Electronic system would increase agents productivity by 20% to 30%
This is interesting as it will help book medicals for the client etc... You always wonder what happens if the power goes out, or if the hard drive crashes with a completely paperless system.. I'm sure they've thought of that.
The Canadian life insurance industry is pulling together to develop a new electronic application processing system, which advisors say would boost their productivity and cut costs significantly.
On Tuesday, CLIEDIS -- the Canadian Life Insurance Standards Association -- held a summit in Toronto on the shift to “straight through processing.” The association is pushing for this type of electronic processing to replace the current paper-based system, in which paper applications are manually entered into many different computer systems.
Under the proposed system, the advisor would complete the application with the client electronically, and answers would be checked for completeness and clarified on the spot. Key data from the application would then be available immediately for all parties involved in the process, including the advisor, the advisor’s distribution company, the insurance company, and industry partners for arranging medical tests directly with the client.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=52215&cat=147&IdSection=147&PageMem=&nbNews=&IdPub=
http://www.canadian-money-advisor.ca/tags/term-life-insurance.html
http://www.canadian-money-advisor.ca/canadian-life-insurance-quote.html
