Life doesn’t seem to be getting any easier. More regulation, paperwork and compliance. We’re all trying to do more with less but sometimes “they” just won’t let us do what we like the best; help clients, sell insurance and make money.
Over the past few months I have spent a great deal of time exploring new products and companies that fit into our long-term care planning universe. One of my discoveries is that life and LTCi carriers are beginning to embrace online application processes. Since more agents are selling insurance over the phone, sometimes utilizing ”GoToMeeting”-type technology, it’s clear to me that brokers can do more with less and increase their profitability.
As we adapt our product offerings and take advantage of new opportunities, we know that many of our brokers may not specialize in the sale of life or long-term care insurance. Therefore our goal continues to be to make the independent producer’s life easier while helping them provide their clients with top quality products and services. Our intent has never been to be a ”big-box” brokerage general agency; our goal, however, is to give you access to life and LTCi products that are easy to understand and good consumer values. I believe that we have a real winner with Genworth Financial’s Life Quick Request (LQR).
LQR is an online application and policy fulfillment process. You can illustrate and apply for Genworth’s Colony Term UL 10, 15, 20 and 30 as well as their new LifeLong Term UL product series. The Colony Term UL series is competitively priced against ordinary term life policies with one distinct advantage; since it is on a UL platform the insured can extend their policy during the term of the plan at their attained age, original underwriting classification and a contractual guaranteed rate. LifeLong Term UL is for clients who need coverage for periods longer than 30 years. With this program you can dial-in a premium payment period up to age 120. LifeLong Term UL is not built for cash value so the rates are extremely competitive.
But this isn’t just about competitive pricing. The online LQR process is simply awesome. Several weeks ago I needed to purchase a life insurance policy on Susan. I sat down at my kitchen counter and spent less than 15 minutes quoting out the options, choosing the plan and then answering a few questions. Once completed I submitted the information electronically to Genworth and they took the process from there.
At that point the system allows you to print out or email a short consumer brochure that clearly explains the process to the client. Within minutes I received an email confirmation that the ticket had been received by Genworth. Our case manager, Jolene Mitchell, also gets notified that a LQR ticket has been submitted so that she can track the process for the agent. Within hours Susan got a telephone call from Genworth to set-up a 30- 45 minute telephone interview where they complete the application and set-up whatever medical exams are required. Within a week the medical was done, the APS was ordered and we should get the underwriting decision shortly.
LQR also helps the agent field underwrite the risk. With a simple click, you can open the Genworth underwriting guide have a good sense of the client’s probable rate class. You can also work with your BJFIM/Paradigm marketing representative who have access to the Genworth underwriting team. Regardless, LQR reduces cycle times, improve case placements and reduces the number of APS’s that are required. Just as easy as 1-2-3!
LQR is the first in a series of easy online selling tools that Genworth will be introducing over the coming months. You will want you and your support staff to be in on the ground floor of this opportunity. Join me for a web cast on Tuesday August 23rd at 10:00am when the Genworth LQR Team and I demonstrate this great sales tool. CLICK HERE TO REGISTER!