Speeding Up The Process: App to Issue

Keeler explains that for the last 18 months, agents have had the option of faxing or transmitting electronically, a pre-application. Once the pre-app is submitted, the telephone interview process begins. Similar to Zurichs procedure, the agent will try to schedule a time for the Hartfords internal person to contact his client.

"We have about a 90% hit rate at making that appointment the broker had scheduled," he says.

The telephone interview, Keeler continues, is structured to get all the information needed from the prospect–thus eliminating any follow-up communication prior to policy delivery. Keeler refers to this as a "once-and-done" philosophy.

"We have very few instances where we have to call the client back to get more information," he says.

Another procedure that Keeler feels helps speed the process, is the fact that no signatures are needed on the application until the policy is actually delivered.

"The only signature we need up front is the MIB authorization, which we handle via fax," Keeler adds. The end result is getting the policy issued 20% faster, he says.

The traditional system Hartford involves working with account executives on more complex cases, which may require more tailored planning and use of different products. Products like second-to-die and certain niche products are not yet available through the new system.

One carrier that would commit to a time frame was Mass Mutual, Springfield, Mass. Using its QuickClose program, company representatives say they can take a policy from application to issue in seven to 10 business days.

QuickClose is a special program that is only offered to people who are applying for a commercial loan and need life insurance as collateral. "Very simply, it is really an expedited underwriting program," says Phil Klein, director of retail distribution marketing for Mass Mutual, from the Hartford campus.

Under the program, prospects who are in need of insurance to secure a loan work with a Mass Mutual agent to quicken the whole process. Klein notes that the focus is on the agents organizational skills. Agents are trained to schedule the paramedic at the same time they take the application and then submit the entire package. These cases are then tagged for expedited underwriting, says Klein.

"The process really is that the producer has his act together and submits the complete package, then underwriting is able to take the case through the underwriting process and to policy issue," he says.

Klein explains another contributing factor to getting the policy issued quickly is the fact that there is a motivated buyer. "The only way theyre going to get the loan is to get the insurance," he says.

Klein adds that there have even been instances where an attending physician statement was needed, and the borrower went down to his doctors office to personally wait for it.

"The loan is usually for someone who is anxious to open a business or expand an existing business. The business owner just wants to get the loan and get on with his business," he says.

All Mass Mutual products are available under the QuickClose program.

Reproduced from National Underwriter Life & Health/Financial Services Edition, October 28, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.