2013 Individual Life Insurance Service Turnaround Times Survey Report Prepared for: LOMA

Transcription

2013 Individual Life Insurance Service Turnaround Times Survey
Report Prepared for:
LOMA
For questions or additional Information, please contact:
Angie Norman
Senior Associate
LOMA
2300 Windy Ridge Parkway, Suite 600
Atlanta, Georgia 30339
United States
norman@loma.org
770 - 984 – 6438
Copyright © 2013, LL Global, Inc.
All rights reserved. This text or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical,
including photocopying, recording, storage in an information retrieval system or otherwise, without the prior written permission of the publisher.
LOMA 2013 Individual Life Insurance Service Turnaround Times Survey - North America
FINAL REPORT
This report prepared for:
Prepared by Angie Norman 11/13/2013
LOMA
LOMA 2013 Individual Life STTS Report - Final
Page 2
This report prepared for LOMA
Table of Contents
Section 1
Participating Companies
Page 4
Section 1
Company Organization Structure
Page 5
Section 1
Product Mix
Pages 6-10
Section 1
Distribution Channels
Page 11
Section 1
Technology & Automation
Pages 12-13
Section 1
Electronic Applications
Page 14
Section 2
Not In Good Order Service Issues
Pages 15-17
Section 3
New Business Case Distribution
Page 18-23
Section 3
New Business & Underwriting Processing Times
Pages 24-38
Section 3
Source of Application Submissions
Page 39
Section 3
Underwriting Service Times for Specific Cases
Pages 40-44
Section 4
Policy Owner Service Functions-Elapsed Times
Pages 45-48
Section 5
Turnaround Time Tracking Methods
Pages 49-51
Page 3
Participating Companies (29 Companies)
Alfa Insurance
Allianz Life Insurance Co.
American Family Life Insurance Co.
Ameritas
AXA Equitable
Catholic Financial Life
Columbus Life Insurance Co.
COUNTRY Life
CSC
Department of Veterans Affairs
Erie Family Life
Gerber Life Insurance Co.
GPM Life
Guardian
Lafayette Life Insurance Co.
Lincoln Financial Group
MassMutual
Nationwide Insurance
Ohio National Financial Services
OneAmerica Financial Partners
Phoenix Life Insurance Co.
Principal Financial Group
Royal Neighbors of America
Savings Bank Life Insurance Co. of MA
State Farm Life Co.
Texas Life Insurance Co.
TIAA-CREF
USAA Life Insurance Co.
Western & Southern Life Insurance Co.
Non US currencies in this report were converted to United States dollars based on conversion rates in August 2013 at www.xe.com.
Page 4
Company Profile Data
Section 1A
This report prepared for
LOMA
Company Profile Data - Organization Structure
Type of Insurance
Company Organization
LOMA
Stock Company Mutual Company
9
10
Fraternal
Other
2
8
Other Includes:
Mutual Holding Co. (3)
Reciprocal-Member Owned (1)
Closely held stock company (1)
Government (1)
Not for Profit (1)
TPA (1)
IMPORTANT NOTES:
*Averages in the following tables are the simple averages calculated from the companies submitting this data.
*Median is the middle figure of the data submitted. This is an approximation of average and is most useful when the standard deviation is large.
*In simple terms, the standard deviation is the average difference of each number from the average. The greater the standard deviation, the greater the
difference among the data. The greater the standard deviation, the more important it is to consider the median in addition to the average when comparing your
data to the study results.
*Maximum is the largest value submitted.
*Minimum is the smallest value submitted.
*Total responses is the number of companies responding to this question.
Page 5
Product Mix
Section 1B
Product Mix - Individual Life Policies - Whole Life
Individual Life Policies
LOMA
1. Total policies in force
Median
Standard
Deviation
Maximum
Minimum
Number of
Responses
504,182
195,618
792,416
3,240,357
18,325
26
$368,483,809
$98,940,506
$676,489,087
$2,670,005,581
$6,010,000
24
63,181
8,304
180,550
852,470
460
21
51,595
5,982
153,831
740,789
429
22
$127,213
$53,025
$169,835
$680,751
$13,900
19
$107,365
$55,974
$135,622
$540,644
$13,900
22
20
18
16
55
1
21
1,491
900
1,489
6,355
5
21
$22,695
$5,000
$32,199
$100,000
$1
18
--
79%
88%
28%
100%
4%
22
--
17%
10%
23%
80%
0%
17
--
19%
0%
32%
100%
0%
16
37
36
13
65
4
21
2. Total annual premium
3. Total new business policies
applied for
issued
5. Average face amount of new
policies applied for
policies issued
7.Number of Underwriters assigned
to review life applications
8. Approx. # of cases reviewed per
Underwriter - 12 mos.
9. Minimum face amount that goes
to an Underwriter
10. Percent (%) of applications sent
to an Underwriter
for tele-underwriting
12. Percent (%) of apps
underwritten by an expert
underwriting computer system
13. Avg. age of insured on new
policies issued
Average
All figures for year ending 12-31-2012
Page 6
Product Mix
Section 1B
Product Mix - Individual Life Policies - Term Life
LOMA
Median
Standard
Deviation
Maximum
Minimum
Number of
Responses
281,682
134,398
529,734
2,772,640
2,174
27
$192,972,507
$61,185,246
$341,115,776
$1,613,074,538
$2,046,445
24
41,642
24,550
81,202
401,607
389
23
29,263
14,522
59,559
304,917
242
24
$494,642
$371,891
$385,183
$1,382,000
$50,000
21
$464,039
$371,540
$351,072
$1,358,719
$50,000
24
26
19
26
125
3
23
1,354
783
1,361
6,666
20
23
$70,600
$50,000
$68,671
$250,000
$1
20
--
87%
99%
22%
100%
16%
24
--
31%
11%
33%
100%
0%
19
--
16%
1%
32%
100%
0%
16
41
41
5
54
31
22
applied for
issued
policies issued
8. Approx # of cases reviewed per
to an Underwriter
to an Underwriter
policies issued
Average
Page 7
Product Mix
Section 1B
Product Mix - Individual Life Policies - Variable Life
Average
139,413
Median
40,602
Standard
Deviation
157,260
Maximum
361,368
Minimum
16,268
Number of
Responses
3
$396,985,697
$57,192,862
$496,697,885
$1,099,300,000
$34,464,228
3
11,493
11,493
0
11,493
11,493
1
9,437
9,437
0
9,437
9,437
1
$551,560
$551,560
$0
$551,560
$551,560
1
$523,130
$523,130
$0
$523,130
$523,130
1
18
18
0
18
18
1
718
718
0
718
718
1
$100,000
$100,000
$0
$100,000
$100,000
2
--
100%
100%
0%
100%
100%
1
--
0%
0%
0%
0%
0%
1
--
0%
0%
0%
0%
0%
1
40
40
0
40
40
1
LOMA
applied for
issued
policies issued
to an Underwriter
to an Underwriter
policies issued
Page 8
Product Mix
Section 1B
Product Mix - Individual Life Policies - Universal Life
Average
200,498
Median
61,587
Standard
Deviation
330,661
Maximum
1,529,338
Minimum
1,747
Number of
Responses
24
$360,584,784
$57,785,469
$701,848,519
$3,162,839,260
$4,507,647
22
13,642
2,961
21,122
76,766
11
23
10,819
3,181
18,371
73,796
9
24
$393,991
$229,523
$374,212
$1,153,338
$37,856
20
$332,585
$191,281
$327,546
$1,130,215
$37,856
24
18
13
17
61
1
23
744
455
792
3,040
5
22
$42,278
$37,500
$30,439
$100,000
$1
18
--
86%
100%
24%
100%
3%
23
--
27%
9%
32%
100%
0%
19
--
19%
1%
33%
100%
0%
16
45
47
9
58
30
22
LOMA
applied for
issued
policies issued
7. Number of Underwriters assigned
to an Underwriter
to an Underwriter
policies issued
Page 9
Product Mix
Section 1B
Product Mix - Individual Life Policies - Variable Universal Life
Average
42,991
Median
28,395
Standard
Deviation
43,365
Maximum
134,268
Minimum
1,229
Number of
Responses
10
$105,078,768
$45,300,000
$144,495,214
$455,971,432
$1,400,980
9
1,447
475
1,895
5,765
45
9
1,080
389
1,350
3,996
41
9
$702,645
$764,351
$335,637
$1,234,267
$197,019
8
$614,520
$739,226
$337,714
$1,176,428
$163,145
9
13
8
17
55
1
8
385
51
573
1755
4
8
$71,000
$100,000
$41,593
$100,000
$1,001
6
--
97%
100%
5%
100%
90%
9
--
9%
1%
16%
43%
0%
6
--
20%
0%
40%
10000%
0%
5
40
42
8
54
28
8
LOMA
applied for
issued
policies issued
to an Underwriter
to an Underwriter
policies issued
Page 10
Distribution Channels
Section 1C
Types of Distribution Channels and the % of New Business Issued
LOMA
-----------
1. General Agent
2. Career Agent
3. PPGA
4. Broker
5. Security Brokerage Firm
6. Financial Institutions
7. Direct Mail
8. Internet
9. Other
10. Other
TOTAL
Average
63%
78%
33%
31%
6%
3%
15%
22%
18%
1%
Median
71%
87%
10%
15%
4%
3%
8%
22%
17%
1%
FSOs (1)
Employee (1)
Phone (1)
Specialist (1)
Standard
Deviation
36%
27%
39%
32%
5%
2%
17%
3%
15%
0%
Maximum
100%
100%
100%
100%
13%
6%
43%
25%
34%
1%
Minimum
2%
20%
1%
2%
1%
1%
1%
19%
2%
1%
Number of
Responses
10
13
7
13
4
6
4
2
4
1
0.0%
Other Includes:
NOTE: The table above shows the percentage of new business issued through each of these distribution channels (for those companies who utilize that
distribution channel). Because distribution channels vary by company, all zero's reported were dropped to give a better indicator of the source of business,
therefore the average column will not total 100%.
For example, question 1 can be read as follows: Out of all survey participants, ten companies reported that they distribute through general agents and of those
who do distribute through general agents, the average percentage of new business issued through this channel is 63%, the median (middle) percentage is 71%,
the standard deviation is 36%, the maximum figure reported was 100% and the minimum figure reported was 2%. The statistics that are the most important are
the average and the median. This is typically the best indicator of the source of business.
Page 11
Section 1D
Technology and Automation for Producers / Agencies
1. Do producers/agencies have the
capability to enter life applications
into the new business system?
Whole Life
Term Life
Variable Life
Universal Life
Variable Universal Life
2A. Do you have an automated
method of tracking the status of new
business?
Whole Life
Term Life
Variable Life
Universal Life
2B.* If yes to 2A can agents access
this system for status of pending
new business?
Whole Life
Term Life
Variable Life
Universal Life
LOMA
Yes
8
9
2
9
3
No
16
14
7
15
9
Number of
Responses
24
23
9
24
12
LOMA
Yes*
22
22
5
23
9
No
2
2
2
1
2
Number of
Responses
24
24
7
24
11
LOMA
Yes
19
20
3
21
7
No
3
2
4
2
3
Number of
Responses
22
22
7
23
10
Page 12
Section 1D
Technology and Automation for Producers / Agencies Cont.
3. Do you have an automated
phone system that allows
producers/agencies to get updates
on pending new business?
Whole Life
Term Life
Variable Life
Universal Life
4. Do producers/agencies have the
capability to issue policies from the
field office?
Whole Life
Term Life
Variable Life
Universal Life
LOMA
Yes
0
0
0
0
0
No
24
24
9
24
11
Number of
Responses
24
24
9
24
11
LOMA
Yes
0
0
0
0
0
No
24
24
8
24
11
Number of
Responses
24
24
8
24
11
Page 13

2013 Individual Life Insurance Service Turnaround Times Survey Report Prepared for: LOMA

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