As we all are aware, most carriers are moving towards the eApp process with many carriers giving an instant decision and at times it can be referred to the home office for further underwriting, which is a pain and most agents hate.
When I am recruiting I still get agents on the phone who say that they ONLY do paper apps and refuse to do eApps of any sort, simply because they are not tech savvy, that is a different conversation for a different post.
I was reading another thread where even though the carrier required a phone interview, a ton of clients are still clean sheeted by the agents and clients seem to be in on it.
I guess they are ultimately in on it as well to get the lower rate, but adversely may not be aware that they are in a two-year waiting period when there are carriers through indy agents that can get them immediate coverage.
This post will certainly open up a can of worms and the intention is to hear some expert posts in my opinion why the eApp carriers are predominately now go-to carriers for field agents. Heck, even TransAmerica even went that route as of today!
What do I prefer? eApps all day!
Why? Simple sales process, if I get a decline from one carrier, I may be aware as to why they were declined and able to pivot to the next carrier that may accept a health condition or medication that the client "forgot" to disclose or no longer takes, but still shows up on RX check. I did not like having to do a 15-20 minute long phone interview and getting a decline before going to the next phone interview or paper app carrier without an instant decision. Uncertainty in business creates the risk, for some agents that means the uncertainty of being able to pay their bills.
When I am recruiting I still get agents on the phone who say that they ONLY do paper apps and refuse to do eApps of any sort, simply because they are not tech savvy, that is a different conversation for a different post.
I was reading another thread where even though the carrier required a phone interview, a ton of clients are still clean sheeted by the agents and clients seem to be in on it.
I guess they are ultimately in on it as well to get the lower rate, but adversely may not be aware that they are in a two-year waiting period when there are carriers through indy agents that can get them immediate coverage.
This post will certainly open up a can of worms and the intention is to hear some expert posts in my opinion why the eApp carriers are predominately now go-to carriers for field agents. Heck, even TransAmerica even went that route as of today!
What do I prefer? eApps all day!
Why? Simple sales process, if I get a decline from one carrier, I may be aware as to why they were declined and able to pivot to the next carrier that may accept a health condition or medication that the client "forgot" to disclose or no longer takes, but still shows up on RX check. I did not like having to do a 15-20 minute long phone interview and getting a decline before going to the next phone interview or paper app carrier without an instant decision. Uncertainty in business creates the risk, for some agents that means the uncertainty of being able to pay their bills.
