Frequently Asked Questions
Traditionally, agents have to call clients on the phone and then use agent facing tools to help find them a suitable policy.
After discussing the policy with them, the agent would then go to the carrier’s website and complete the application in the client’s name.
Once the form is submitted, an underwriter will evaluate it and decide whether to approve it or not.
On the other hand, with Online Approvals, clients can browse policies on iLife’s platform and then receive an e-app invitation from Banner Life within minutes of completing their form. From there, they connect directly with the carrier.
Alternatively, if a client is using SBLI, they will be able to complete the entire process fully within the iLife platform.
This model maximizes convenience as clients can complete an entire life insurance application without an agent ever lifting a finger. This creates a channel for agents to generate passive income.
It’s a real game changer, never before has it been possible for an agent to take the entire business online, self-service, within 1 minute, at minimum budget with no codes, and immediately start offering seamless online policy decisions to their customers. The biggest impact comes from the fact that great consumer experiences can now be had at insurance businesses of any size, any budget, with an extremely short time needed to realize value, all of which are radically different and opposite to the insurance industry’s prior concepts of Enterprise software.
At this time, Online Approvals is only available for select carriers on iLife’s platform. These will be denoted with a lightning bolt icon within the browsing experience.