Electronic Applications and Policy Issuance Greatly Reducing Cost of New Business
Per unit costs for life insurers drop dramatically, as do errors and the business-cycle time.
November 20, 2012
Insurers that offer convenient, fast and low-cost customer service for life insurance applicants, through electronic applications and electronic issuance, are finding that the unit costs associated with handling new business are dropping enormously, as are the percentage of "Not in Good Order" rates and new business cycle time, according to “Understanding The Benefits Of Electronic Applications And Policy Issue,” a new report from Celent.
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