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OneAmerica, Raymond James Partner to Speed Life Sales Process

Article by Jay Cooper, June 7th, 2017 -

OneAmerica and Raymond James will share a collaborative workflow platform to speed the life insurance sales process between the carrier and Raymond James’ advisor network. Raymond James will eventually use the platform to speed annuity contract deliveries.

As part of the agreement, the two companies will deploy iPipeline’s DocFast e-Delivery solution. The DocFast tool allows a carrier and financial institution to submit and transmit documents quickly and securely between the two companies, with tracking tools to follow the life insurance policy through the application and sales process.

The faster cycle time with DocFast means other carriers will likely join OneAmerica in using the collaborative workflow platform to sell their products through Raymond James. Michael Persiano, CMO at iPipeline, would not speak about the Raymond James arrangement, though he says “the carriers typically come on board once a financial institution has elected to come on board.”

The DocFast platform provides several key functions in the sales process, including an e-receipt and auditable trail to indicate when the “free-look” period begins, e-delivery of documents associated with the sales process, and a function routing contracts to the advisor and new business desk. Also available are e-signature functionality that acknowledges receipt of documents, the support of in-force communications for monthly statements, fee and disclosure statements, plus other communications and electronic archiving of business documents.

Raymond James will eventually use DocFast for its 7,200-strong advisor network to sell annuities. “Our recent pilot with OneAmerica demonstrated positive results, and we see the solution launch taking us one step closer to achieving our digital transformation goals,” says Beth Maziad, Raymond James’ senior VP, private client group investment, product operations. “e-Policy delivery for life insurance will be rolled out to clients first with annuity contract deliveries following in the future.”

Support material from iPipeline claims the DocFast solution trims delivery cost by 78% and delivery time by 92%. Persiano says 15 life insurance and annuity carriers are now using DocFast. He expects 20 carriers to be using the platform by the end of 2017.

In addition to announcing the Raymond James agreement, iPipeline has also unveiled a new upsell feature within its platform that allows customers to increase coverage, based on pre-approved amounts, while avoiding a lengthy re-issue process.

The tool shows the customer how much other coverage levels would cost; if the customer opts for more insurance, DocFast automatically recalculates premiums and amends policies, instead of re-issuing them. Customers can also use the solution to increase their death benefit, change term lengths and select payment modes.

“It’s a good way to sell additional premiums at a time when life insurance may not be the [fastest-selling] product,” Persiano says.