents have to call clients on the phone and then use agent-facing tools to help find them a suitable policy.
After discussing the policy with them, the agent would then go to the carrier’s website and complete the application in the client’s name.
Once the form is submitted, an underwriter will evaluate it and decide whether to approve it or not.
On the other hand, with Online Approvals, clients can browse policies on iLife’s platform and then receive an e-app invitation from Banner Life within minutes of completing their form. From there, they connect directly with the carrier.
Alternatively, if a client is using SBLI, they will be able to complete the entire process fully within the iLife platform.
How do I guide clients through this process?
You can prep clients before they begin to make sure they understand the types of questions they will be asked and have all of the materials they need ready.
Alternatively, you can go through the process with the clients over the phone and help them answer each question.
Follow whichever process is most comfortable for you and your client
Why is this better?
This is an exciting improvement to the life insurance process because it allows clients to get coverage in 15 minutes. It also allows you to sell more plans as clients don't have to wait for a health exam or a long underwriting process
Do I have to be appointed with the carrier?
Yes. You must be appointed with any carrier whose plants you want to sell.
What makes iLife's Online Approvals so exciting?
Speed: The traditional application process can take 1-2 weeks depending on gathering information, back-and-forth conversations with the client, the underwriter’s analysis, etc. Our Online Application dramatically reduces this time frame into a single session as short as fifteen minutes.
Convenience: With our Online Approvals feature, clients can journey through the entire application process–browsing quotes, completing carrier applications, paying and binding policies–all from your website by themselves. Our end-to-end funnel seamlessly guides them every step of the way for the ultimate user experience.
Scalability: Normally, agents can only service so many clients at once, but Online Approvals automatically guide clients through the application process without any added effort by the agent.
This means all an agent has to do is attract a lead to their website and allow the platform to do the rest, infinitely multiplying the number of clients that can be serviced at once and drastically increasing sales.
Time-Saver: Because Online Approvals eliminate the need for an agent to contact a client, fill out the application form on a carrier’s website, and then converse back and forth with underwriters, they save enormous amounts of time.
Match Competition: Until now, there has never been a way for agents to match companies that offer online insurance approval, but with this new feature, agents can even the playing field by offering the same speed and convenience.
Why does this matter to life insurance agents?
This model maximizes convenience as clients can complete an entire life insurance application without an agent ever lifting a finger. This creates a channel for agents to generate passive income.
Why is this integration so important to the life insurance industry?
It's a real game changer, never before has it been possible for an agent to take the entire business online, self-service, within 1 minute, at a minimum budget with no codes, and immediately start offering seamless online policy decisions to their customers. The biggest impact comes from the fact that great consumer experiences can now be had at insurance businesses of any size, any budget, with an extremely short time needed to realize value, all of which are radically different and opposite to the insurance industry's prior concepts of Enterprise software.
With this new integration, the traditional hurdles in digitizing an insurance business have all been eliminated: budget, IT know-how, and lead gen. Starting or growing an insurance business online will be 10x easier than even 1 year ago.