Life And Annuity Inforce Policy Service Innovations
July 6, 2021 by Ken Leibow
There have been many recent technology advancements in life insurance and annuity policy owner service processing. Back in the day the agent or the policy owner had to call a life carrier’s toll-free phone number to speak to a customer service representative who would then mail forms to the policy owner to complete and mail back. A simple beneficiary change could take weeks. Later, using fax machines and email, the process accelerated but was still not efficient. In recent years the next iteration was carriers building client account portals on their website. The portal would provide some policy information and the ability to download a PDF form and upload it to send it to the carrier. These client portals later had more self-service capabilities. This leads us to today, with taking life and annuity inforce policies and leveraging data for advisor servicing, analysis, mobile consumer self-service, and carrier policy admin automation.
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