RICHMOND, Va., May 8, 2013 /PRNewswire/ -- As part of its commitment to continually raise the bar on service and technology, Genworth will expand its Life Quick Request(SM) (LQR) platform to include its soon-to-be-released index universal life insurance (IUL) product, making it the only IUL product in the industry available on a comprehensive front-to-back electronic platform that features electronic ticket drop, fulfillment and policy delivery.
Genworth's Life Quick Request significantly streamlines the life insurance application and fulfillment cycle, cutting processing times in half -- to 13 days for term life insurance cases and 16 days for universal life cases. Life Quick Request can also increase placement rate by up to eight percent.*
To complement its LQR platform, Genworth recently launched ePolicy Delivery and check image deposit. ePolicy Delivery is an electronic policy delivery workflow for life insurance products, which during the pilot period reduced delivery cycle times from 25 days to an average of eight days and, in some cases, a matter of hours. Check image deposit, a check imaging capability that allows Genworth to work from the scanned image of a check, allows participating brokerage general agents to increase speed of service and save on express mail expenses.
Additionally, Genworth is easing the burden on distributors and enhancing the client experience with in-house ordering and procurement of medical records, medical authorization voice signatures, and assisting customers with the scheduling of their medical exams."Our latest technology innovations simplify the sales process, making it easier, faster and more profitable for our distribution partners to work with us," said Chris Olson, SVP, Operations, for Genworth's U.S. life insurance companies. In addition to its investment in technology, Genworth continues to raise the standard for the personal service it provides to its customers, as illustrated by the distinction of being the only firm in the life insurance industry to receive a DALBAR award for customer service in 2012. It is the second consecutive year Genworth has received this award.
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