Term insurance takes more time to process than it should. Advisors don’t want to spend time driving long distances to put it in place for remote clients. And it can be challenging to determine which carrier is the best fit since many policies have comparable features.
As the world went digital, it became necessary to offer a term insurance platform that takes the hassle out of quoting, submitting and placing term insurance. It also needs to allow the advisor to feel involved in the process.
The ideal client is younger with good health and protection needs that qualify them for instant issue products or accelerated underwriting. Clients in their 30s and 40s desiring less than a $2 million face amount experience the most streamlined process, although all clients can apply through Ash Express.
I had a client who is a respiratory therapist. He’s in great health and wanted to increase his coverage before traveling to NYC to help relief with pandemic relief efforts. With Ash Express, he was able to get coverage put in force within a week and a half. ~ Allie Morrison, Lincoln Financial Advisor
Why It Works
Accelerated underwriting options have pushed for more people to reapply. It’s easy to submit, so it has big time-saving advantages. The accelerated guidelines make preparation time shorter, and there’s a greater chance of choosing the best carrier the first time for individual clients.
The advisor is alerted as the process moves from submission to issue, allowing them to follow up with their client just as before.
Allie Morrison, a Lincoln Financial Advisor and avid user of Ash Express, is an excellent example of how Ash Express changed her business.
After 18 submissions, Allie had:
- 17 approved — for a 94.44% placement rate
- 12 approved with accelerated underwriting
- 23-day average from signed application to approval
- 37-day average from signed application to business placed in force