LIDMA Straight Through Process Eval. Checklist

These minimum requirements must be satisfied to achieve the LIDMA E-Solution “Seal of Approval”.  The vendor description of how each requirement is met is intended to help LIDMA members evaluate different  Straight Through Processing options and pick the solution that is right for their business model.

The Seal of Approval Process will occur twice annually.  Below is the annual submission calendar:

Approval Cycle

Application
Due Date*

Review Process & Verification 
of References

Seal 
Announcements

Summer

August 26th

August 27 - September 9

Seal Approvals announced 
LIDMA Annual Meeting

Winter

February 28th

March 1 – March 30

Seal Approvals announced 
LIDMA Annual Meeting

 

*Any submissions received after the posted deadline will be held until the next review period.  Applicant will be notified of this action.

In addition to the announcement by LIDMA of all Seal awards, all Seal recipients (both winter and summer submissions) will receive special recognition at the LIDMA fall meeting.

Please remember the purpose of LIDMA, “The ultimate objective is to serve people better, to enhance the buying experience and efficiently get more life insurance protection in force for the families and businesses that need it.”  We hope this Seal Process will help you find ways to do this more efficiently.

1. About Your Company

System Features:

These important factors are recommended for an E-Solution receiving the LIDMA Seal of Approval. They assist both senders and signers to ensure they have all the proper equipment and knowledge of the process to result in high sender and signer adoption rates.

Details are needed for each requirement as well as status of the requirement – please indicate present status using the following: "Y" (Yes, In Production), "N" (N, Currently Not Supporting) or "D" (Development Underway). **Please note Production does not necessarily mean pilot, if presently piloting please use "P" **

2. Does the tool allow multiple voice signatures? (Owner / Insured)

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

3. Is the application electronic and available via a drop ticket process? 

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

4. Do you use a proprietary system or vendor for your drop ticket?  For the Fulfillment Process?

  Proprietary System - Drop Ticket
  Vendor - Drop Ticket
  Proprietary System - Fulfillment
  Vendor - Fullfillment

5. Is the application electronic and available via a full eApp process?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

6. Do you use a proprietary system or vendor for your full eApp process? 

  Proprietary System
  Vendor

7. Is eSignature or Voice Signature a feature?

  eSignature
  Voice Signature

8. Are documents presented during the signing process?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

9. Does the system provide copies of the signed documents?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

10. Does the system utilize ID verification technology?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting
  Proprietary System
  Vendor

11. are there reduced underwriting requirements (such as, no medical exam or no APS)

  Y - Yes, In Production
  N - Currently Not Supporting

12. Is eDelivery a feature offered on this platform?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting
  Proprietary System
  Vendor

13. Does the tool include all the scripting requirements detailing what must be read to the customer?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

14. Does the tool provide the ability for a pre-recorded message of the disclosures that must be read aloud during the call?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

15. Do you allow flexibility in where voice files are stored?

  Y - Yes, In Production
  N - Currently Not Supporting
  D - Development Underway
  P - Presently Piloting

Demonstrated Process Improvement

A well-designed process should enhance the customer experience and improve the process.

16. Is there a cycle time improvement?

  Yes
  No

Provide details by product and processes used

References:

MINIMUM REQUIRED 2 – MUST BE GIVEN TO VALIDATE WORK FLOWS ARE IN PRODUCTION - 1 DM, 1 CARRIER

17. Reference #1

18. Reference #2

19. Reference #3

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