The Standard Now Provides Electronic Disability Policy Delivery
Author: The Standard
Published: 2011-06-02 : (Rev. 2013-06-12)
Synopsis and Key Points:
Providing customers the ability to deliver and accept coverage of an individual disability insurance policy online.
Main DigestProviding customers the ability to deliver and accept coverage of an individual disability insurance (IDI) policy online.
Standard Insurance Company ("The Standard"), is pleased to announce it is the first in the individual disability insurance industry to provide its customers the ability to deliver and accept coverage of an individual disability insurance (IDI) policy online using PolicyEX.
Through a partnership with iPipeline, an innovative software provider to the insurance and financial services industry, individual disability insurance policies will be securely transferred from The Standard to customers using iPipeline's PolicyEX solution.
PolicyEX is a leading-edge tool that delivers policies through use of a secured website, email messages and identity protection.
Producers will experience a number of advantages over traditional policy methods and delivery, including:
quicker payment of commissions
visibility to all stages of the delivery process
electronic delivery, signature and return of signed documents
ability to provide customers with coverage more quickly
faster reissuing of policies
eliminated printing, postage and labor costs
"This solution enables customers to more effectively and efficiently handle policies," says Dawn McMaster, assistant vice president of Individual Disability at The Standard. "Producers will be able to place more policies. This can mean faster payment of commissions. It is another step toward stronger customer service and strengthening those relationships."
How it Works
The Standard sets up a policy through the PolicyEX system and the policy is electronically delivered to the producer. The producer reviews the policy and can then notify the customer that the policy is available for review, electronic signature and payment. Once the policy is electronically signed, The Standard is notified that the delivery process has been completed.
"We are pleased to partner with The Standard and provide its customers with a more innovative way to process policies," says Tim Wallace, CEO of iPipeline. "Less paperwork means reduced burden on the producer, leaving them with more time to sell policies. In a fast-paced world where people want immediacy, this solution really provides a competitive advantage.
For more information on PolicyEX, or to view a demonstration, visit iPipeline's website.
About The Standard - The Standard is a leading provider of financial products and services. The company served approximately 7.5 million customers nationwide as of March 30, 2011, with group and individual disability insurance, group life, AD&D, dental and vision insurance, retirement plans products and services, individual annuities and investment advice.
The Standard is a marketing name for StanCorp Financial Group, Inc. and subsidiaries. Insurance products are offered by Standard Insurance Company of Portland, Ore. in all states except New York, where insurance products are offered by The Standard Life Insurance Company of New York of White Plains, N.Y. Investment services are offered through StanCorp Investment Advisers of Portland, Ore. Product features and availability vary by state and company, and are solely the responsibility of each subsidiary. For more information about The Standard, visit www.standard.com
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