NU Online News Service, April 12, 3:39 p.m. – GE Financial is one of several life insurers focusing this year on speeding up the life insurance sales process.
The company, a unit of General Electric Capital Corp., Stamford, Conn., recently began marketing the Quick App term life application system for bank and brokerage firm financial advisors who sell life insurance.
The system is more vanilla than plain vanilla: it’s merely an Intranet-based tool that helps an advisor get several different GE Sure Term term life quotes for the same applicant.
GE Financial executives declined to provide sales figures or other volume figures, but Desi Wyatt, a client solutions leader at GE Financial, says he thinks the tool will succeed because of its simplicity.
“It’s quick,” Wyatt says. “There’s no paperwork.”
Once the advisor enters customer information, a GE Financial fulfillment center in Omaha, Neb., takes over the underwriting and sends the advisor an application ready for delivery to the customer.
The application is one of only two pieces of paper that the advisors have to see, Wyatt says.