Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) is introducing an accelerated insurance application process that will eliminate the need for medical tests for many clients.
Specifically, the insurance company announced on Monday that it's implementing a new electronic insurance application and underwriting platform called EVO for all of its individual life, critical illness (CI) and disability insurance products.
Under the new process, clients aged 50 and under who apply for life insurance coverage of less than $500,000 will no longer be required to provide a blood test, results of vital signs or a urine analysis.
In addition, electrocardiogram (EKG) and stress EKG tests will no longer be required for life and CI applicants of all ages.
As a result, insurance advisors will be able to confirm approval for almost half of their clients instantly at the point of sale.
The application process also involves fewer questions, which are tailored to the client's situation and enables the use of electronic signatures.
"We are aligning our efforts to make applying for insurance easier and faster, as much for our representatives as our clients," says Pierre Vincent, senior vice president, individual insurance and sales at IA, in a statement.
The rollout of IA's new application process is the latest in a string of similar initiatives among life insurance companies in recent months as the industry strives to make the process of buying life insurance faster and easier, with fewer medical tests.
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