NU Online News Service, Sept. 17, 2003, 6:28 p.m. EDT – Balboa Insurance Group Inc., Irvine, Calif., has introduced a Web-based term life insurance program for financial institutions that does away with applicant fluid testing.
Agents in banks should be able to issue complete 10-year term policies to most applicants within 30 minutes, Balboa says.
Balboa is offering the program together with Hub International, Chicago, an insurance brokerage; Burnham Insurance Group, a unit of Hub; and MFXchange Holdings Inc., Toronto, an insurance technology company.
The program will give bank agents access to a “live underwriter.” The underwriter will review Web-submitted applications and respond to agents within minutes, Balboa says.
Agents will receive immediate e-mail notification when a policy is available for issue, Balboa says.