ANICO: Annuity New Business Processing
American National values their capacity to service their policyholders and clients. That is why they are committed to being transparent in how they are addressing the new business processing delays within their annuity division.
Over the last three quarters, American National has experienced record-breaking annuity volume across the industry and are experiencing record volumes for 2023.
While they have increased their annuity new business capacity by about 100% over the past year, this continued increase to these record volumes is starting to put a strain on their annuity new business administrative capacities and causing higher than normal phone hold times in their call centers.
American National is working to reduce these delays in a number of ways
- They have increased annuity new business staff, approved additional overtime, and are continuing to hire and train additional staff.
- Furthermore, they have setup an additional call center team to speed up 1035 transfers from other carriers to allow our new business staff to focus on their new business processing.
- They have also further streamlined requirements handling to reduce the time it takes to issue each application.
Expedite processing times with electronic applications!
Electronic applications help requirements to come in good order more often and lowers time to issue. Applications are processed more quickly as there are fewer requirements and incomplete submissions.
If electronic applications are not an option, then ensuring that all paper applications receive a second review before submission can help speed process time. Currently a majority of paper applications that are being delayed are done so simply because they are not filled out completely or have required fields that are left blank.
Learn how to prepare an email for accelerated processing.
Call us today if you have any questions at 866-568-9649!