From: "Bill Sessums Jr.
Date: February 12, 2020 at 11:13:42 AM EST
To: Jon Ragsdale
Cc: Mary Ann Lacey-Gray, Dan Eibner
Subject: Feedback from Bill Sessums about new business with SBLI

 

 

Hi Jon, I would like to share some feedback on recent experiences with SBLI.
 
SPEED: We have been experiencing new business/underwriting turnaround time that is impressive.
 
Cases have been getting approved within 48 hours of receipt of interview and we even had one who was 59 years old and was approved for $300,000 within days!  (And she did took advantage of the underwriting upsell offer to increase her coverage and was placed for $350,000!)
 
While these have been “clean” cases, they are exactly the type of cases we have been focused on trying to quote and have written with SBLI and it is nice to see the processes no exam or lab work process work!
 
Of course there have been cases requiring APS’s or more underwriting information but underwriting is making those requests and then decisions typically within 48 hours of receipt, once again impressive given the pricing and turnaround time compared to the peer group SBLI competes with in the term market.
 
SIMPLICITY:  One of our agents recently took two apps using the drop ticket process and he timed it.  It took him 5 minutes and 30 seconds to gather info and enter the first one and then 1 minute and 30 seconds for the second one, granted he types slow.  The combined premium for this couple was about $38 a month.  As he said, “Thank Goodness I was able to do it all over the phone.” He had already discussed needs and quoted the case to them so the app was the last part of the “sale” and all parties appreciated the simplicity verses a 10 to 15 page app and hunting down the places for a ½ dozen signatures! 
 
By the way, the first applicant did her interview and e signed the app on Friday 2/7, it was set up at the home office on Monday 2/10, approved 2/11 preferred plus, and the policy available Wednesday 2/12! 
 
While our agents typically write larger cases they are looking to SBLI for some of those now too given the drop ticket simplicity and very competitive rates.
 
I wanted to share this feedback and express my appreciation to the various teams in the home office who are working to make this all happen.  Please pass on my comments to the teams and of course to any of my fellow NBA members! 
 
 
Bill Sessums, Jr., CLU, ChFC, RHU
Insurance Perspectives
Member: National Brokerage Agencies

 

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