Drop Ticket Life Insurance: What You Need To Know

Drop ticket life insurance is an application process that streamlines the way life insurance applications are processed. The entire process takes less than 10 minutes and does not require the client's signature. The agent/advisor simply runs a quote and clicks apply on the policy they wish to purchase for their client. After filling out some basic information, the agent submits the ticket electronically. The information is then sent to a call center where the client is contacted to complete the application over the phone. This method saves time and money and allows the agent to move on to other revenue-generating activities.

Drop ticket applications are evolving

The traditional method of paper applications has long been the standard, but it often leads to back-and-forth communication between the producer and the agency, causing delays in processing. With drop ticket applications, the entire process is simplified and streamlined, taking less than 10 minutes to complete the initial steps. This electronic process eliminates the need for signatures and reduces the underwriting cycle time, allowing agents to move on to other revenue-generating activities.

The evolution of drop ticket applications is also influenced by the varying preferences of clients. While some clients may prefer the traditional paper application, others are increasingly comfortable with online processes. This evolution ensures that insurance providers can cater to a wider range of clients and their diverse needs.

One of the key advantages of drop ticket applications is the flexibility they offer. Insurance agents can now choose from multiple options, including paper applications, e-applications, and drop tickets, depending on the client's preferences and the complexity of the case. This adaptability ensures that the application process remains efficient and accessible for all parties involved.

Furthermore, the evolution of drop ticket applications is driven by the varying levels of agent involvement required by different insurance carriers. While some carriers, like Banner, handle the entire process from start to finish with minimal agent assistance, others rely on agents to facilitate communication with the client during the underwriting process. This diversity in carrier processes ensures that drop ticket applications continue to evolve to meet the specific needs and requirements of each insurance provider.

They are a simpler, more efficient way to process life insurance applications

Drop ticket life insurance applications are a much simpler and more efficient way to process life insurance applications. The entire process takes less than 10 minutes and does not require the client's signature.

The process is very straightforward. As the agent or advisor, you simply run a quote and then click "apply" on the policy you wish to purchase for your client. After completing some basic information, you then submit the "ticket" electronically. The information is then sent to a call center, where the client is contacted to complete the application over the phone. The client can also be sent a link to complete the application online. The insurance company can then order any required exams and/or physician records.

The drop ticket method is a huge improvement on the traditional paper application process, which can be very time-consuming. Life insurance carriers often have extensive applications that total 10, 15, or even more pages of paperwork. The drop ticket method bypasses this, reducing the process to less than 30 minutes, and increasing net profits by minimizing expenses.

The drop ticket application process can be used for both personal and business applications. However, if a case is particularly complicated and requires special attention, a paper application may be more appropriate.

The entire process takes less than 10 minutes

Drop tickets are a simple, efficient, and quick way to process life insurance applications. The entire process takes less than 10 minutes and does not require the client's signature.

As an agent or advisor, you simply need to run a quote and then select the policy you wish to purchase for your client. You then click "apply" and fill out some basic information about your client before submitting the "drop ticket" electronically. The information is then sent to a call centre, where the client is contacted to complete the application over the phone.

The drop ticket process is straightforward and user-friendly. After logging into a central portal, such as iGo, on the insurance company's website, you will be asked a few general questions. You can then set up a time for a telephone interview and exam, if necessary. The client's application can be e-signed, and a PDF version of the policy can be delivered electronically.

The drop ticket method is a significant time-saver, reducing what could be a 3-5 hour process to less than 30 minutes. It eliminates the need for face-to-face meetings or mailing paper applications, which can be time-consuming and inefficient. With drop tickets, you can move on to other revenue-generating activities more quickly.

Additionally, the drop ticket process offers the flexibility to start and stop the application as needed, allowing you to work at your own pace. This feature ensures that you can manage multiple applications simultaneously without getting overwhelmed.

After the agent submits the ticket electronically, the client is contacted to complete the application over the phone

After the agent submits the ticket electronically, the process of obtaining life insurance shifts to the client. The client is then contacted, typically via a phone call, to complete the application process. This step ensures that any remaining necessary information is collected, and the application is finalised.

The client is contacted either by the call centre of the insurance company or its vendor. During this interaction, the client is expected to provide additional details and complete the application over the phone. This step is designed to be convenient and efficient, eliminating the need for face-to-face meetings or mailing paper applications.

The phone call serves as an interview, allowing the insurance company to gather the required information to underwrite the policy. It is worth noting that the length of this interview can vary depending on the insurance provider and the extent of the initial "ticket" information submitted by the agent. Some companies may have shorter initial tickets, resulting in a longer phone interview, while others may collect more comprehensive initial information, leading to a shorter call.

Following the phone interview, if any further examinations or medical records are required, the insurance company will take responsibility for scheduling them. This may include ordering any necessary medical exams or securing the client's physician records to supplement the application.

The entire drop-ticket application process is designed to streamline the life insurance application journey, reducing the time and effort traditionally associated with paper applications. By submitting the ticket electronically and involving the client directly, the process becomes more efficient, and the agent can focus on other revenue-generating activities.

Drop tickets are also called Drop-Ticket e-apps

The insurance agent or advisor simply needs to run a quote and then select the "apply" button for the policy they wish to purchase for their client. They then complete some basic information about the client before submitting the "drop ticket" electronically. The ticket is then routed to a call center where the client is contacted to complete the application over the phone. This can be followed by a medical examination if necessary.

The process is simple and efficient, allowing insurance agents to move on to other revenue-generating activities. It also saves time and money for the producer, as there is no need for face-to-face meetings with the client to complete a paper application. The electronic process guarantees that applications are in good order and has been shown to reduce the underwriting cycle time.

Drop-Ticket e-apps can be used for both personal and business applications, although some clients or agents may prefer a paper application for more complicated cases.

Frequently asked questions