Advisors play an integral role in helping insurers meet the individual insurance needs of Canadians. Yet for decades, they’ve been challenged by time intensive, administration-heavy application processes and procedures.

That’s why Great-West Life, London Life and Canada Life have changed how each manages new insurance transactions. The changes are expected to decrease the time it takes from when an application is submitted to the time a contract is issued. Underwriting is done in real time, and in some instances, qualified clients will be approved instantly, and be able to make the initial payment by credit card.

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“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, executive vice-president of Individual Distribution and Marketing for Great-West Life, London Life and Canada Life.

He adds, “For qualified clients, we offer instant decision – not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”

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The new business offering includes:

  • an online insurance application for life, critical illness and disability insurance products, driven by an underwriting program that generates questions based on the applicant’s previous responses;
  • the flexibility to complete applications via desktop computer, laptop, iPad or other tablet technology;
  • the ability to apply for up to six lives and multiple individual insurance products in a single application, using electronic signatures;
  • technology-enhanced underwriting with a rules-based engine;
  • automated ordering when additional medical information is required;
  • mobile-friendly, automated email communications to help keep advisors informed on the status of their client’s application at every stage of the process;
  • instant decision and approval for web applications that meet specific criteria; and
  • imaging of documents for faster processing, moving closer toward a paperless environment.

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“Advisors and clients can expect quicker policy issue times, less paperwork for individual insurance applications and new user-friendly methods that will improve how clients and advisors apply for life insurance,” says Pszeniczny.