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10 Reasons to Use E- Applications

Posted by www.psmbrokerage.com Admin on Thu, Aug 13, 2020 @ 12:59 PM

E Apps

10 Reasons to Use E-Applications

Since the Coronavirus lock down, the ability to use e-applications has become a hot topic. The lockdown really highlighted the importance of being able to sell from home and complete applications online.

In an industry based on relationships, it is still possible to conduct business, successfully, and build trust with clients without meeting face-to-face.

There are still ways to connect with customers, such as: over the phone or via video call.

E-Apps give you the flexibility to not be right there with your customer but still be able to get a completed application from them.

Agents are starting to realize the many benefits of filling out applications online. This isn’t relegated to times of mandatory social distancing. There are good reasons agents should be using e-applications all the time, whether we have a quarantine situation or not.

E-apps are a great way to submit business. They are quick and easy for agents and clients alike, and can be signed electronically. An application that may take you 30-40 minutes by paper may take you just 10 minutes online.



10 Reasons to Use E-Applications


1.  E-Apps Are Quicker 

E-apps are a much quicker way to do business. They aren’t just quicker to fill out, the time to process the applications is also sped up. In some cases, turnaround time for approvals can be decreased by up to 2 weeks.



2.  Fewer Mistakes With E-Apps

There are far less mistakes with an online application, since the application can alert you if something is missed or input incorrectly.



3.  Pre-Qualify your clients

You can pre-qualify your clients by answering required health questions. No waiting days just to find out if they qualify. Find out instantly with most carriers.



4.  E-Apps Save Time

In addition to application and approval time savings there are more efficiencies agents gain by using this process. An agent will also benefit from the time not having to drive out to client’s homes as they would with paper applications, not to mention the associated costs of travel.



5.  Serve More Clients With the Time You Save

The time gained by using online e-applications can now be put into dealing with more clients, increasing the number of applications that can be submitted compared to the old manual process.



6.  Covid Has Made a Virtual Meeting a Friendly Option

People can be hesitant when it comes inviting a stranger into their home. This can make a virtual meeting and e-app option much easier to sell to clients.



7.  Get Paid to Submit E-Apps

You heard that right. Most insurance companies are offering bonuses to agents when they use e-apps. Why are they doing this? Because they benefit from the efficiency of online applications just like everyone else does. As agents turn more and more to online applications it allows insurance companies to streamline their business around that process.



8.  Quicker Underwriting Approval

Some carriers offer immediate underwriting approval. With these carriers you know on the spot if your client is declined. No more waiting for days just to find out the app was approved or not.



9.  Complete Multiple Apps at Once

Some carriers such as Mutual of Omaha and Cigna (as of the date of this article) allow you to submit applications for different plans. Ex. A client that is looking for a Med Supp. and a cancer policy can be done in one pass without the redundant paperwork.




10.  Get Paid More Quickly

Since the entire process of completing, submitting and approval of applications is quicker with e-apps, then you will obviously get paid quicker. Getting paid quickly means more money in your pocket in less time. Its hard to argue with those types of benefits.




Don’t think of handling applications online as a novel method to be used in just a few circumstances.

There is no reason not to be using e-apps as often as possible. Using e-applications is simply the best method available right now. It will benefit you, your clients and the carrier if you do.

As always , if you have any questions about the tools we have available to help you become more productive, our experienced marketers are here to help.

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