WealthServ has announced a partnership with Efficient Technology Inc., an industry leader in electronic forms and electronic signatures.
The partnership will see Efficient Technology Inc. Quik! forms solution seamlessly integrated into the WealthServ platform, giving users the ability to quickly and effectively process electronic forms within the current system.
Life insurance is currently still largely paper based. Typically, advisors complete paper applications, which are passed to MGA’s or home offices. These are then keyed into the MGA systems and passed on to the insurance carrier. The carrier then keys the information into their systems. Forms that are found to be not in-good-order are then held while the correct information is collected. This approach leads to human error, not-in-good order (NIGO) documents, long turnaround times, increased cost and, ultimately, a poor customer experience.
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Using electronic forms can transform this process. The advisor can complete an electronic form which is already populated with client’s information. Electronic forms can check that they are in-good-order, prompting the advisor to correct the form while they are still with the customer. The form, or just the ACORD standard data, can then be transmitted electronically to the home office and the insurance carrier. This vastly reduces human error, application delays, costs and the frustration customers feel when their coverage is delayed.
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