How much time is New Business spending on NIGOs?

According to Datos Insights, 30-70% of life and annuity applications are submitted “not in good order” (NIGO). Although eApps have had an impact on reducing NIGOs, with some digital application experiences touting NIGO rates below 10%, paper-based applications are still playing a significant role. On average, 60% of paper-based applications in life and annuity are NIGO.

This is further exacerbated by the growing complexity of our distribution networks. Differing processes across distribution partners make it challenging to standardize the application process, increasing the chances of missing or incomplete data. Annuities face additional NIGO risks due to product complexity. The variety of product features and options frequently create confusion and the possibility of incorrect selections.

Beyond contributing to a poor user experience, NIGOs have a financial impact on our industry. Conversion rates and cost to acquire are negatively impacted by unresolved NIGOs and processing delays. Successfully resolving NIGOs requires coordination across the applicant, agent, and suitability/underwriting teams. Unfortunately, with participants on different systems that often do not communicate, the resolution process can be disjointed and heavily reliant on manual intervention. Sureify’s NIGO Management Engine helps new business teams solve more NIGOs, and do so faster with a streamlined, cross-system resolution process.

Key features include:

• Delivers actionable NIGO resolution requests from new business team members to agents and applicants via any digital portal.
• Initiates the NIGO resolution process for all applications regardless of where they originated – on paper, eApps, new business feeds, and across all distribution partners.
• Adds clarity to the resolution process with specific NIGO requirement details vs. generic codes.
• Reduces the need for inefficient manual processes and improves cross-team communication throughout the resolution process.

Although solutions such as our digital sales experience, LifetimeACQUIRE, are driving down NIGO rates, they persist. We’re committed to ensuring that, when they do occur, they are quick and easy to resolve. Together, we can resolve more NIGOs, and do so faster and more efficiently.

Want to see Sureify’s NIGO Management Engine in action? Watch this demo highlighting the use of NIGO resolution embedded in our Application Tracker feature.