New Business Now progress update
Submitted by Anar on November 25, 2015 - 5:15pm
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Message from Troy Haugen, Senior Vice-President, Individual Insurance New Business New Business Now progress update This is our November report on time service measures, to help you continue to manage client service expectations and see the high-level service trend. The three time measures below are overall averages for our Individual Insurance business across our three companies (Great-West Life, London Life, Canada Life). It’s important to note: - Number of days is business days
- Timelines will vary by product (for example, life insurance vs. disability insurance) and by case size (for example, large cases can be unique and follow a variation of the process).
In month | 1
Average number of business days from date paper application is received at head office to data entry complete | 2
Average number of business days from data entry complete to underwriting decision for all application types | 3
Average percentage of number of business days from underwriting decision to contract mailed | | | 7 days
or less | 21 days
or less | May
2015 | 1 day | 46 days | 68% | 89% | June
2015 | 2 days | 45 days | 77% | 92% | July
2015 | 1 day | 39 days | 77% | 92% | August
2015 | 1 day | 36 days | 73% | 90% | September
2015 | 1 day | 31 days | 72% | 88% | October
2015 | 3.5 days | 27 days | 76% | 91% | | • Web applications do not require
data entry at head office
• Includes new applications only
(not re-issued ones)
• Includes preparing applications for
data entry | • Includes policies that are accepted,
declined or not proceeding | • All printed contracts are audited
• Correcting errors delays release
of contracts to advisors and
increases the timeline |
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