NU Online News Service, Oct. 21, 9:00 a.m. – As many carriers are looking to shorten the time it takes to get a life insurance policy issued, Mass Mutual Financial Group, Springfield, Mass., boasts it can take a case from application to issue in a little as seven to 10 business days.
Under Mass Mutual’s new QuickClose program, agents target business owners who need life insurance as collateral for a business loan.
“Very simply, it’s really an expedited underwriting program,” says Phil Klein, director of retail distribution marketing for Mass Mutual.
The program is only available to people who are applying for commercial loans and need the coverage to secure the loan. Klein explains that the secret to the success of the program lies in the hands of the agent and his ability to stay organized. Agents are trained to schedule the paramedic at the same time they take the application, then deliver all the needed documentation. The case is then tagged for expedited underwriting.
“The process really is that the producer has their act together and submits the complete package, then underwriting is able to take the case through the underwriting process and to policy issue,” he says.
Klein explains another contributing factor to getting the policy issued quickly is that there is a motivated buyer.
“The customer wants to get the loan as quickly as possible,” he says.
There have even been instances where an attending physician statement was needed, and the borrower went down to his doctor’s office to wait for it himself.
“The loan is usually for someone who is anxious to either open a business or expand an existing business,” he says.