There’s great news for annuity advisors and consumers alike. Aplifi has created a software program that allows insurance carriers to accept applications for annuities digitally. This software will dramatically cut the time and money spent on mailing, printing, and processing paper applications. A large insurer’s recent study on their internal processing found that 84% of applications came in with some sort of error. This is understandable, because at present annuity applications routinely exceed 50 pages long. If you check the wrong box, miss a question, miss a date, or any number of minute human error mistakes, many companies require the consumer and the advisor to redo large portions of the application. With recent interest rate decreases, many carriers were changing forms ever other week. With this new software, it will be impossible to have out of date forms digitally. For consumers, the speed with which this will allow companies to issue their policies will give them huge financial benefits and with less hassle. For advisors, it will be an administrative blessing and an enormous overhead reduction. Welcome to the 21st century Annuity Industry!
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