Clean applications can cut 7-days off processing time
WEST DES MOINES, IA–(Marketwired – April 06, 2016) – Midland National announced today the release of a new electronic application (e-App) system for fixed annuity products.
This new e-App system allows financial professionals to submit annuity applications online, resulting in faster processing of new business.
“Our financial professionals are really going to like how the e-App improves the process of submitting business by ensuring the correct and complete information is included. Our research shows that clean applications are processed, on average, seven days faster than paper applications,” said Bryce Biklen, vice president, Annuity Sales.
“Plus, the e-App works seamlessly with our illustration software, making it a very powerful and efficient way to conduct business with Midland National.”
E-App technology is attractive to financial professionals because it reduces the amount of back and forth with clients through its ability to catch errors or missing information-common mistakes that can hold up the processing of paper applications.
“It’s definitely a game changer for our distribution partners,” said Biklen. “It allows them to work more efficiently with clients because the business is processed faster than the old paper applications.”
The e-App option is offered on all annuity products currently available on the Midland National illustration software.
ABOUT MIDLAND NATIONAL
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National® Life Insurance Company has protected families and preserved legacies for generations. Midland also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. (Source: AnnuitySpecs, Quarterly Indexed Sales & Market Report). For more information, please visit www.midlandnational.com.