is offering a bonus to advisors that use its newly launched eContract Delivery service. Last week the firm introduced digital delivery of insurance contracts as part of its Fast & Full Life application process. As an incentive for financial advisors, Empire will pay a $50 bonus per contract delivered electronically between April 5 and June 30, 2017.
The Fast & Full Life App was launched in 2013 as a means to help advisors and their clients to apply for life insurance coverage
The new eContract Delivery service is part of wider efforts across the industry to make insurance more accessible for the public through enhanced digital efforts.
According to Mike Stocks, vice-president and chief marketing officer, Retail at Empire Life
, this latest development is a simple response to market demand. "Consumers today want to be able to do everything online, and that includes receiving documents digitally," he says. "This new technology not only meets that demand, it has the added benefits of being more convenient for customers and advisors, and it's faster. It is also better for the environment and more cost effective, which in the end benefits everyone since it means we can continue to offer products at competitive rates."
Currently, the service is only available on the Fast & Full platform, but this will be rolled out to Empire’s entire suite of life and health products later in the year.
Using eContract Delivery means processing applications can be done much faster, and inside 24 hours in certain cases. For auto-approved applications that do not require underwriting, Empire has targeted a same-day contract delivery. Aside from the improved convenience for consumers and advisors, the firm also points to reduced costs and environmental impact through a reduction in paper and courier deliveries.
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