To me it seems simple! Why take the time to fill out a 40 page life insurance application with your client, face to face, when you can complete a “Drop Ticket” or “Quick App” in 5 minutes over the phone?
If you have not already heard about the “Drop Ticket” or “Quick App” life insurance application process, you soon will because every insurance company is considering this type of process. It, along with the new “Accelerated Underwriting”, is an excellent alterative to the current application and underwriting processes. The carriers that are currently taking part are extremely happy with their results. One carrier Underwriting Specialist stated “As a lifelong underwriter, it is refreshing to see something that is such a great alternative for a quicker, faster, yet fully underwritten process. The process focuses on efficiencies”.
So how does it work, you might ask?
Step 1. Initially it is the same process you use today. You determine the need your client has for life insurance and offer a competitive premium from one of the carriers that have adopted the “Drop Ticket” process. This can all be done over the phone, by the way.
Step 2. When they say “Yes, what is the next step?” you say “Great! It will take me about 5 minutes to take some preliminary information. Can we do that now?” Using the online “Drop Ticket” tool you click the button to apply and run through the basic questions.
Step 3. Once completed you let your client know “What Happens Next”. This is a very important step because your client will receive a call from the carrier’s call center to take the full application over the phone. That process will take about 25 minutes and the call can be taken at their convenience. They will need to have available all of the information that they would for a full application. While your client is on the phone with the carrier call center, the paramedical exam will be arranged if one is needed.
Now you sit back and wait. The typical cycle time of the “Drop Ticket” is reduced, on average, by 7 days. We have even had cases, with the “Accelerated underwriting” go from phone interview to approval in 48 hours!!
If you want to use this great alternative to the 40 page life insurance application, simply click here for your copy of our “Drop Ticket” and “Accelerated Underwriting” guide.