Overview
Afficiency platforms life insurance products and renders them to agents or consumers for a single session sales to policy delivery journey. This encompasses field underwriting, illustrations/quote through to policy delivery to the end customer. The solution comes with a user interface (for agents and consumers) or is available via API for any sales distribution system to integrate and make available via their native UI.
Afficiency can accommodate all varients of life prodicts eg: term, IUL, whole life (participating), and final expense. Strong straight through processing rates have been obtained by existing clients (up to 70% instant decision and policy issue). In addition the platform is configurable to the pricing and underwriting manual of each product.
Key Features
- Consolidated platform that combines what are traditionally multiple solutions: illustration systems, quote tools, eApps, underwriting engines, case management tools, payment capture, agent validation (NIPR / AML) and scoring systems, and policy admininstration (including policy soft or hard copy delivery, compliance and customer notices)
- A user interface for agents that guides them through the policy purchase (from quote to policy issue)
- Afficiency also offers the flexibility of being accessible via API so that distribution platforms can configure and access products and use their native UI
- Up to 90% of approvals are achieved in a single session, with the balance of approvals being decisioned within 48 hours via underwriter review – for example one client has a term product with $1M face value, achieving ~70% instant approval rate with quote to policy issue achieved on average of 10 minutess. Fully illustrated whole life / IUL product journeys can be completed in ~ 25mins
- UW rules configurable to carrier/re-insurers specifications and manuals.
- Refer to Underwriter portal for underwriters to access and decision referred cases. Ability for quick 24hr decisioning
- Seamless carrier integration at the point of agent appointment validation and delivery of 103 packet for digital policy delivery
- Connectivity to illustration vendors to render illustrated product within the life product journey
- Agent fraud detection and real time agent scorecards
- Real time sales insights
- Ability to rapidly configure and deploy new underwriting rules
- In built integration to all evidence providers (Milliman, ExamOne, MIB, LexisNexis, eHR providers, Sherlock etc.) and ability to have access to emerging providers without addition integration cost
- SAS model that avoids multimillion dollar investments to stand up or replace existing legacy solutions
- Continual platform enhancements at no cost
- Cost of whole acquisition, underwriting and new business function can be converted to a variable cost tied directly to sales
Key Benefits
- Speed of deploying new product to the market
- Ability to digitize the whole product purchase life cycle which attracts agent adoption and prevents existing product losing market share to digital enabled competitor products
- Low to zero product set-up cost. Reduces carrier execution risk of investing in multimillion dollar platform upgrades that are obsolete by the time they are deployed
- Ability to integrate to all underwriter evidence providers and have access to emerging solutions without costly and time consuming
- Ability to benefit from platform upgrades at no cost
