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Genworth's life distribution may now use PolicyBox for distribution of life policies electronically.
Pompano Beach, FL (PRWEB) March 08, 2013
Aplifi, a leader in technology solutions for the insurance and financial sectors announced today that Genworth is now available via its PolicyBox platform for electronic policy delivery and that Genworth’s distribution partners may sign up and use the platform, effective immediately. ePolicy Delivery also is available through Genworth’s short-form ticket platform, Life Quick Request(SM).
Genworth worked with Aplifi to introduce an enhanced, multi-carrier PolicyBox platform for electronic policy delivery that offers ePayment, flexible routing, multiple hierarchies and dynamic approval, electronic signatures with multiple signing parties, and marketing capabilities that allow BGAs to sell to agents and agents to market to clients. The platform supports policy reissues and fewer exceptions, with 85 percent of all new business life cases qualifying. It also allows distributors and producers to use it for some or all of their cases and to opt out for print at any time during the process, if requested.
“Today, no other carrier or vendor offers all of these benefits in one solution,” said Elena Edwards, chief operations officer for Genworth’s U.S. Life Insurance Companies. “We are committed to helping our distribution partners profitably grow their sales by investing in industry-leading technology platforms and innovation that significantly streamline the application and fulfillment cycle.”
During the PolicyBox pilot with a small number of key brokerage agencies, cycle times were reduced from 25 days to an average of eight days and, in some cases, a matter of hours.
“We are grateful to our pilot agencies that provided us with tremendous feedback and, in the process, validated the platform’s ability to dramatically reduce cycle time,” Edwards said. “That translates into clients receiving their policies faster and agents getting paid faster.”
One of those pilot agencies was Levinson & Associates. “We were thrilled when Genworth asked us to be part of the pilot for PolicyBox”, said Managing Partner Bill Levinson.. “I’ve always been a big believer in delivering policies electronically. That belief was confirmed once we announced its availability to our producers and we had a flood of requests to participate. Our producers like the ease of use and the dramatic reduction in the amount of time it takes to complete the delivery process. We fully anticipate that more than half of our Genworth business will be delivered electronically via PolicyBox over the next 12 months.”
Said Dan Smith, president & CEO of Aplifi: “We could not be more thrilled with the success of the pilot with Genworth. The cycle time reductions, functionality enhancements and field adoption during the pilot all point to PolicyBox becoming the most widely used e-Policy delivery platform in the industry. We are excited to support Genworth’s continued commitment to providing the field with best-in-class technologies that solve real problems.”
About Aplifi and PolicyBox
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 “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!”
PolicyBox is a unique “patent pending” electronic policy and document delivery platform for the insurance and financial services industries. PolicyBox supports the needs of carriers, general agencies, broker-dealers, banks and producers. To sign up for PolicyBox visit http://www.aplifi.com/pb/signup
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,300 employees and operates through three divisions: U.S. Life Insurance, comprising the U.S. Life Insurance segment, which includes life insurance, long term care insurance (LTC) and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection, Wealth Management and Runoff segments. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
Based on Genworth 2011 Life insurance issued business. Data compiled in November 2012.
Senior Vice President Marketing 801-308-2095 ext. 706
Aplifi, AFFIRM for Annuities, PolicyBox, InsureSocket and I-Relay are registered trademarks of Aplifi, Inc. AFFIRM and AFFIRM for Life are trademarks of Aplifi, Inc.
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