Genworth will expand its Life Quick Request (LQR) platform to include its soon-to-be-released index universal life insurance (IUL) product. This will make the IUL product available on a front-to-back electronic platform that includes electronic ticket drop, fulfillment and policy delivery.
According to Genworth, the LQR platform cuts processing times in half – 13 days for term life insurance cases and 16 days for universal life cases. Life Quick Request can also increase placement rate by up to eight percent. These figures are based on Genworth’s median cycle rates as of February 2013.
Genworth launched ePolicy Delivery and check image deposit to complement the LQR platform. ePolicy Delivery is an electronic policy delivery workflow for life insurance products, which during the pilot period reduced delivery cycle times from 25 days to an average of eight days and, in some cases, a matter of hours. Check image deposit, a check imaging capability that allows Genworth to work from the scanned image of a check, allows participating brokerage general agents to increase speed of service and save on express mail expenses.