National Life of Canada has launched an online service for its brokers to submit and process universal life insurance applications using technology from Dublin-based Allfinanz.
The firm's brokers are using Allfinanz's xpertBridge software to invite their clients online to quickly gather the data required to submit, process and underwrite an application for universal life insurance coverage.
The package has been integrated with a third generation underwriting engine, streamling the transfer of information to the back office and automating rating, third part information gathering, and underwriting, at the point-of-sale. If medical tests are triggered during the process, a file is generated electronically and sent to a third party vendor to order and process.
Gary Coles, VP systems, National Life, says the company opted for Allfinanz because of its pedigree in the automation of underwritten products.
He adds: "XpertBridge is a unique offering in that it facilitates the complete fulfillment online, in contrast to other market solutions, which consist of little more than quote or application engines."