Product, New Business, and Underwriting News – Life Insurance

Life Insurance:::

05/06/2024

Access Part B draft copies online

We’re committed to protecting the personal information of our shared customers. That’s why we recently began publishing life and individual disability insurance Part B draft copies to the secured Client Correspondence section of the financial professional website. Beginning in July, we will discontinue emailing a copy to the Field Office Contact – Part B draft copies will be available only via the website. The Field Office Contact will continue to be notified once the client has completed the Part B, but the draft copy will not be attached as it is today.  

While email provides a quick and easy way to share information, it's often less secure. Fraudsters frequently target email accounts to gain information and/or steal money. According to the FBI’s 2022 Internet Crime Report, produced by their Internet Crime Complaint Center, the U.S. had losses of over $2.7 Billion due to Business Email Compromise (BEC) crimes - the second highest cyber crime type. Making draft copies of Part B available only via a secure website provides a greater safeguard to customers’ personal information and aligns with our proactive approach to comply with evolving state and federal laws concerning the protection of financial and medical information.  

Financial professionals with Principal.com login credentials (or staff with delegate access) will be able to search and access Part B draft copies for the policies they’re associated with using Client Correspondence. On the Client Correspondence page, select the correspondence type of ‘Policy Document’, then select the appropriate sub-type, i.e., ‘All Categories/Part B Draft Copy/Signed Policy Document,’ to search the documents.  

Email advisorwebsupport@principal.com if you need help with access to the financial professional website.  

Additional information will be shared soon before the July transition.  

 

TeleApp Phone Interviews: let your clients know what to expect

Typically it takes 45-60 minutes to complete the full application, including Part A and B, over the phone.  However, if interpretation services are needed, the time significantly increases.  You can help reduce frustration and inconveniences for your client by letting them know what they should expect for a time commitment to complete the phone interview. 

 

Coming soon: Application Part B esignature updates

To make it easier and faster for your clients to complete their Part B, e-signing will soon be integrated into the standalone Part B experience. This means, in most situations, the client will not need to receive a separate link to e-sign their Part B.  As part of the process, users will be guided to a final screen where they can review and e-sign Part B. If they choose not to sign immediately, they'll receive a separate email from Adobe to sign later at their convenience (this process hasn't changed).

 

Drop Ticket eSignature process in NC and NH

Good news! We just made submitting Drop Tickets easier in NC and NH. Drop Ticket submissions for North Carolina (NC) and New Hampshire (NH), no longer need to be signed by the financial professionals. Attestation will be affixed to the application in place of the eSignature.