Apptical Corp. Announces New Method of Timing Bank Draft Payments
April 29, 2014 - BOCA RATON, FL
Apptical Corp., a leader in Point-Of-Sale Insurance Solutions for some of the nation’s top insurance carriers, distributors and their producers, today announced it has released a new method to improve the taken rate of insurance applications and the persistency of insurance policies. The method, officially released April 29th, 2014, once again puts Apptical on the cutting edge of Telegibility, Teleunderwriting, and insurance sales technology.
Apptical is proud to release Timed EFT SSN payment withdrawals in conjunction with Electronic Insurance Applications. Apptical has created a simple algorithm to calculate the social security payment date of an individual who is buying insurance. Premium debits are made on the calculated date resulting in more certainty of available funds. This will increase the persistency rate of insurance policies by adding a level of payment collection sophistication and security. The completion of an insurance automatic account withdrawal can be timed effectuate a debit on the same day the SSN scheduled payment arrives, which reduces the likelihood of a debit being declined because of insufficient or unavailable funds. “The benefits to the carrier are enormous when you consider the payment advantages, gained efficiencies, and reduced administration time,” said Carmen Vasey, Manager of Implementations. “We believe this method of preparing insurance application payments is of particular benefit in today’s point-of-sale approval markets, and we are pleased to have brought this innovation to our insurance industry clients and prospective clients.”
Apptical helps insurers provide eligibility guidance at the point of sale. Producers enjoy the advantage of knowing if the client is eligible before leaving the point of sale as it leads to greater proficiency and more sales. Apptical is a leading provider of on-demand, inbound, point of sale life insurance telephone interviews, life insurance electronic applications, Teleunderwriting, and life insurance rules engine solutions. LiveApp, SoundDecisions and PURE are provided to clients across the United States and Canada. For more information visit Apptical.com.
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