Straight-Through Processing (STP) is a process that companies use to speed up their transaction processing time allowing companies to have information streamlined through multiple points.  STP limits the manual process of employees having to enter redundant information multiple times in multiple legacy systems.  STP allows companies to share information electronically in a quicker, more secure and consumer friendly manner.

The requirements contained in the application must be satisfied in order to achieve the LIDMA eSignature Seal of Approval.  Providing specific details on how each requirement is met assists the LIDMA members in evaluating the various straight-through processing options and to ultimately choose the right solution that fits their business model.  This is a great opportunity to get your straight-through processing solution in front of heavy users in the Life insurance industry who may be assessing various solutions to adopt in the way they conduct business. 

The Seal of Approval will be awarded twice annually.  See the annual submission calendar below:

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

All application submissions must be for your own STP solution, not a third-party.

In addition to the announcement by LIDMA Board of all Seal of Approval winners, all award recipients (both Winter and Summer submissions) will receive special recognition at the LIDMA Fall meeting.

When completing your application, please remember the purpose of LIDMA:  “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.”

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)

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

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

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

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

7. Is eSignature or Voice Signature a feature?

8. Are documents presented during the signing process?

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

10. Does the system utilize ID verification technology?

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

12. Is eDelivery a feature offered on this platform?

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

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

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

Demonstrated Process Improvement

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

16. Is there a cycle time improvement?

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