30 October 2023
Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, today introduced version 2.0 of its annuity eApplication (eApp), providing an easier-to-use and more nimble experience. The updated version boasts a cleaner look and feel, enhancements to the funding page, smoother navigation, and an updated progress header, creating an even faster application process for financial professionals.
The new eApp version further enhances Aspida’s annuity platform, which provides professionals with one electronic solution to onboard, run illustrations, complete applications, and manage their books of business. In an industry still largely driven by pen and paper with months-long wait times, Aspida issues 92% of EFT initiated apps within 24 hours, with many issued in less than 10 minutes.
“We value feedback from our users and pride ourselves on delivering them technology that works better and faster than they’ve come to expect,” said Becky Reisinger, VP of Client Experience at Aspida. “Version 2.0 of the eApp will make the application process even easier and more intuitive than before, which will be great for both producers and clients.”
Aspida conducted internal and external advisory board interviews, where they met with users to pinpoint the updates that would resonate most with those on the platform. These interviews provided real-time analytical data, which was paired with site metrics to understand how users were navigating the eApp, that was used to guide the creation of the new version. Notably, version 2.0 includes optimization for tablet users so applications can be completed on the go.
These updates create a quicker application process for financial professionals, with the average time to complete the application currently sitting at 15 minutes. This speed is largely due to multiple automations within the eApp, such as NIGO (Not In Good Order) flags, which alert users to address issues before they submit, and paperwork auto-generated within the application for easy access and completion.
“Version 2.0 of our eApp ensures that Aspida’s tech remains best-in-class and continues to lead the digital transformation of our industry,” said Reid McGhee, VP of Strategy at Aspida. “We can onboard and appoint a producer, accept an application funded via EFT, and issue the contract all within an hour, thanks to multiple business rules, automations, and our incredible operations support team.”
Version 2.0 of the eApplication is now available for use by financial professionals appointed with Aspida.
Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S. and Bermuda with total assets of $11 billion as of June 30, 2023. Aspida, through its U.S. platform – Aspida Life Insurance Company – is focused on leveraging technology and agility to help clients achieve – and protect – their dreams. Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions to global clients. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is an indirect subsidiary of Ares Management Corporation. For more information, please visit: www.aspida.com or follow them on LinkedIn.