Techficient and SBLI Roll Out New Life Insurance Process for Agents to Serve Consumers Better

Techficient and SBLI Launch Enhanced Life Insurance Applications

In a move designed to modernize the life insurance landscape, Techficient and SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) have announced a new term life application and submission process. Initiated to meet the evolving demands of consumers and agents alike, this initiative focuses on creating a more efficient and immediate purchasing experience.

Introducing EasyTrak and OmniTrak

The new solutions, known as EasyTrak and OmniTrak, aim to reshape how life insurance is purchased and managed. Earlier this year, SBLI introduced EasyTrak to financial professionals, offering a modern, seamless purchasing experience. One of the key features of EasyTrak is its ability to deliver decisions in under 45 seconds. This significant reduction in processing time ensures that clients receive prompt feedback on their coverage needs.

What sets EasyTrak apart is its swift average quote-to-issue time, which stands at just nine minutes. This remarkable time frame speaks to the heightened expectations of today’s consumers, who seek instant gratification when it comes to their financial security.

On the other hand, OmniTrak, which launched recently, utilizes an innovative field underwriting platform. This allows advisors to provide clients with more accurate quotes and a variety of underwriting pathways: instant decision, accelerated underwriting, and traditional underwriting. OmniTrak automatically directs applicants to the most efficient application process, thereby enhancing placement rates for agents. Furthermore, it includes a proprietary pre-underwriting feature that has shown to improve the overall approval rate significantly.

Flexible Options for Policyholders

Another compelling aspect of OmniTrak is its best-in-market conversion privileges. This feature allows policyholders to transition their term policy to a whole life or universal life policy up until the age of 70, catering to a diverse clientele and varying long-term financial needs.

Both EasyTrak and OmniTrak are powered by the Techficient platform, which effectively underpins the entire application process from initial quote to policy issuance. By leveraging predictive data and advanced underwriting techniques, the platform significantly increases the percentage of applications that successfully convert into actual policies. This not only aids insurance professionals in expanding their customer base but also enhances their operational efficiency.

Commitment to Innovation

SBLI’s commitment to innovation is evident, not just in the products they offer but also in their dedication to simplify the life insurance buying process. Wade Seward, SBLI's senior vice president and chief distribution officer, emphasized the company's goal of facilitating an easier experience for all stakeholders involved. They strive to provide agencies and financial professionals with new solutions that not only improve efficiency but also assure that more consumers achieve the financial peace of mind they deserve.

For over 115 years, SBLI has been a trusted provider of life insurance solutions, focusing on clarity, personal support, and long-term trust. Their offerings are designed to help families across the United States protect what matters most to them. To learn more about their services, one can visit their website at www.sbli.com.

Through this partnership with Techficient, SBLI continues to lead the way in the life insurance industry, setting new standards for customer service and operational excellence.