According to the IT-Novarika report, the main routes for new business submissions are divided into three categories: Delegate Delay Delays, Digital Delays and Process Delays. Delays in the delivery process are slowing down sales cycles and hurting the consultant and customer experience.

“The internal complexity of many life insurance products makes a significant difference in the time required to go through a written review and policy,” he explained. Paul Legutco, Senior Principal in IT-Novarica. “Some insurers recognize that delays are inevitable, but data pre-filling, fast pricing, AMS integration, third-party data and other capabilities can speed up the process and eliminate NIGO entries.”

More key findings from the report

  • CIAs believe it is the key to improving the quality of communication and delivery as digital channel sales increase.
  • While Agent Portal is the most widely used channel for new business submissions, life insurers note that they oppose digital adoption and are surprised that agents do not use portal, e-applications, and digital marketing extensively.
  • As large agencies, brokers, and BGAs demand faster and more flexible compensation arrangements, insurers feel the increasing pressure to integrate direct information with agency systems – more than 65% of CIOs agents feel completely dissatisfied with compensation technology.

Please click for more information over here To download the full research report.

About Ite-Novarica

The IT-NoVarika Group is a consulting firm that provides mission-critical insights to hundreds of banks, insurers, payment providers and investment companies – as well as technology and service providers who support them. Including former high-tech, strategic and operational executives, as well as experienced researchers and consultants, our experts offer practical advice to our clients using in-depth insights into a wide range of customer networks and other industry relationships. More information at aite-novarica.com.

About Equisoft

Founded in 1994, Equisoft It is a global provider of advanced insurance and investment digital solutions. Recognized as a valuable partnership with more than 250 leading financial institutions in 16 countries, Eissoft offers comprehensive ecosystem solutions, from innovative front-end applications to extensive back office services and specialized information migration. The company’s core products include SaaS policy management solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and examples, electronic application, agency management systems, and customer, agent and broker portals. Equisoft is Oracle’s largest and most experienced partner for the OIPA platform. Based on business-oriented approach, in-depth industry knowledge, innovative technology and expert teams Kannada, America, UK, Chile, Colombia, South Africa, India And in Australia, Equisoft helps its customers withstand any challenge in this age of digital disconnection. Please visit for more information about our products and services www.equisoft.com.

Source Equisoft

For more information, visit: Jean Sabag, Vice President of Marketing, T +1 514.989.3141 X 122; [email protected]

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