Finally, a better answer for life and health sales
Finally, a better answer for life and health sales With a Phase 1 version in use by 400 advisors, Konnect's SureApp service is already taking hassle out of life and health insurance applications - and is on track to cut average application turnaround from 35 to 14 days.
Monday, March 12th 2012, 10:00AM
As insurance advisors know painfully well, there is many a delay between meeting a prospective client and completing a sale.
In the life and health product sector there can be good reasons for this. Medical reports, or insurance quotations, can be unavoidably complex. But most delays only add frustration. A medical request gets sent to the wrong doctor, for example, and stays there for weeks. This can mean lost business, as clients go cold and give up on a process that has become "too hard".
For many advisors all this has long been a fact of life. But now, Konnect, a New Zealand business systems and information company, is for the first time applying smart technology across the whole sales process. And its new SureApp service is transforming the way policy processing gets done.
For Konnect, the new service follows the success of its SureMed service, now used by most insurers, which has halved the average turn-around time for obtaining medical insurance reports to less than 10 days.
SureApp is targeting similarly big gains across the whole insurance sales process. Currently offered in a beta version, it is used by 400 advisors and four insurers. Due for wider release in May, it aims to cut the 35 days needed to process an application to 12 to 14 days.
Driving this change is a move from paper-based to electronic data, with improved workflow, one time data entry and standardised processes across multiple Insurers. Konnect has managed to bring all the information needed on to a single platform, providing the convenience you expect from working with standard documents on your Mac or PC.
Instead of advisors having to swap between different insurer formats, or even load different insurer CDs, SureApp presents all information in a single view. This means advisors don't have to break their work flow. Information entered at any stage of the process is automatically populated into the relevant parts of subsequent documents. Advisors need never key in the same information twice.
Advisors can check on the progress of an application online, easily spotting any hold-ups and keeping their clients closely informed.
Irene Kemp, Adviser Administrator at AA Life says the gains from using just SureApp's Phase 1 functionality, which provides for instant tracking of applications, have transformed the way she works.
"I used to spend two days a week calling client GPs to follow up on medical info. Now with SureApp I can just look at the adviser platform and check the latest update at a glance."
Katie Ireland from Financial Independence, says: "SureApp is a totally more professional approach for all concerned."
Insurers are similarly impressed. Konnect's customers are looking to driving efficiencies across the whole process, and see SureApp as playing an important role in unlocking these benefits. This will improve efficiency and help advisors to finalise more polices, with happier customers.
Hamish McLachlan, Konnect Director, says their focus has always been on making insurance processes faster and easier. With SureApp they are taking that vision another step forward, and helping advisors do more and better business.
How SureApp is going to change the way you work
What is SureApp?
SureApp is a process management service that brings together the information needed to complete life and health insurance policies on a single, secure electronic platform.
How does it work?
By providing a standardised secure single sales process for insurers, advisors and consumers, SureApp lets information be viewed and collated easily on a single view. Information already in the system is automatically populated into relevant documents, with built-in alerts for mistakes or special requirements. The progress of each application can be followed in real time on the platform.
What are the benefits?
Time to process an application will be cut by half. Less hassle means happier customers and more sales.
How much does it cost?
It is free to advisors.
Where do I get it?
Contact 0800 500 959 at Konnect or visit us online at www.konnect.co.nz
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