Mid-Tier Life Carrier: Optimal STEP Implementation
Situation
- Product: Non-medical underwritten Term life, with five (5) riders
- Dedicated internal agents, captive call center
- No tele-service support group
- Reinsurance supported underwriting rules
- Underwriting with both auto- and underwriter-assisted decision making
- New business only
Solution
- Fully integrated STEP Solutions Platform
Results

- Client target: issuing 18,000 policies per year
- 77% close rate on policies issued to date
- Acquisition cycle ranges from 1 to 12 days
- Average collected signature is 1 day
- $25K-350K policy size range, $197K average face amount
Optimal process advantages
- High quality CRM system filters prospects and pre-loads application data into STEP, which results in higher close rate and larger face amounts
- Knock Out rules filter prospects, if an APS is predicted
- Initial Risk assessment accurately determines the correct risk class and rate quote – little drop off after a rate quote
Implementation complexity
- Unified distribution channels
- Internal Call Center Agents
- New Business process adapted from STEP
- Minimal Process hand offs
- Automated validation & reconciliation
- Minimal Integration with existing legacy systems
Lessons learned
- STEP Platform was leveraged for the optimal new business process
- System complexity reduced by utilizing functions and features integrated within STEP