Topic: Streamlining Applications

Video Resources:

Questions? Contact our specialist Jennifer Clow

Unable to watch the video? Please read the full transcript below:

The process itself may be daunting at first, but there are several reasons that tele-applications are in
your best interest. The process has been adopted by many of our carriers, and those carriers have been
pushing to have business done this way as much as possible. Now is the time to get familiar with this
up-and-coming application process, which will allow you to help your clients, while helping yourself.

  • The responsibility of data-gathering is shifted to the carrier - Any missing information from the part 1 or part 2 is to be obtained by the carrier or the examiner, but not the agent.
  • Collecting the initial premium is done at the carrier level, reducing the number of checks
    returned, and eliminating confusion over temporary insurance eligibility.
  • Since the agent does not need to get a full application signed, and in some cases doesn’t need to
    obtain signatures, they are rewarded with extra time and ease of doing business.
  • With enhanced technologies, the time between submission to placed is reduced significantly,
    which means brokers earn commissions more quickly!

Some of the “growing-pains” with the tele-application process are:

  • Sometimes the agent feels detached from the underwriting process
  • Many clients prefer to use their agent as a sole point of contact
  • The agent does not have a full file on their client.

Ways in which Resource Brokerage helps overcome challenges:

  • Status is monitored by our staff on a regular basis, as is the case with traditional cases. Thus, the agent has a high degree of contact as the application goes through underwriting. The status gives the agent the opportunity to converse with their clients, and perhaps obtain the information on their own; or, advise their clients that the carrier will be contacting them for that information flexibility for the agent
  • The agent may decide be the sole point of contact, after the phone interview and exam are
    complete. Resource Brokerage is happy to relay any missing information to the carrier on behalf of the
  • Resource Brokerage can provide a copy of the application and the policy, at time of
    underwriting decision.

Contact Resource Brokerage today, if you have a client that you think would be a good candidate, or to learn more about the latest ways to submit new business.

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