Life insurance is traditionally a labor-intensive and complex sale, one that turns away many brokers accustomed to the ease of "dropping a ticket" in a simpler securities transaction.
Depository Trust and Clearing Corp. (DTCC), however, has taken a step towards simplifying life, life insurance, that is, with a new program called InsurExpress.
"Our goal with InsurExpress is to help insurance carriers and distributors increase life insurance revenue by simplifying the management of a life insurance application and significantly reducing the time needed to complete a policy sale," said Randy Grespin, managing director of DTCC Distribution Services.
Genworth Financial and Piper Jaffray are the first companies to participate in the pilot program, which will eventually expand to include more products, carriers and distributors.
The InsurExpress program cuts down the application process time for life insurance, which usually takes several weeks. It also reduces the cost of issuing policies for the insurance companies.
"By streamlining, automating and centralizing the processing and management of insurance applications, InsurExpress is helping insurance carriers and distributors connect more efficiently," said John Ziambras, vice president and manager of DTCC Insurance Services.
"We see this as a strong value proposition for our customers, as this service is intended to make the processing of a life insurance trade as easy for the financial adviser as that of a stock, bond or mutual fund," Ziambras said.
The new service links together all the components needed to complete an application, including a quote engine, electronic submission, application completion and requirements ordering, case processing and status reporting for pending cases.
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