AKA: About PSG
In the Zone
Imagine if you will, an Internet-based technology company unintentionally launched, by a retired insurance agent in 1998.
An agent whose career was marked by more than twenty years straight on the Million Dollar Round Table, all while living in a town that had yet to claim 100,000 residents.
Imagine if you will, an agent who had never turned on a computer, but attentively realized that the scant number of Insurance websites on the World Wide Web back then, were virtually billboards when they needed to be more like vending machines.
So, this agent (for the purposes of this story, let’s call him Tommy Lane), acquires a license for every state, and hires some very smart people to build his Virtual Business Network (VBNI). Compelled by observing clients being as thrilled to have an agent visit with them to ‘take down an application’, as they were to receive a root canal at the D.M.V.!
So, why not leverage the 24/7/365 immediacy of the internet to sell insurance to anyone, anywhere that wanted to protect their family’s financial future?
Imagine if you will; that you have a fantastic web-based insurance sales platform but lack the budget to market to the millions of uninsured, potential customers (Super Bowl Ads are after all, pricey). But, wait, like signpost up ahead, you know there are agents seeking to tap the burgeoning potential of web commerce. Would you hesitate to make your Virtual Insurance Sales System available to them? Tommy Lane didn’t.
“X” Marks the Spot (ClickWrap eSignature)
Soon, legislation (mesmerizingly named) “UETA 1999” lead to the (equally lyrical) “Federal E-Sign Act of 2000”; presenting VBNI with the opportunity to be one of the first platforms to offer a robust, secure and legally defensible Electronic Signatures for Term Insurance.
This innovation was named CursiveOnLine (COL); as it was a handwritten signature electronically rendered via the mouse or stylus. The cultural significance of literally signing one’s name eased adoption for Carriers, Agents and Clients, alike.
Over time, familiarity and comfort with eSignatures in general soon enabled ClickWrap to supplant CursiveOnline as the eSignature of choice.
The Adoption Conundrum
After toiling for seemingly four score and eleven years (okay it wasn’t that long, but really…) to convince BGA’s to convince their agents to embrace technology; Tommy’s company had become “known, among those who know”, as MARKETech; and migrated into an arena knows as “Life Insurance Direct Marketers”. An ambit wherein, results and dependability are paramount. And, the attraction to a given technology is leveraged by paychecks signed by the person directing the agent to use it.
And lo, the adoption enigma was solved. Soon, MARKETech’s reputation for dependability and service in high volume settings; was esteemed amongst those most in need. And it was good.
3.2 Days (the story of eRequirement)
In the year 2012, the Paperless Solutions Group (PSG) acquired the assets of the aforementioned MARKETech. And, the company continued to ‘inovate and persevere’. While visiting a customer, Jeff McCauley noticed a large room filled with cases of paper, toner cartridges and printers to churn out blank filed forms for every carrier, state and need.
Because (as you likely know) underwriters often ‘require’ additional information before the case can proceed. So, instead of to pulling a paper copy of the required section of the form set, scanning, printing, highlighting, and mailing;
what if you could do all of that in real time’ electronically?
What if the requirement could be completed on average in of 3.2 days (from the first keystroke to eSigned and in the carriers imaging system)?
Could it happen in a little as 2 minutes?
Yeah, that really happened!
And if a Carrier was to wield the platform for ePHS (Electronic Policy Holder Services) it would not be unexpected that ePHS would resolve the needs of ‘benefit changes’, ‘payment modes’, ‘address changes’, etc in a similar time frame!
“Then, I can, not get, what I don’t want!” That is how the Chief Underwriter for one carrier happily reacted to eValuate. “Risk Selection” no-longer means ‘pick your poison’. It means knowing the best options within a carrier's Underwriting Guidelines; both the published and unpublished (secret sauce). It means automatically parsing unlimited ‘impairments’ and co-morbidity until every carrier in the system eventually renders a decline.
“Flat extras?” They are included.
“Credits?” Yes, of course!
That same Chief Underwriter demanded a 50% reduction on “informals”. eValuate produced 64%.
Then PSG created eValuate PLUS which extended the platform's abilities to tap external databases (e.g. LexisNexis, ScriptCheck, MIB, DMV, etc…) to enable rapid issue products to be just that.
"Must Go Faster" e-Delivery via EXpedite.
In insurance, the Marianas Trench of 'Sunk Cost' can be found when a case becomes a 'Not taken' during the delivery process, due to failure to reach the client with the actual policy and/or gather that essential final signature.
But what if, insurance professionals could go to a very simple dashboard to eXpedite the e-Delivery process for ALL of their carriers?
What if, foundational to this process was a rules engine allowing granular customization down to the of a singular producer?
What if, e-Mail Reminders, Reissue Requests, Mode Change Requests, Cross Selling, Other-Than-Applied-For, and the coveted final opportunity to Up-Sell the policy were ALL automated?
There is more to come, as the need for products and platforms that combine innovation and integrity continues, so will the Paperless Solutions Group. Thanks for being part of our journey!
*eValuate, *eValuate-PLUS, *FillableForms, ClickWrap, eRequirement and ePHS are Service Marks of the PAPERLESS SOLUTIONS GROUP
*CursiveOnLine is a Trade Mark of the PAPERLESS SOLUTIONS GROUP