Scroll down for a discussion on Online Products within the Individual Health Insurance Forum.
I have asked before, but the landscape constantly changes, so thought I would throw it out again.
What products (and carriers) are offered online through ...
The hot one that jumps to mind right away is the RBC ExpressTerm product. There are actually two products here - one designed for face-to-face and phone apps, and one designed for consumers to hit your website and apply themselves. The one designed for a purely online, agent-less experience goes from $25-$250k, 10-20 year term and offers instant underwriting decisions. It's also remarkably affordable for a non-med product, especially for young smokers (where RBC truly shines anyway).
Edited to add: This is my client link for that product. Put in the demographic info and get all the way through to the application and you can see the questions they ask - all clean answers means instant issue, bad answers mean it gets kicked to UW for a review.
Hey Souldeux, do you have much luck with the Norvax quote engine? I noticed that you are using the older version. Have you seen the newer one? It looks much more up to date graphically. I keep trying to find some real info about how that is working for people generating leads or hands off deals but all I ever really get is sales pitch bs. So how has that been for you?
My Norvax is the newest version, but I've chosen to display the graphics from the older model on my website because the color scheme matches (that and I just like it better).
For hands-off deals (people hit the website, apply, and I never talk to them), it's only happened once and they didn't pass underwriting. It does pretty well generating leads by itself, probably along the lines of one a day on average. I follow up with those folks (I try to get them while they're still on the site) and have a decent closing ratio. I haven't been giving the website the love it needs lately so I'm slipping a little bit.
The #1 complaint I hear is that you're locked in to a 12 month contract with Norvax, so if you have any problems whatsoever you're stuck.
Thanks Nick for the info on Norvax. I had a Norvax site about 3 years ago and it was kind of a turd and a waste of money but the newer interface looks better now.
I had about the same luck with hands free deals on the RBC.
Nick, how long have you used the RBC product? How is it working for you?
Your life quote link goes to a form, not a quote engine. Is that by design?
Can't help but notice my link has disappeared. Hmm...
I've used it for a couple of months now. I am too much of a control freak to market the hands-off product, so I focus on the ET2 (the one with agent involvement). The approval really is instant on clean apps, which is nice - but even nicer is that the issue is also automatic.
The link goes to a form by design. That page and the agent back-end are the only ways I know of quoting the product.
Is RBC's non med express term life product better the same or different than HSBC's term life product? Are these the same company?
I have zero experience with HSBC or their offerings, unfortunately. At a cursory glance, it looks like you can go up to $500k with HSBC instead of the $250k cap with RBC. I don't see any other differences right off the bat - and of course, the most important differences would probably be in the back end with UW and whatnot.
Mark, I sent you a PM. I'll happily email comp grids to any curious souls, but I don't know if I'd be smiled upon for posting it out in the open. Just PM me your email address.
I talked with HSBC right after I started doing the RBC because they had a larger DB that was available but they said I had to be captive to represent them and that didn't fit with my business model so I just stuck with RBC. That was about 2 years ago and maybe that has changed since then.
There are lots of carriers that allow online submission with an agent, but I don't know of any that allow online submission without any agent involved (and still credit the agent) on the life side. On the Major Medical side, there are plenty. I can submit my Medsup, Med Advantage, and Term online via an e-app. In less than 12 months, I'll be able to submit UL and FE online as well with other carriers; but none of them allow submission without an agent's direct involvement.
There are lots of carriers that allow online submission with an agent, but I don't know of any that allow online submission without any agent involved (and still credit the agent) on the life side. On the Major Medical side, there are plenty. I can submit my Medsup, Med Advantage, and Term online via an e-app. In less than 12 months, I'll be able to submit UL and FE online as well with other carriers; but none of them allow submission without an agent's direct involvement.
The RBC product we're talking about has two components - ExpressTerm1 and ExpressTerm2. ET1 can be submitted without an agent ever becoming involved. ET2 is the "agent initiated" version of the product with very slightly different rates.
There are lots of carriers that allow online submission with an agent, but I don't know of any that allow online submission without any agent involved (and still credit the agent) on the life side. On the Major Medical side, there are plenty. I can submit my Medsup, Med Advantage, and Term online via an e-app. In less than 12 months, I'll be able to submit UL and FE online as well with other carriers; but none of them allow submission without an agent's direct involvement.
I don't do business East of the Mississippi river so I'm in a non-compete mode with you. That being said, what carriers are you doing e-apps with?
Online Products
Linear Mode
