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Non Face to Face Insurance Sales

Non Face to Face Insurance Sales: In this post, we’ll show you how to get a nonface to face insurance transaction, as opposed to the traditional method of receiving insurance through physical contact between the insurer and the insured.

Non-Face-to-Face Insurance Marketing Guide For Independent Advisors/Agencles that sell life insurance over the phone or on the internet without meeting with customers in person

non face to face insurance sales
OVERVIEW/ COST OF GETTING INSURANCE IN NORTH AMERICA $1,954/$785 per year

In North America, selling life insurance over the phone and via the internet (non-face-to-face) is becoming increasingly popular. The average cost of full-coverage car insurance is $1,954 per year. The key to non-face-to-face selling is to keep the process simple and straightforward.

BMO Insurance introduces the Non-Face-to-Face Insurance Process. This isn’t your typical e-App form. It’s a simplified method created specifically for independent advisors/agencies who collect and accept insurance applications (Term, Whole Life, and Critical Illness) over the phone or the internet. Get life insurance online 

The procedure of non-face-to-face insurance considers “keeping it simple and making it easy”:

All contracted BMO Advisors are eligible to submit Non face-to-face Applications to participating MGAs who follow the Non face-to-face Insurance Marketing Guide Form 434 requirements (This guide)

Term, Critical Illness, and Whole Life insurance are among the eligible insurance products available through this new non-face-to-face application process. Universal life insurance, which must be sold face-to-face, is not available.

For these sales, a new Non-Face-to-Face Application for Life and Critical Illness Insurance (by Telephone or Internet), Form 431, was created.

The client’s / adviser must complete Sections 1 through 12 of the application in order to keep the phone / online sale short and uncomplicated.

Watermark’s authorized paramedical professional will collect medical questions (Section 14), testing (Section 19 and Section 20), and authorizations (Section 15 and 16).

In place of the usual Temporary Insurance Agreement found in face-to-face sales, a Temporary Accidental Death Benefit (TADB) is introduced to all qualified products at no additional expense in the non-face-to-face process.

It is applicable for 90 days after receipt of the application, with a limit of $250,000 or the amount of the insurance requested, whichever is less. Refer to Section 17 of the Non-Face-to-Face Application for more information.

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So that the normal “direct” sales approach of electronic and voice-recorded authorizations is not required, the Watermark paramedical expert will validate the client’s identify (Section 13) and collect required signatures.

This allows licensed advisers to focus solely on the information needed to qualify and sell prospects over the phone, rather than dealing with lengthy health questionnaires and permission papers.

You must complete the Advisor Report before submitting your application to Watermark in order for us to release your compensation in a timely manner.

This is your electronic signature, which authorizes us to move forward with your application.

Watermark and BMO Insurance have collaborated to create a unique, efficient approach for submitting apps to BMO Insurance underwriting.

Get more information on Non Face to Face Insurance Sales worth $1,954/$785 per year

B. BMO Insurance Products That Are Eligible
C. The Purchase and Application of Phones
D. Internet Application/Sale Process
Process of E Underwriting and Policy Issue
F. Requirements for Non-Face-to-Face Telephone/Internet Sales

Talk to a non face to face insurance sales expert Call 1-855-422-8690

BMO Non Face to Face Insurance Sales products that are eligible

The Non-Face-to-Face Application can be used to purchase the following insurance products:

FTF insurance

Non-face-to-face applications for telephone and internet sales are subject to the following underwriting rules:

  • A paramedic visit will provide paramedical backup for all non-medical needs.
  • Individuals and Ownership of a Sole Proprietorship
  • The insured must be the single owner and authorized signing officer of the business specified as the policy’s owner for Sole-Proprietorship.
  • No third-party policy ownership is permitted; owners must be primary or secondary life (JFTD/LTD) insured, or joint ownership is permitted.
  • Individual ownership is not allowed, hence sole proprietorship is the only option.
  • There is no agreement for a temporary insurance policy. Instead, for all eligible policies, a Temporary
  • Accidental Death Benefit (TADB) is offered at no cost. The maximum amount of TADB is the lesser of the amount of insurance requested or $250,000.

All non-face-to-face applications must be submitted electronically using your MGA Delivery Receipt to the Watermark protected website.

The Non-Face-to-Face Application can also be used to add more riders:

Premium Rider Waiver (all eligible plans except Pure Term 100)
Riders for Critical Illness (Living Benefit 10720) (age limit of 60 and maximum face amount of $750,000) – Preferred Term is the sole option.
Single Life coverage is available with Term 10 and Term 20 Riders – Pure Term 100 only.

Get an instant quote for permanent life insurance here

PROCESS OF APPLYING FOR A NON FACE TO FACE INSURANCE SALES worth $100,000 to 5,000,000

The coverage amount for this non face to face insurance is from From $100,000 to 5,000,000

The guidelines for taking applications over the phone using the Non-face-to-face application are as follows:

1. (a) The advisor may be working with a prospect who is located outside of the advisor’s local travel area as a result of a referral or other connection. Doing business over the phone may be more convenient and efficient.

The adviser may run a website and use advertising to direct people to a Call Center or an Internet site where they can obtain more information or acquire a quote.

Important: Advisors must be licensed life insurance agents working for a BMO Insurance Life Agency in the province where the consumer/applicant resides. Advisors should examine the client’s insurance needs, conduct an insurance needs analysis, and keep a record of all information related to the quote and sale.

online insurance2. For BMO Insurance qualifying items, the advisor will prepare a normal class quote.
3. Client completes a PDF fill-able Form431 with the help of a licensed counselor over the phone. Sections 1 through 12 of the non-face-to-face life and critical illness insurance application (via telephone or internet).

Note that the Non-Face-to-Face Life and Critical Illness Insurance Application (by Telephone or Internet) contains a Temporary Accidental Death Benefit at no additional cost, but it does not include a Temporary Insurance Agreement and no authorizations are required.

With the help of a Watermark paramedical professional, Section 13 and 14 (identification, family, and medical history) and Section 15 and 16 (authorizations) will be collected from the proposed life insured/proposed extra life insured, as well as Section 19 and 20, the paramedical exam.

4. Sections 2 and 3 are inquiries about eligibility. To prevent declines from being submitted, advisors must ask the eligibility questions.

Pre-screening helps to preserve service quality and allows you to better assist your clients by introducing them to more appropriate services or products, if they are available.

5. Only Term to Term replacement will be accepted by BMO Insurance. Advise/arrange for the customer to meet with an advisor face-to-face for all other replacements (Critical Illness and Whole Life).

If the application is for a term-to-term replacement policy, BMO Insurance will not be able to process it unless replacement documentation is provided in line with the rules in the jurisdiction where the applicant resides.

It is your job to ensure that the replacement is in the client’s best interests and to keep track of this. If replacement documentation is not possible, do not proceed with the application and advise / schedule a face-to-face meeting with the customer (refer to Section 7, Question 2 on the App).

6. Once the phone sale application is completed, the adviser can schedule the paramedical appointment and securely transfer the application to your MGA. Continue to E. Policy Issue & Underwriting Process.

Sections 1 through 12 of the PDF fill-able Form 431 Non-face-to-face Application must be completed in order to avoid delays in the paramedical/underwriting process.

Because some applicants may want to complete payment authorizations (Section 9) later, the Watermark paramedical professional will also ask the applicant to fill out and sign the payment information.

Before submitting the application to Watermark, the advisor must complete the Advisor Report (Section 12) so that we can release your compensation as soon as possible. This is your electronic signature, which authorizes us to move forward with your application.

It is recommended that phone applications be recorded and stored for 7 years if the Call Center has voice-recording technology. The Non-Face-to-Face Insurance process, on the other hand, does not require voice-recording technology.

7. BMO Insurance requires that the MGA uploads the non-face-to-face application in electronic (PDF fill-able) form to Watermark’s secure site on behalf of the advisor.

Orders and application packages will be autofaxed to the paramedical nurse the same day, who will contact the applicant within 24 hours to schedule an appointment.

The following items must be included in the complete application package:

Sections 1–11, with answers provided over the phone or via the Internet by the proposed insured(s).
Section 2, Advisor Report completed by the life advisor

Sections 3 through 20, verification of identity, medical information, authorizations and paramedical exam forms to be completed by the paramedical professional

INTERNET SALE / ONLINE APPLICATION PROCESS

The following are guidelines for taking applications by Internet using the Non face-to-face Application:

Consumers are directed to your insurance website by advertising (broadcast, print, and internet) to obtain more information, request a quote, get an online quote, or submit an application.

Consumer visits your website, which includes an insurance needs analysis tool, general product information, and information about life events that are relevant to the insurance application. At the very least, your website should provide access to a printable and fillable insurance needs calculator or worksheet.

The customer fills out an online insurance quote form. Gender, date of birth, smoker/non-smoker, term 10, 20yr, etc. are all required for a quote. Name, email address, and phone number may be requested for follow-up purposes.

For BMO Insurance products, BMO Insurance recommends using the online quotation engine to generate a standard class quote:

The client then goes on to fill out an online application. Clients can also apply by phone by dialing your phone number (go to C. Phone Sales Process)

Clients who apply online will only fill out Sections 1 through 11 of Form 431, Non-Face-to-Face Life and Critical Illness Insurance Application (by Telephone or Internet).

To ensure the safe protection of consumer data, the applicant’s information must be encrypted and stored on a secure site at all times.

Note that the Non-Face-to-Face Life and Critical Illness Insurance Application (by Phone or Internet)

 

insurance

includes a Temporary Accidental Death Benefit at no extra charge, but it does not include a Temporary Insurance Agreement and there is no need to gather authorizations.

With the help of a Watermark paramedical professional, Section 13 and 14 (identification, family, and medical history) and Section 15 and 16 (authorizations) will be collected from the proposed life insured / proposed extra life insured, as well as Section 19 and 20, the paramedical exam.

Sections 2 and 3 are eligibility questions that the Client/Applicant answers online to weed out ineligible applicants “refuses to take part in the competition. The quality of service for this distribution technique can be efficiently maintained by pre-screening.

If this policy is intended to replace or change any existing insurance with this or any other Company, BMO Insurance will not accept an application (Section 7, Question 2 on the App).

In replacement instances, the client must contact an advisor and complete replacement documentation (refer to C7 for details)

When the Internet sale and application are complete, securely send the application to your MGA.
Sections 1 through 12 of the PDF fill-able Form 431 Non face-to-face Application must be completed in order for the paramedical/underwriting process to move forward as quickly as possible.

Before submitting the application to Watermark, the adviser must complete the Advisor Report (Section 12) so that we can issue your remuneration as soon as possible.

This is your electronic signature, which authorizes us to move forward with your application.

Because some applicants prefer to complete payment authorizations (Section 9) later, the Watermark paramedical professional will also ask the applicant to complete and sign the payment Information.

BMO Insurance requires that the MGA uploads the Non face-to-face application in electronic (PDF fill-able) form to Watermark’s secure site on behalf of the advisor.

Watermark will autofax orders and application packages to the paramedical nurse the same day, who will contact the applicant to set up an appointment within 24 hours.

Sections 1 through 11 of the application package must be completed by the proposed insured(s) over the phone or via the Internet.

The life advisor must complete Section 2 of the advisor report.
Verification of identity, medical information, authorizations, and paramedical exam forms must be completed by the paramedical professional in sections 3 through 20.

PROCESS OF UNDERWRITING AND POLICY ISSUE IN A NON FACE TO FACE INSURANCE SALES

Watermark has been selected by BMO Insurance to complete all non-face-to-face paramedical tests and deliver completed applications to BMO Insurance’s New Business Department. Recal that a car insurance in USA is at the average of $138 per month

Watermark will gather all medical questions and authorization signatures, perform the paramed exam, and send the results to BMO Insurance New Business online. For each paramedical order, Watermark delivers an online status enquiry to the Advisor/Agency.

Using this Form 431 Non face-to-face approach, BMO Insurance and Watermark fully expect to minimize the time it takes to complete Life and Critical Illness phone or online applications.

Watermark’s service quality goal for non-face-to-face applications is to deliver the paramedical order within 10 business days (or within 2 business days of completing the visit).

Contact Watermark at [email protected] or call toll-free 1-877-421-5130 to set up a Watermark account for your Life Agency or for more information.

1. The Watermark paramedical professional will meet with the potential life insured(s) face to face and gather the necessary information:

Proposed insured(s) signatures on Agreement, Declaration and Signatures, Section 15 (paramedical to detach and leave with the Proposed Insured(s) the Temporary Accidental Death Benefit Agreement, Section 17 and the Legal Information, Section 18) Proposed insured(s) signatures on PAC or credit card authorization,

Section 10 (collect vch) Proposed insured(s) signatures on PAC or credit card authorization, Section 10 (collect vch) Proposed insured(s) signature

Other Insurance Packages you should know:

Initials of proposed insured(s) as shown at the end of Sections 10 and 14

Section 13: Identification Proof

Section 14: Family and medical history

Sections 19 and 20 deal with the paramedical examination and testing.

2. Watermark will coordinate and electronically deliver all completed and signed papers to BMO Insurance’s New Business Department, including the Application, paramedical exam, and Advisor Report. BMO Insurance New Business may receive lab findings separately.

3. BMO Insurance’s Life Agency/MGA will have access to the underwriting status of all applications over the internet. If extra requirements are required, BMO Insurance Underwriting will make the necessary arrangements.

4. Once BMO Insurance Underwriting approves the application, BMO Insurance New Business will issue a policy to the Life Agency/MGA in accordance with our current procedures “The process of receiving a delivery receipt.

Life Agency administrators must follow up with policy owners to ensure that the policy was delivered and that Delivery Receipts were sent to BMO Insurance.

ADDITIONAL REQUIREMENTS FOR TELEPHONE/INTERNET SALES WITHOUT A FACE-TO-FACE CONVERSION

Provide a phone number for applicants to call to inquire about the status of their applications or to file a complaint with licensed advisors or Agency staff.

A referral process must be in place to handle coverage requests that do not fall within the Non-Face-to-Face Insurance Marketing Guide (434) guidelines, such as face amount or age restrictions, and ineligible plan types.

Coordinate the submission of applications, paramedical exams, and lab results to BMO Insurance’s New Business Department. This involves following up with applicants regarding outstanding underwriting criteria and discussing changes to previously quoted underwriting classes and insurance premium amounts.

A beneficiary’s designation or appointment may be recorded, but it must be formalized with the Proposed Owner’s signature, which can be obtained during the paramedical examination.
The Proposed Life Insured must review and agree to the terms of the MIB Notice as provided by the paramedical professional.

The application cannot be completed unless the Proposed Life Insured expresses his or her clear agreement to the terms of the MIB Notice. An explanation for why this is the case should be provided.

Temporary Insurance will not be offered if all or part of a Policy application is to be completed through a non-face-to-face channel.

Keep appropriate sale documentation, such as a worksheet, and sale conditions, such as Agent Disclosure & Conflict of Interest, Needs Analysis, and Replacement Analysis, among others.

Send all electronic applications and other information containing personal information using secure channels between the Life Agency, authorized paramedical, and lab testing companies: by mail, courier, or encrypted electronic communication, such as a secure FTP site.

At the time of the paramedical visit, all relevant signatures and client identification will be gathered.

Assist the policy holder on a regular basis.

Make sure you have a “Do Not Call” program in place that prevents you from making unsolicited sales calls to any phone number on the National DNC Registry.

In addition to the Life and Health Insurance Industry Practice, the Advisor/Agency must become familiar with the Company’s DNC Program.

Provide formal call scripts and training on the products being offered to Call Center Life Agents. All information must be particular to the products being quoted and accessible by phone or the Internet.

Provide Call Center Agents with the necessary documentation for Agent Disclosure, Conflict of Interest, Needs Analysis, and Replacement Analysis, ensuring that the documentation is understood, followed, and preserved.

An application in which the owner is not a Proposed Life Insured must be completed in person and is not available through this channel.

Contact your MGA or BMO Insurance’s Sales Department for further information.

GUIDELINES FOR NON-FACE-TO-FACE SALES

The following are some guidelines to remember for any non-face-to-face sales.

Requirements:

  •  All Term, UL, CI, and Par products
  •  There are no limitations on the face amount.
  • A neutral party (not the owner, insured, payor, or beneficiary) must witness the application signing. •
  • The adviser must be licensed in the province where the application is signed by the owner. • A
  • Temporary Insurance Agreement is not an option.

    Process:

  •  The client receives the blank application and required forms, and the advisor schedules a call with the client to go over and finish the application and forms. While on the phone with the advisor, the customer completes the application and forms. The customer then signs the application and other forms that may be required, with a neutral third party present to witness the signing (cannot be beneficiary of the insured or the policy owner if not the insured).
  •  Alternatively, the advisor can call the client and fill out the forms/application over the phone, then email the completed application and forms to the customer for signature and witnessing. The requirements for witnesses are the same as before.
  • Regardless of whether the advisor or the client completes the application and any relevant forms while on the phone (no faxes allowed), the application and any necessary forms are returned back to the adviser by registered mail/courier (paid for by the advisor).
  • After that, the adviser fills out the advisor report and notes that the “application was a non face to face sale.” The application is sent through the advisor’s MGA Head Office.
  • If Equitable Life’s Equifax ID check fails, additional ID verification will be necessary. Equitable Life will contact the advisor with further instructions if this is the case.

Non-Face-To-Face-Delivery

If the adviser is unable to personally deliver the policy at the time of delivery, the policy must be transmitted via registered mail or courier to ensure tracking and secrecy.

The adviser should contact the client and explain what they would be delivering, set up a time to go over it with them, and inform them that this review is required before the policy goes into effect.

The policy owner’s confirmation of the Insurance Policy Delivery Form must be included in the package (form 1523).

After receiving the contract, the advisor must call the client, discuss the contract with the client, and document the contract review over the phone in the client’s file.

During that chat, the advisor must ensure that the client’s insurability, including health, has not altered since the application was submitted.

The adviser must make certain that the policyholder returns the delivery receipt as well as any other settling obligations. Any signed paperwork can be emailed to the adviser electronically.

The signed delivery form must be kept in the advisor’s client file. All criteria, including payment, must be returned to Head Office before the policy can be paid. This can be done in the same way that it would be done after a face-to-face meeting. Get an online life insurance 

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