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
ApplicationDue 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
*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
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?
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
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
