We briefly touched on the topic of electronic applications and signatures in yesterday’s blog and promised to discuss this area in more detail today. E-application and e-signature processes are seen as the ‘wave of the future’ for life insurance purchases. Many companies either have developed or are in the process of developing such technologies.
Consumers can complete their applications by telephone with a licensed representative and electronically sign the application at the same time. The application is then sent to the insurance company electronically. The result is a significant reduction in processing time as there are no paper applications to complete, sign and fax or email back.
QuickQuote currently offers e-applications complete with e-signatures from ReliaStar Life Insurance Company (ING) and Pruco Life Insurance Company (Prudential). We also offer simplified issue term life insurance (which requires no medical exam) with RBC Liberty Life Insurance Company and Household Life Insurance Company (HSBC). Both of these companies have e-signature and e-signature capability as well.
“Electronic applications complete with e-signatures are rapidly making their way to the marketplace,” states Tim Bain, QuickQuote’s President & CEO. “These are exciting times for consumers looking to purchase term life insurance online from a reputable life insurance company. We fully expect to announce partnerships with two more major life insurance companies offering this process by the end of this summer.”