Technology plays a critical role in today’s fast-paced world. It affects every aspect of our lives, including the life insurance and annuities industry. Our industry is undergoing a major digital transformation. E-application software technology is one of the key factors to watch as the life and annuities industry surges forward. As carriers and distributors look for new ways to grow efficiency and improve the advisor and client experience, e-application technology has been growing to fill the gaps.
E-application software is a vital piece of the modern carrier and distributor’s technology stack. It is important to understand what these solutions do and how they are useful.
What is e-application software?
E-application software refers to digital platforms used by insurance carriers and distributors to digitally capture applications. These solutions automate and streamline the insurance application process. Notably, they eliminate the need for paper applications.
What does e-application software do?
The best e-application platforms automate the entire application process, from start to finish. They allow advisors to use convenient digital workflows. This is in step with modern consumer expectations and leads to greater efficiency from advisors.
E-application solutions often include features that reduce errors and save the advisor time. The platform typically has only the most up-to-date carrier forms. Carriers can also build rules into the system that ensure no critical data is missing or contradictory information included.
Some e-application platforms integrate with other systems. This can include policy management systems or claims management systems. This helps ensure a seamless experience for policyholders and insurance carriers.
For example, in some cases e-application platforms can work with underwriting systems . Together, these tools can accelerate or completely automate underwriting decisions. This leads to faster or even instant decisions, creating a better client experience and saving distributors and carriers time and money.
Some e-application tools are part of a larger platform that covers most—sometimes all—of the sales cycle. In these cases, the advisor may be able to manage pre-sale activities, application, signatures, delivery and post-sale activities all within the same digital environment.
What are the top benefits of e-application software solutions?
Various carriers and distributors may adopt e-application software for different reasons, but some of the key benefits carry through.
1. Improved Client Experiences. The e-application process is faster and more convenient. This results in a better client experience that lives up to modern expectations.
2. Increased Efficiency. The digital application process eliminates the need for redundant data entry. It also speeds up the underwriting process. This cuts the time required to complete applications.
3. Reduced Costs and NIGOs. Some e-application software can virtually eliminate not-in-good-order (NIGO) applications. This saves significant time and expenses.
4. Faster Processing. E-application solutions can reduce the time to reach a decision and accelerate the sales process. It can lower wait times from weeks or months down to days or minutes. Some e-application systems allow electronic document delivery. This saves time compared to traditional mailing of applications. NIGO reduction further prevents delays, ensuring applications are submitted error-free.
Why is e-application software important today?
We live in a world where consumers and employees have high expectations. They are used to modern conveniences and digital experiences. Historically, the life and annuities industry fell short in this regard. That is why e-application software is a game-changer. Carriers and distributors can offer the same level of fast, reliable service clients have grown accustomed to in other areas of their lives. And they can do it with a system that provides time- and cost-saving benefits.
In addition to expectations for streamlined experiences, the ability to handle business remotely has become a necessity in our post-pandemic world. Most clients do not want to carve out the time for an in-person meeting. Advisors have likewise discovered the efficiencies to be gained by serving clients remotely. E-application software is key for business to be done in the modern marketplace.