Originally Posted by Brian Anderson
Midland National announced today the immediate availability of the ExactApp? electronic application submission tool for its indexed universal life insurance products.
According to the release, use of ExactApp? will allow Midland National's agents to schedule paramed exams online and submit complete application packages without re-keying the data. In addition to the increased efficiency of application submission, the app will allow faster turnaround times and quicker commission payments.
Question for agents in the IUL space – are electronic apps becoming the norm in IUL or still more the exception? Or are IUL e-apps lagging behind other product classifications because of how complicated the product is? Or do eApps help solve that issue?
Just curious about how much adoption there is right now for electronic apps...
Only problem with Midlands process here is that it requires the use of going through a third party to schedule the exam. I have a local examiner who I call during the client meeting and set up the exam for some time in the next 3 to 5 business days with the client sitting right there. My experience in letting any exam company control the process is that it takes on average 2 weeks to get the exam completed if not longer.
So because of this, I am not going to be using Midlands electronic process because of the longer delays it will cause in the client getting the exam done.