Top 5 Ways to Avoid Application Delays

September 2, 2020

Did you know about one in five IDI applications are delayed due to errors or missing information? We can’t start underwriting until all information and forms are complete. Delays push out underwriting an average of five business days. Make sure your applications aren’t caught in compliance holds by adopting these best practices.

5 Best Practices

  1. Make sure signers sign in the proper order and that they include the date next to their signature. Remember, the applicant must always sign first.
  2. Make sure all forms are readable. If the application is completed by hand, make sure all answers are legible. And if forms are scanned, check that they’re not too faint to read.
  3. Submit all required forms. Common reasons for delays are a missing acknowledgment form or outdated forms. Make sure you have up-to-date forms by accessing applications and forms on our website.
  4. If clients sign electronically, make sure you’re following the rules of The Standard’s Electronic Signature Program. Specifically, you’ll need:
  • E-consent form signed by the client for each application
  • Certificate of completion or audit trail from the vendor for each application
  • E-signature account form signed by the producer (only needed once per producer, as long as the associated email address doesn’t change)

We can’t accept electronic signatures that are cut and pasted with a software program or font, or that use an electronic signature account not approved by The Standard.

  1. If the applicant is submitting a Conditional Receipt, ensure both the Conditional Receipt form and premium are submitted. Plus, make sure to complete the field for premium amount paid on the form.

And a bonus tip: Always complete the IDI application checklist to ensure no steps have been missed!

Categories
Operations and Underwriting