Fast. Simple. More. Next! Those are necessary watch words for any insurance professional that wants to succeed today. You can still only see so many people in a week so what can you do to generate more business faster? eApps have been touted as one solution but…with mixed acceptance. They have really advanced though and in some cases they truly can propel your business to higher levels. How and why?
To answer that we sat down with Sean Shotzberger, Regional Sales Manager at Sagicor Life Insurance Company. He’s shown hundreds of agents that the right eApp can be a solution to propelling their business expansion…let’s ask Sean some questions.
PeS, Darling: Can you summarize for us how you feel an agent will increase his business and efficiency by using an eApp?
- You can make telephone sales and not have to do face-to-face meetings.
- It’s easier than paper apps. Easy to learn and use, if it’s the right eApp.
- It helps to facilitate more sales to the underserved and underinsured markets.
- Because it is fast and easy and can be done on the telephone, it can increase sales volume.
- It saves your large and small clients time and they appreciate it.
PeS: Sean, you mentioned it facilitates more sales to the underserved and under-insured market as well as increases sales volume, how can an eApp accomplish that?
SS: Premium for a term product could be about $300, which, as most agents would agree, is not exciting – especially when you factor in things like back office support and the time it takes to meet with clients.
eApps can help an agent broaden his reach by providing a way to access underserved and underinsured markets in a way that is more cost effective. You can “meet” with many different clients across the country from practically anywhere because there are no face-to-face requirements.
Also, because eApps are processed faster, selling volume becomes easier. For example, an agent can submit many more applications in a day with an eApp than he could with a paper app. And, the time an agent saves in writing just one eApp, can now be directed to his other obligations. He uses a minimum amount of time for one application so it doesn’t affect his normal schedule, yet another policy was written.
…“meet” with many different clients across the country from practically anywhere because there are no face-to-face requirements.
PeS: What do you mean by “making telephone sales”? Are you referring to a phone room type operation or anyone making sales?
SS: I mean anyone, including a phone room type scenario. Some eApps qualify for phone sales without a face-to-face meeting taking place. The client information is entered right into the eApp form. The client needs a computer with an Internet connection to complete the signature process, but that’s it. Many policies are sold that way.
PeS: Why would clients want to apply for a policy through the eApp process?
SS: The clients appreciate it because it’s a convenient and unobtrusive way to apply for insurance from anywhere, anytime. Plus, it’s very fast. This is particularly valuable for clients who may be too busy to meet in person because it can be written over the phone. For those who don’t like labs or exams, it’s a dealmaker. And, for clients who need it today, nothing else competes since the process is so fast. It’s a win, win for all.
PeS: Speaking of busy clients, how does an eApp handle an illustration different from a paper application?
SS: With some eApps, the majority of the application fills in from the illustration and unlike a paper application, incomplete or erroneous entries will be immediately caught for correction. This can prevent a great deal of issues and lost time, which in the end can mean lost business and no agent wants that.
PeS: I know Sagicor Life has an eApp – how does it compare in overall performance to other eApps?
SS: Sagicor’s eApp is part of our Accelewriting® automated underwriting process and is a top solution. It’s thorough, complete and fast at delivering true underwriting decisions in only 1-2 minutes. That’s fast!
No other B2B eApp has that capability currently that I know of. It means more premium written and it’s the solution for swift policy issue AND commissions. In fact, thanks to Accelewriting®, Sagicor is the only company that can provide an immediate underwriting decision without a 3rd party telephone interview. That’s a huge relief to many agents.
Sagicor’s Accelewriting® eApp is the top solution. It’s thorough, complete and fast at delivering true underwriting decisions in 1-2 minutes.
PeS: How can Accelewriting® help an agent measure the efficiency of an eApp with his busy clients?
SS: Accelewriting® fills out the majority of the eApp so it’s going to make business quick and easy for sure. That leaves only a minimal amount of the eApp to complete. What’s more, unlike other eApps, with Sagicor’s Accelewriting® a decision is rendered in 1 to 2 minutes without having to wait hours or days. That’s the key difference.
Also, with Accelewriting®, the eApp cannot be submitted if it is missing information; which helps eliminate omissions and errors and speeding up the whole process.
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