Since we started developing expedite, we've spent a considerable amount of time meeting with insurance carriers to better understand their eDelivery needs and getting feedback on expedite's design and functionality. We've also attended numerous industry conferences, such as NAILBA, to keep a pulse on the trends and future of eDelivery and other insurance technologies.
We've taken that feedback and put together this list of 20 reasons why expedite is the better choice for eDelivery for carriers:
1- You Don’t Have to Be PDF Ready. Unlike other solutions on the market you don't have to have your documents in PDF format in order to get ready for eDelivery. We can compile and build the document package in a number of different ways.
Why is it important? Most carriers are stuck on the fact that all of their documents, forms, etc. have to be in PDF format because that’s what they’ve been told by other vendors. For many, this is a very expensive and time-consuming process. expedite can help reduce both.
2- expedite Can Build Your Document Package For You. expedite supports and can hold multiple files sent by the carrier, at varying points, which then are compiled by a robust rules engine to build the document package ready to be sent to distributors, agents, and consumers.
Why is it important? The second biggest problem for carriers is building the entire document package to send all at once in the data file to vendors. It’s complicated, takes special internal resources, and takes months for carriers to complete. This equates to big dollars.
3- Support All Distribution Channels Via One Platform. It doesn't matter which distribution channel you want to start with, expedite can handle it and help you expand in the future. We can support the very simple to the very complex.
Why is it important? Most vendor and homegrown solutions are designed for a specific channel of business – i.e. Independent BGA’s or Direct Marketers. This makes it difficult to leverage your investment across the enterprise because what fits one typically does not work for others.
4- Forms Library. Store all of the policy related forms in your own personal library. Mapped and static forms are easily compiled into the document package using our robust rules engine.
Why is it important? Storing forms instead of sending them in the data feed reduces file size and overhead and possible errors resulting from processing the file. This also gives the carrier more freedom and an easier way to change form requirements than changing back office systems to include new forms when needed.
5- Carrier Self Maintenance. expedite allows your team to easily and quickly maintain updates and changes for your eDelivery.
Why is it important? Many carriers are faced with delays in rolling out new products or making necessary changes because they are dependent upon their vendors timeline, or because their homegrown systems require developers to do the work. With expedite, your BAs are in control of updates for customizations, forms, and products.
6- Robust Rules Engine. Unlike other “my way or the highway” eDelivery solutions, expedite offers carriers, distributors and even agents the ability to build their own custom rules for alerts, workflow management, add specific documents to the package when needed (i.e. compliance documents the carrier does not know the distributor needs). Our rules engine is very flexible.
Why is it important? Builds better adoption and less requests for new features by allowing your distributors to manage eDelivery the way they want.
7- Unlimited and Flexible Workflows. Unlike other solutions on the market that support two or three workflows, expedite can allow the carrier to easily switch up workflows on a case-by-case basis. It also allows distributors to insert parties for review, approval, and notification for instances the carrier isn’t aware of– i.e. a broker dealer, sub-GA, or processing center. The distributor can also build workflow rules which automatically add the parties when the policy is received.
Why is it important? No matter if you are a carrier or support multiple distribution channels, flexibility in the way you manage workflow is critical. Users abandon technology when it cannot support all of the needs for which it was designed.
8- Customization. expedite allows carriers to customize their own experience by adding additional fields, details, and by offering a 100% customizable consumer portal for your customers. expedite also offers the ability for carriers to manage both a single carrier and participate in a multi-carrier experience.
Why is it important? Sometimes it’s great to be unique and sometimes its not, but you need that flexibility. Carriers often have different needs based on products or distribution channel partners that want something just for them. Standard eDelivery solutions make it very difficult to support these requests. With expedite – it’s all possible.
9- Unlimited Consumer Portals. Often carriers want and need more than one consumer portal experience for eDelivery. Why have one when you can have many? Support varying channels and partners with a unique consumer experience.
Why is it important? Different channels have different marketing and service requirements that make a one size fits all structure tough. expedite also support an open API for carriers who want to build their own consumer portal experiences.
10 - On Premise or SaaS deployments. Have it your way when it comes to the way you deploy your eDelivery platform with expedite.
Why is it important? For some carriers having full control over platforms are important and for others it's a hassle. Either way, we have you covered.
11- Open API. expedite offers many APIs for insurance carriers, distribution partners and third party vendors such as Agency Management systems, CRMs, and imaging systems.
Why is it important? Easy integration makes for stronger adoption among users, reduces touch points, saving time and reducing errors.
12- Agent and Advisor Wizard. We know that a lot of agents and advisors write only a few pieces of business each year. We take the guess work out of eDelivering documents with an easy to use and follow wizard
Why is it important? Most eDelivery solutions use the same user interface for reviewing and approving document delivery for the carrier, distributor and agent. It’s not bad if you’re in the system day in and day out, but what about those who are in once a year? They have to remember navigation, process, and steps. This is why most agents and advisors abandon eDelivery and request paper.
13- Supports Real-Time Reissue Updates. Cut down cycle times by allowing distributors or agents to make real-time error changes to the policy or documents (based on carrier allowance).
Why is it important? The industry average states that about 25% of all life insurance policies issued have an error in them. Change requests take about 5 days via paper and 24 to 48 hours electronically. By allowing distributors to make real-time updates, carriers can experience shortened cycle times and increase placement rates.
14- Easy and Quick Implementation. Our goal is to take on as much of the implementation for our carrier partners as possible. We’ve successfully set up carries and allowed them to push out their first document package in as little as 8 weeks.
Why is it important? Your distributors and customers are pushing harder and harder for electronic documents. For most carriers, staff resources are at an all-time premium, and projects that take months are often taken off the table. expedite can help solve these hurdles.
15- Collect Real-Time Payments and Validate ACH. Quickly and easily take payments or validate bank details at the time of document delivery. This helps reduce NIGO rates for delivery and unexpected follow-ups.
Why is it important? This helps reduce NIGO rates for delivery and unexpected follow-ups.
16- Manage Good Health Statements. Easily customize the good health statement process to collect as much or as little details as needed. You can even apply pass through or knockout rules to allow the policy to continue or stop for additional underwriting review.
Why is it important? Changes in health can have a dramatic impact on premium or insurability. Having the ability to collect additional information at time of delivery. Having the ability to stop it for additional review is invaluable.
17- ACORD Standards or Your Own Proprietary Data Feeds. Unlike other eDelivery solutions, expedite is open to taking data to start the delivery package via many different methods – even secure email.
Why is it important? Not all carriers are prepared to provide data in ACORD standards, or may have another eDelivery solution but want to offer another. expedite makes it easy for carriers no matter your situation.
18- Support More Than Just ePolicy Delivery. expedite is one eDelivery platform that manages policy and annuity contracts, supplemental applications, policy holder services, client statements and more – with or without signature requirements. expedite can deliver any type of document to any party via any workflow.
Why is it important? Most vendors require carriers to purchase multiple licenses to support all of these types of delivery. This can end up costing hundreds of thousands more than needed.
19- Ability to provide a group approval process. Easily allow for teams to do their jobs quicker and without as many steps.
Why is this important? Broker Dealers, financial institutions and large brokerage agencies tend to have teams that first review polices and then pass “approved” package to the advisor or agent for final review, approval and signing before being delivered to the consumer. This type of group approval is critical to the overall adoption by these types of organizations.
20- Free for Distributors. expedite is the only insurance specific eDelivery solution on the market that offers out-of-the box functionality for your customers at no cost to them.
Why is it important? Distributors are becoming more and more financially stressed as they adjust to market changes. Most want to use eDelivery but find it becoming more and more expensive as vendors try to find ways of increase revenues. This in turn hampers adoption of your eDelivery efforts.
Want to learn more? Click the button below to download our full expedite product brochure and request a 1-1 meeting with one of our eDelivery experts.