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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

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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