Streamlining The Approval Process Can Boost Sales

ORLANDO -- Of the many ideas to boost life insurance ownership, a streamlined approval process is probably the quickest and easiest to put in place.

Companies such as eLife are constantly refining quicker application processes that still deliver quality sales to carriers. That was the message during a closing session by eLife execs the 2017 Life Insurance Conference.

"We don't have a process where we're trying to get carriers to do things a certain way," said Christopher Snyder, CEO of eLife.

The eLife process is entirely online, completely paperless and involves no health tests or labs. A straightforward application is generally approved in 10 minutes. Applicants are separated into three categories: good, better and best classes, Snyder explained.

The eLife goal is 85 percent of applications decided on the spot. Others are referred to a "workbench," as described by Michelle Marzella, a company vice president.

A typical application is fairly simple, said Bruce Hill, executive vice president of distribution for eLife. A series of "knockout questions" are designed with input from the insurer, he said.

"If you say 'Yes' to a knockout question, we say 'Thank you' and the application ends," he said.

Other questions are designed to trigger drop-down questions yielding additional information. eLife utilizes technology to flag false responses, Snyder said.

For example, if an applicant claims no heart trouble, company filters will learn if he or she has taken medication for a heart problem. The vast amount of information eLife has access to makes it hard for applicants to be untruthful, he added.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.

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