January 5, 2020
eApp-y New Year! It’s going to be a good one.
Exciting enhancements to expect in early 2020.
Your new business experience with National Life should be one of Confidence and Convenience, that is Customized for you and your clients’ needs. So, we work tirelessly to identify ways in which we can enhance the eApp experience for you!
In 2019, eApp was enhanced to reduce the need for follow-up questions and forms, to create a powerful real-time connection with third party databases, and reduce the wait time from submit to decision.
“Easy and simple to understand”
“The medical questions are amazing”
“Simple to adopt”
“A lot less back and forth”
“Two thumbs up”
…are just a few of your reactions over the past year.
With this kind of response to 2019, imagine how excited we are for 2020.
What you can expect…
Coming January 2020, TotalSecure will be available via electronic submission for NY and California, to align with all other states. This will allow for faster processing. New life insurance application Coming January 2020, NLG is simplifying the application process in California and introducing new premium payment options! One application can be used for all products (Form 8121CA). Other forms related to the application will also be updated so that they are multi-company; Agents Report, Supplemental Information to the Application, Second Proposed Insured/Other Insured Application. In addition, a new Waiver of Premium Supplement for California (20641(0319) ) will be available. What’s New for Initial Premium Payment Options Coming February 2020, you now have the option to submit Term Conversion applications (Form 20007) electronically. Simply select ‘Term Conversion” on the pre-qualification screen and fill out as you would via paper, now with the added benefits of faster processing! Remember, with eApp you will always have the most current form version. FAQ’s: Q: Do these applications go through the underwriting engine? Q: If the new policy will have additional riders or an increase in coverage how do I indicate this? A: You will be given the option of selecting additional coverage and the appropriate questions will be present, simply answer the questions. Q: How do we request an owner other than Insured FAQ’s: Q: How quickly will the communication happen? Q: Will the identification validation service occur on paper applications? A: Yes, it will occur on all life and annuity business Q: What screen/s does this happen on? Q: How will I know what information doesn’t match? If ID is still not able to be verified, you’ll be asked to include appropriate documentation for additional review. Coming early 2020, applications that are within the EZ Underwriting parameters and do not require any additional review will receive details on their underwriting approval at the submission of the eApp. If additional requirements are needed due to Age/Face Amount guidelines or due to 3rd party results, notification of those requirements will also happen at time of submission. FAQ’s: Q: How quickly will the communication happen? Q: Will the decision be final?
A: A customer has the option to convert an existing Term policy into a permanent life policy without underwriting, so these applications will not go through the underwriting engine. Additional underwriting will be required if the coverage amount is being increased or additional riders are being added. Term Conversions applications will not go through the underwriting engine.
A: If the present arrangement is not being used (owner of term policy is not owner of the new policy) please upload the form 1492 with the owner information for new policy
A: Prompts will happen within eApp instantly
A: The validation will occur after the Primary Annuitant/Insured screen. If there is a need for verification or correction, a new screen ‘Confirm Identity’ will be prompted
A: eApp will ask you to verify the client’s information or provide proof of ID (you can do this while still in the application process, to avoid having to go back to the client!). If confirmation is needed, you will be prompted to review the necessary section.
A: Communication will happen instantly upon submission of the application.
A: The decision will be contingent based on the information provided and reviewed during the application process. Underwriting reserves the right to change/rescind an offer based on new information on the client. Additional requirements may be needed in order to proceed with issuing the policy, New Business will reach out promptly on these.
