Approach to new business comprises leading-edge technology, a sophisticated underwriting rules engine and streamlined processes for instant decision and approval for qualified clients
WINNIPEG, July 15, 2014 /CNW/ - Advisors play an integral role in helping insurers meet the individual insurance needs of Canadians, yet for decades, they have been challenged by time intensive, administration-heavy application processes and procedures.
Now, Great-West Life, London Life and Canada Life have transformed how they do individual insurance new business to better serve the individual insurance needs of advisors and their clients. The companies are first to market with a revolutionary way of doing individual insurance business (Watch: A better way to do business).
The changes are expected to significantly decrease the time it takes from when an application is submitted to the time a contract is issued. Underwriting is done in real time, and in some instances, qualified clients will be approved instantly and will be able to make the initial payment by credit card.
"While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out," says Nick Pszeniczny, Executive Vice-President of Individual Distribution and Marketing for Great-West Life, London Life and Canada Life. "For example, for qualified clients, we offer instant decision - not just for term life insurance, but for all of our individual life, critical illness and disability insurance products."
The individual insurance new business offering includes:
"All of our individual insurance business processes have been streamlined and the individual insurance organization has been re-aligned to support this entirely new way of doing business," Pszeniczny concludes. "Advisors and clients can expect quicker policy issue times, less paperwork for individual insurance applications and new user-friendly methods that will improve how clients and advisors apply for life insurance."
About Great-West Life, London Life and Canada Life
Great-West Life, London Life and Canada Life offer a broad portfolio of financial and benefit plan solutions, and serve the financial security needs of more than 12 million people across Canada.
Together, Great-West Life, London Life and Canada Life remain leading providers of individual insurance solutions. From term, universal and participating life insurance to individual disability and critical illness insurance, our broad range of products give advisors choice and flexibility in meeting clients' diverse individual needs.
Combined, the companies have nearly three million* individual life insurance policies in force as well as another 350,000 living benefits policies in force.
* as at Dec. 31, 2013
Video with caption: "Approach to new business comprises leading-edge technology, a sophisticated underwriting rules engine and streamlined processes for instant decision and approval for qualified clients.". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20140715_C7237_VIDEO_EN_42042.mp4&posterurl=http://photos.newswire.ca/images/20140715_C7237_PHOTO_EN_42042.jpg&clientName=Great%2DWest%20Life%20Assurance%20Company&caption=Approach%20to%20new%20business%20comprises%20leading%2Dedge%20technology%2C%20a%20sophisticated%20underwriting%20rules%20engine%20and%20streamlined%20processes%20for%20instant%20decision%20and%20approval%20for%20qualified%20clients%2E&title=GREAT%2DWEST%20LIFE%20ASSURANCE%20COMPANY%20%2D%20Great%2DWest%20Life%2C%20London%20Life%2C%20and%20Canada%20Life%20transform%20their%20individual%20insurance%20new%20business&headline=Great%2DWest%20Life%2C%20London%20Life%2C%20and%20Canada%20Life%20transform%20their%20individual%20insurance%20new%20business
SOURCE: Great-West Life Assurance Company
Marlene Klassen, APR
Assistant Vice-President, Communication Services
204.946.7705
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Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound...
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