Penn Mutual achieved a major milestone this week when we processed our first life insurance policy on our innovative, new accelerated client experience. The new client experience requires no medical testing for many individuals and can take as little as 24 hours from application to payment, compared to an industry average of 30 days or more! The experience eliminates all the paperwork and delays that slow the current life insurance application, underwriting and policy delivery process.
With this new experience, we are reaffirming our commitment to helping financial professionals build long-term, meaningful relationships with their clients. Currently, too much of a financial professional’s time is spent on shepherding applications through to approval. Our new experience relieves financial professionals of that burden and allows them to focus on deepening client relationships and providing real solutions for today’s complex financial needs.
At the same time, many consumers are demanding a new generation of online tools that are more responsive to their lifestyle. Penn Mutual’s new experience offers the same ease of use and quick approvals as Rocket Mortgage, TurboTax and other consumer-focused online financial services tools. In that respect, it ticks all the boxes in that it is less intrusive, faster, more convenient and secure for users.
Our experience represents a major technological breakthrough for the life insurance industry in that it seamlessly digitizes the buying process from beginning to end. The accelerated experience is available for our top-selling fixed individual life insurance products up to $2.5 million for standard or better risk classes and ages 20-65. Consequently, the new experience is more than an online application. Rather, it has the automated intelligence to make key decisions and integrate with online tools and databases to quickly verify, authenticate and confirm, speeding decision making and approvals.
Penn Mutual recognizes that innovation is the key driver to help financial professionals insure more Americans and protect their financial future. To get there, we understand that nimble is the new normal, and such advancements are required to maintain the health of the industry. Penn Mutual has the focus, wherewithal, culture and the commitment needed to lead the industry by developing leading-edge tools that better serve today’s financial professional community and their clients.
This post is for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this presentation may not be appropriate for your client’s situation. The information in this material is not intended as tax or legal advice. Always consult your legal or tax professionals for specific information regarding your individual situation.