Helping you keep business moving
As we all face the unprecedented challenges that come with the COVID 19 pandemic, Sun Life is working to help you adjust and continue to serve Clients. Here are some the temporary measures we’ve put in place to keep business moving:
New “Non face-to-face” processes allow advisors to:
- Complete and submit new applications electronically
- Complete VOI and/or AML processes using approved video technology
- Manage requirements and advance the underwriting for your cases
- Electronically receive the delivery requirements and policy contracts for settlements
- Submit settlement documents electronically
We are communicating with advisors to look for opportunities to complete the underwriting process faster by:
- offering the option of accelerated underwriting on cases that fall within the current limits by replacing unfinished paramedical orders and or non-medical cases with tele-interviews
- reaching out to advisors on cases where the medicals are complete and the last requirements are with advisor or Client to assist in developing a plan to finalize the new business
- working with advisors for cases with outstanding requirements that call for the most conservative underwriting requirements or that have 90-day TIC about to expire
Expanding Accelerated Underwriting to reduce the need for labs
On Monday, April 6 we’ll be expanding our accelerated underwriting program to include Clients:
- age 18-40 applying for $1,000,001 to $2,000,000
- age 41-50 applying for $250,000 to $1,000,000
Accelerated underwriting allows us to use predictive models and data analytics to determine which Clients need to be tested and which Clients can be approved without labs. Keep your eye out for more details next week.
Benefits of tele-interviews
While we manage with social distancing and a suspension of services like paramedical exams, tele-interviews are an excellent solution to keep business moving. Tele-interviews allow the underwriting process to continue instead of waiting for a paramedical. Through the interview process, our underwriters can order APSs and investigate any medical questions and concerns that come up.
Tele-interviews are also the input into our accelerated underwriting process. With this process, we can significantly reduce the number of cases that need paramedical exams and fluids. We are looking at options to expand this program to other age groups and face amounts.
Moving forward together
We’ll be here to bring you information and answer your questions as we navigate through the challenging days and weeks ahead. You can stay up to date and find information on these temporary processes through the Sun Life COVID 19 response site.
Thank you for your patience as we adjust to a new way of doing business.