Aside from insurance limits, insurers are expanding other components of their digital process to accommodate advisors during the crisis.
“We do see that an increasing group of carriers have and are working on e-delivery of policies. In addition many companies are working on enhancing and simplifying their e-signature and other electronic tools,” PPI CEO Jim Virtue says.
He adds that most insurers now offer e-applications. “Some have e-sign and e-delivery, and others have shared that they are working on that and moving toward a more digitally friendly environment. We intend to work with the carriers and integrate what they are doing into our digital platform to make the advisor’s job easier,” Virtue explains.
Michael Williams, CEO of BridgeForce Financial Group, says that before lockdown, three major insurers had a straight through non-face-to-face digital sales process. “Others have had to scramble to bring their electronic platform to get to that level. They have had to find ways to continue their business, and they evolved their business model to adjust to the current environment. In times of crisis, there is the opportunity for creativity, innovation and transformation. That’s exactly what the industry has done. Some brokers adapted quicker than others.”
A recent bulletin by InsuranceINTEL Weekly, a sister publication of Insurance Journal, confirmed that BMO Insurance has introduced temporary measures for segregated fund and single premium immediate annuity transactions such as e-signature and remote identity verification.
A table that Financial Horizons Group designed for its sales force shows that several insurers have published measures to broaden CI insurance underwriting with no medical exam for up to $250,000 of the insured amount, including Canada Life, Empire Life, ivari, La Capitale and Sun Life. In disability insurance, RBC Insurance stands out by offering a maximum monthly benefit of $8,000 remotely with no medical exam.
