CINCINNATI – Jan. 3, 2017 – Columbus Life Insurance Company (Columbus Life), a member of Western & Southern Financial Group (Western & Southern), today announced its introduction of DocFast®, an automated policy delivery system provided by iPipeline.
DocFast is the final step in the company’s effort to offer its producers an all-digital submission-to-commission process for life insurance policies.
“Our all-digital process will put policies in force faster, accelerate payment of commissions and make doing business with Columbus Life even easier – a win for clients, producers and the company,” said Steve Sanders, senior vice president and chief marketing officer for Columbus Life. “We are not aware of any other life insurance company that can offer an electronic application, mobile app and electronic policy delivery all in one life insurance purchase.”
Columbus Life’s all-digital purchase process begins with producers submitting applications using the iGO® electronic application. Then during the underwriting process, producers may use the CLIC Mobile App to access and act on pending business immediately from their laptops or smartphones. The final step is through DocFast electronic policy delivery.
With electronic policy delivery, the producer receives an email notification from Columbus Life that policy documents are ready for review. The producer then logs into DocFast and can review the policy, send/receive digital signatures and submit the final client-authorized version to Columbus Life.
“Columbus Life now has the ability to shrink the overall cycle time of the life insurance policy purchase by as much as 50 percent,” said Sanders. “Electronic delivery alone is expected to cut the amount of time required from the point of approval of the policy by underwriting to payment of the agent’s commission from 15 days to as little as a few days.”
The all-digital life insurance purchase process is not replacing the manual/paper purchase process. It is another option producers can use to make doing business with Columbus Life even faster and easier.
About Columbus Life Insurance Company: Columbus Life Insurance Company is a top-rated company providing life insurance and annuity products for clients in 49 states and the District of Columbia. With a heritage dating back to 1906, the company provides retirement, estate planning, and advanced business planning services to the affluent market through a nationwide network of independent producers and registered representatives. The company maintains outstanding ratings from leading financial ratings agencies, including A+ for superior financial strength (second highest of 16 ratings) from A.M. Best, and a Comdex Ranking of 96. Columbus Life is a member of the Western & Southern Financial Group.
About Western & Southern Financial Group: Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc. (Western & Southern), a Fortune 500 company, is now the parent company of a group of diversified financial services businesses. Its assets owned ($45.4 billion) and managed ($23.1 billion) total $68.5 billion as of Sept. 30, 2016. Western & Southern is one of the strongest life insurance groups in the world. Its six life insurance subsidiaries (The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company and National Integrity Life Insurance Company) maintain very strong financial ratings and a Comdex Ranking of 96. Other member companies include Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.1; IFS Financial Services, Inc.; Peppertree Partners LLC1; Touchstone Advisors, Inc.1; Touchstone Securities, Inc.2; W&S Brokerage Services, Inc.2; and W&S Financial Group Distributors, Inc. For more information on the Western & Southern family of companies, visit www.westernsouthern.com.
1 A registered investment advisor.
2 A registered broker-dealer and member FINRA/SIPC.
For current ratings, please visit http://www.westernsouthern.com/industry.asp.