Electronic Apps for IUL

[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...

 

[DHK]

ANICO has had e-apps for a few years now on all their life products, including IUL. I think e-apps help ensure that you submit good business the first time and that people can read my handwriting. (I almost have the penmanship of doctors.) Plus, it helps make sure that I fill in every blank as needed. It's becoming a core way of doing business for me, and if a company doesn't have e-apps, I'd wonder what's wrong with them.

 

[CFP83]

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.

 

[Hopwood04]

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.

I agree with you completely, however I do not have a relationship with any one exam company and I actually like the way Midland has it set up. It allows you to set the exam right then and there. Really helps seal the deal.

 

[jboussea]

Does North American have the same e-app?

 

[TevisVerrett]

Does North American have the same e-app?

Yes they do. You can go to it though their website. They have both iGo for life apps as well as Firestick (or something like that) for their annuities.

I am grateful for my brothers and sisters who illuminated Midland National and going direct. I am getting appointed as we speek!

 

[DHK]

ANICO now has electronic apps that no longer require an internet connection to complete. It's part of their "ExpertOffice" suite that you can use for both your PC as well as iPad. Android tablet coming later.

https://img.anicoweb.com/wps/portal/img/home/expertoffice/quicklinks/expertofficedownload

 

[HGIMax]

I've used eApps for IUL for years using several carriers. I think it is becoming the norm. The application really isn't complicated, in fact, I feel it helps agents make sure the policies are written in good order.

I do find that if you do advanced life applications, such as split-dollar or life insurance inside a qualified plan... You usually must submit them as paper apps.