RBC Insurance has introduced a streamlined process for its YourTerm life insurance applications, offering immediate approval notifications for eligible clients and their advisors. The initiative aims to simplify and expedite the insurance purchasing experience.
Under the enhanced process, applicants for RBC YourTerm life insurance can receive an instant decision on policies of up to $2 million for individuals aged 50 and under, without requiring medical exams or interviews. Once approved, policy documentation is expected to be available within five days, according to a news release.
RBC Insurance has highlighted the challenges of traditional insurance processes, describing them as “cumbersome and complex” for clients and advisors. The company has implemented several measures to innovate and simplify its services.
In November 2023, it established an Express Team to accelerate underwriting for term insurance applications under $2 million, reducing processing times by 50% for fully underwritten policies.
In August 2024, the company further advanced its services by allowing advisors to complete the Health & Lifestyle Questionnaire online for Term, Disability, and Par Whole Life Insurance applications. RBC Insurance noted that this adjustment eliminated the need for telephone interviews and paramedical appointments, reducing the time required to approve policies.
In September, RBC Insurance announced it would upgrade its on-premise FINEOS Claims system to the FINEOS Platform, moving its operations to the cloud. This shift is expected to enhance digital capabilities, improving customer experience and operational efficiency.
RBC Insurance has used FINEOS Claims since 2008 to manage life and disability claims, and the upgrade is part of its ongoing efforts to provide world-class service.
RBC Insurance provides life, health, home, auto, travel, wealth, group benefits, annuities, reinsurance, creditor, and business insurance services to individuals, businesses, and groups. It operates as the insurance arm of the Royal Bank of Canada, one of the largest banks in Canada and globally by market capitalization.
Do you have something to say about this story? Share your thoughts in the comments below.
