The typical onboarding process: Cumbersome and awkward

Financial advisors often face several pain points when onboarding a new life insurance client. Typically, the process involves a mountain of paperwork, back and forth with clients via email, and awkward conversations about health, financial, and lifestyle information. 

However, a tech-enabled brokerage like Modern Life offers digital underwriting solutions and an easy-to-use platform as a single point of reference for case documents and requirements, making onboarding seamless.

How does the client onboarding process work at Modern Life?

Digital fact finder

Modern Life makes onboarding a new client as easy as clicking a button. Advisors can send a unique link to their clients, where they can provide basic financial information, details on existing coverage, and health and lifestyle details. Clients can also provide HIPAA consent and information on a second insured person if they’re seeking joint coverage. 

Status updates

Advisors will receive a notification once the client submits the form for review and can generate quotes based on their answers with one click. They can also use this information to submit a trial application and share quotes with clients before formally submitting them. 

Any data the client has entered will be pre-filled on applications submitted via Modern Life, streamlining the submission process.

Advisors can access all case documents from their dashboard and review detailed notes from our dedicated brokerage team, eliminating the need for repeat data entry or searching through an inbox for relevant information.

What comes next? Instant quotes

After clients have completed their underwriting questionnaire, advisors can generate instant term and permanent quotes via Modern Life’s platform. This first-of-its-kind capability enables advisors to access clients’ coverage options in under a minute.

Advisors can:

• Easily compare coverage options
• Access and download full carrier illustrations
• Share quotes directly with clients
• Bridge straight to the application

AI assistance

Modern Life’s AI chatbot is custom-designed to meet the needs of life insurance advisors. Built with proprietary research, advisors can quickly look up advanced strategies, query insurance topics, and draft client communications. With a brief prompt, advisors can generate marketing content for blogs, articles, emails, or social media. Additionally, by entering health issues, advisors can gain in-depth knowledge for underwriting discussions.

The bottom line

By making the onboarding process easy, comprehensive, and user-friendly, Modern Life helps advisors gather all necessary information quickly and efficiently. This not only speeds up the underwriting process but also ensures that clients receive suitable recommendations, thereby increasing the likelihood of policy acceptance and improving the advisor's placement ratio.

To learn more about how Modern Life can streamline the client onboarding process and elevate your life insurance practice, fill out the form below.