PolicyBox® – Helps Insurance Carriers Complete The Delivery Cycle of Policies In As Little As Six Hours
PolicyBox is dramatically helping insurance carriers and distributors reduce cycle times by delivering policies and annuity contracts electronically.
Pompano Beach, FL (PRWEB) October 29, 2012
Aplifi, a leading provider of Life & Annuity Order Management, Client Management and Electronic Document Delivery solutions for the financial services and insurance market segments, reported today that its PolicyBox platform is helping distributors and their carrier partners to dramatically reduce cycle times for policy delivery.
Until recently, distribution channels have been limited in their choices for electronic policy delivery. Distributors are abandoning carrier-proprietary systems in favor of multi-carrier platforms that offer more functionality and allow them to manage a unified process for their agency. In late 2011, Aplifi introduced a no cost eDelivery model providing distributors with significant cost savings over traditional ‘paper' delivery.
Aplifi, its first carrier partner, distributors, and producers are now seeing major cycle time reductions in delivering insurance policies electronically through PolicyBox. According to various industry studies, it's widely recognized that the average cycle time for paper policy delivery ranges from 23 to 28 days, depending upon the product. With PolicyBox these delivery cycle times are being reduced to an overall average of less than 10 days, with 47% being completed in less than 7 days. More notably, 6% of the policies in PolicyBox have been delivered, signed and returned electronically in less than one day.
“We were thrilled to be one of the first agencies up and running on PolicyBox”, said Bill Levinson, Managing Partner, Levinson & Associates. “I've always been a firm believer in delivering policies electronically. That belief was confirmed once we announced PolicyBox's availability to our producers and received a flood of requests to use the platform. My agency and our producers like PolicyBox so much that we've requested that our carrier(s) default all of our policies to eDelivery through PolicyBox”.
“We're excited to see the results coming in so favorably for PolicyBox in the way of not only reduction in cycle time but the way distributors and their producers are adopting the platform along with idea of ePolicy delivery” said Layle Koncar, Vice President Product Management, Aplifi. “As we start to expand the distribution mix, we fully anticipate this significant reduction in cycle time to continue in a positive trend”.
PolicyBox® is a unique “patent pending” electronic policy and document delivery platform for the insurance and financial services industries. This purely web-based system provides much more than simple & secure PDF document delivery to the consumer. PolicyBox allows for each level of the distribution channel to offer its own branding and marketing appeal to its downstream customers. PolicyBox supports the needs of carriers, general agencies, broker-dealers, banks, and producers.
Aplifi (http://www.Aplifi.com), based in Pompano Beach, Florida, is a leading technology provider that focuses on the life insurance and financial services markets. Aplifi offers solutions that facilitate more insurance transactions that are compliant and “In Good Order,” driving increased business. Its suite of flexible and easy to use platforms include AFFIRM for Life, AFFIRM for Annuity, InsureSocket CRM, I-Relay CRM, and PolicyBox. “We Simplify Selling Insurance!”
Senior Vice President Marketing
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