Life and Health Insurance
Underwriting and New business – What is our turnaround time?
EFFECTIVE SEPTEMBER 9TH, 2013
Our team understands the importance of providing you with a fast and effective service when it comes to processing your business. That’s why we strive to meet our commitment to continuously deliver within the established service standards. In 2013, the average overall cycle time1 to process and accept a case is 31.7 calendar days.
And, for several months now, all new business activities are handled within our service standards. We are proud to share the latest results with you.
Processing steps | Our service standards (in business days) | Our actual turnaround time (in business days) |
---|---|---|
Application data entry | 2 days | Same day the application is received |
Initial assessment of the application2 | 2 days | 1 day |
Assessment of underwriting requirements3 (including final decision) | 2 days | 1 day |
Policy issue (including data entry, printing, production of amendments and assembling of the policy) | 3 days | 1 day |
Quality control prior to policy shipping | 1 day | 1 day |
Policy in-force (processing of the settling requirements) | 1 day | Same day the settling requirements are received |
Note: Documents received in the afternoon are processed the next business day. Electronic applications are processed once the signature pages are received.
We hope this information will help you manage your clients’ expectations in terms of issuing an insurance policy. We will keep you informed of our service standards on a quarterly basis; stay stuned for our next update which will be published in December. Your Underwriting and New Business team is working for you!
1 Time between the moment the underwriter receives the insurance application and when the file is accepted.
2 Time between the moment the application is entered in the system and when the underwriter works on the initial assessment.
3 Time between the moment the document (evidence of insurability or other information) is assigned to the client’s file and when the underwriter makes the assessment.