Lincoln Financial Group Enhances Electronic Business Options for Life Insurance Policies
RADNOR, Pa., Aug. 6, 2013 /PRNewswire/ -- Lincoln Financial Group today announced a new e-ticket system for its hybrid life insurance policies, and an e-delivery "Try-it" promotion for its life insurance and hybrid life insurance policies. Both enhancements provide streamlined transaction capabilities and more efficiency that help producers process business faster and easier.
The enhancements further expand Lincoln's e-business capabilities, which also include the recently launched iPipeline® iGO® e-App. The iGO® e-App enables financial professionals to complete and submit Lincoln Universal Life (UL), Survivorship UL and Term life insurance applications to Lincoln electronically, and helps to ensure that submissions are accurate and "in good order" for improved efficiency and productivity.
"Lincoln is always looking for ways to ensure the sale and purchase of an insurance policy is a positive experience for financial professionals and their clients," said Nathan Brown, vice president, Technology Solutions and Project Management, Underwriting and New Business, Lincoln Financial Group. "Lincoln's long-term strategy is to continue investing in a comprehensive electronic strategy to further streamline the process from submission to issue. Electronic alternatives have the potential to transform the traditional paper-based life insurance sales model, with cost and time savings, as well as competitive advantages."
Lincoln's new e-ticket solution for hybrid life insurance policies leverages AFFIRM technology from Aplifi, a leading technology and service provider to the life and annuity industry. The e-ticket solution is designed to shorten the application process, which helps producers reduce the potential of lost sales. In addition, the solution helps ensure "in good order" case processing, enabling Lincoln to process applications quickly and efficiently with less follow up, giving producers more time to focus on further growing their businesses.
AFFIRM automatically generates all required state and product forms, allows for a flexible workflow to support customer-specific processes, and provides advisors with the ability to quickly upload their illustrations. In addition, it validates an agent's license and appointment with Lincoln, provides status updates, and allows clients to provide e-signatures.
During Lincoln's "Try It" program, advisors and clients are able to electronically receive, complete, update, sign and return their policy to Lincoln, while continuing to receive paper policies. This promotion, which requires no commitment, was designed to help paper-based distribution partners experience the benefits of e-delivery, and realize the fast turnaround times and elimination of mailing costs.
The e-delivered policies, which can include various forms of Lincoln UL products, Term and hybrid insurance offerings, are sent via PolicyEX, a secure online platform from iPipeline®, a leading provider of on-demand marketing, selling and processing solutions for the insurance and financial services markets. The e-delivered policies can be viewed on a PC or mobile device.
The Lincoln PolicyEX e-delivery platform complements the iGO® e-App for life insurance policies. iGO® e-App is an automated application system that is programmed with Lincoln-specific guidelines and fillable forms. In addition to reducing the number of applications submitted "not in good order," iGO® generates all required state and product application forms automatically, helps order required examinations for cases, simplifies and accelerates processing, and reduces cycle time and increases placement ratio.
Lincoln life insurance policies are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker/dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Policies sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker/dealer.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $189 billion as of June 30, 2013. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life, disability and dental insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.
SOURCE Lincoln Financial Group