(5Star Life Insurance is an affiliated company of Armed Forces Benefit Association, whose headquarters in Alexandria, Va. is pictured above. Image courtesy of AFBA.)
5Star Life Insurance Company (Alexandria, Va.; $40 billion of insurance in force) has selected Apptical Corp. (Boca Raton, Fla.) to provide tele-underwriting services for the carrier’s Silver Premier Choice final expense product.
The insurer will use Apptical’s SoundDecisions and PURE underwriting technology platforms, which the vendor says will provide 5Star Life with a cost-efficient and effective means to quickly and accurately underwrite Silver Premier Choice products providing true point of sale decision-making capability while giving agents access to an instant underwriting decision while in a customer’s home.
“Apptical’s cutting edge capabilities as a premier provider of tele-underwriting services is far superior to anything we’ve seen in the market,” said John Sachs, VP, Business Insurance Markets 5Star Life. “With this system in place, agents will benefit by getting true point of sale underwriting decision capability with added features such as the ability to handle dual purpose drugs, reflexive questioning, identity validation, as well as bank account verification.”
Quality Interview Experience
5Star Life will benefit by not only providing its agents with fast and efficient point of sale underwriting, but by improving the quality of the interview experience for both the agent and the customer, improving up-front underwriting, and improving long term mortality experience on new business, according to Sachs.
“We are pleased Apptical will be assisting us with our tele-interview process and look forward to working with them as we continue to strengthen our final expense program,” Sachs adds.