Penn Mutual’s Accelerated Client Experience (ACE) Sets the Digital Pace for the Industry
In the eighteen months since its launch, Penn Mutual’s award-winning Accelerated Client Experience (ACE) continues to set the pace for the life insurance industry. ACE is cutting edge for the industry, a completely electronic, seamless end-to-end digital experience — no paper or pencil needed. ACE’s accelerated underwriting 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.
By the numbers, ACE’s first year tells a compelling success story:
- Highly popular. As of January, over 1,800 financial professionals have submitted business through ACE, representing $8.5 billion in life insurance face amount with 60 percent of eligible cases being submitted on the platform.
- Quicker approval. 60 percent of applicants did not need a medical exam. 35 percent were approved automatically in as little as 24 hours, while 25 percent went to underwriting but did not need medical requirements. Even ACE cases that require full medical requirements for underwriting are two weeks faster than the traditional paper process. With continued enhancements in 2019, we expect these percentages to increase.
- Full-powered. Accelerated underwriting is available for applications up to $2.5 million in death benefit today on all of Penn Mutual’s permanent products, with no change in price for ages 20-65. As of March 1, 2019, ACE will be able to place policies of up to $5 million. For ACE cases, the placement rate is 93 percent, a full 20 points above non-ACE cases.
Behind ACE is our commitment to continuous improvement based on financial professional feedback. The enhanced side-by-side experience, for example, enables financial professionals to walk through the process virtually with clients, combining the benefits of the digital world with the personalized service that many financial professionals want to provide. Soon, replacements, 1035 exchanges and the ability to use ACE with additional products will be new features available.
With updated functionality being rolled out every two weeks, now is the time to check out ACE for yourself. Watch this video to see what it’s all about.
I encourage you to speak with a Penn Mutual field leader or financial professional to learn more about how ACE is transforming the industry.