"LIDMA has taken a leadership role in cultivating new technologies, processes and sales methods that benefit life insurance shoppers, LIDMA members and the life insurance industry as a whole," stated
Youngs added, "Our Process Improvement initiative teams have worked with leading direct marketing agencies that have reviewed, tested and endorsed this CBA".
The easy-to-use tool allows inputting of your agency's basis volume data and allows variables to be customized. The CBA includes a sample paperless agency based on 1,000 submitted applications, a 70% placement rate and 100% commissionable percentage of premiums.
"Integrating eApp, eSig, and eDelivery decreases cycle time, reduces distributor costs, eliminates redos and increases placement ratios," commented development lead of the CBA,
According to LIDMA, high volume life insurance agencies that take full advantage of available eProcess technologies can expect:
- A 3-8% (5% avg.) net increase in placement rate (e.g., 70% to 73-78%)
- An increased number of applications submitted in good order (IGO)
- Savings in facilities and personnel costs via fewer case management touches
- A 8-12% (10% average) savings as a result of reduced delivery requirements
- A decrease in cycle time which will yield an increase in placed cases (Assumed .25% per day) = 14 days with e-App and 21 days with eApp and eSig
"The CBA has a flexible design that can be used to address e-processing using eApp only, or in combination with eSig as well as eDelivery processes," says McCauley. "Use the LIDMA CBA and find a way to improve your agency performance!"
For more information on LIDMA the CBA Tool, visit www.lidma.org
LIDMA is the primary association dedicated to supporting businesses and professionals active in direct sales of life insurance products to consumers – the fastest growing sales segment in the life insurance industry. The not-for-profit organization is committed to helping members boost their revenues and reduce costs.
For more information, visit www.lidma.org.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/life-insurance-direct-marketing-association-lidma-releases-free-cost-benefit-analysis-tool-for-high-performing-agencies-300261444.html