Electronic contracts now available for all our insurance products
After rolling out electronic contracts for participating life insurance, we are now making them available for all of our insurance products.
This will provide a faster, more efficient, cost-effective experience that’s better aligned with digital habits.
Since we launched the first phase last May, more than 40% of clients who purchased participating life insurance have opted for electronic contracts, demonstrating growing adoption of this approach.
Exceptions
Even when the policyowner chooses an electronic contract, it may be necessary to send them a paper version as well. For example, this is the case in the following situations:
- The policyowner is different from the payor
- Planned giving is offered
- The policyowner is English-speaking and resides in Quebec (subject to Bill 96)
- Changes are made to the coverage or insurance amounts of an in-force contract, including after a new contract has been delivered.
Does a policyowner want to make a change to their application after submitting it?
To change a product or the insurance amount, fill out the Change request before or on delivery – 25057E form and add it to the Pending Business tool with a new illustration.
If needed, refer to the quick reference.
You can now offer electronic contracts for your new sales. Your clients will appreciate electronic contracts for their updated look and improved navigation thanks to an interactive table of contents (see an example).
You can now offer electronic contracts for your new sales. Your clients will appreciate electronic contracts for their updated look and improved navigation thanks to an interactive table of contents.
Important – Gradual rollout
Electronic contracts are now available for participating whole life insurance. They’ll be rolled out gradually for all insurance products over the next few months.
Note: Even if the electronic contract option is selected, you may still need to send a paper version.
A faster, more efficient and more cost-effective solution
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Faster Contracts will be received faster when sent electronically.
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More efficient Electronic contracts are part of a simplified process that reduces the number of steps and makes it easier to process contracts. |
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More cost-effective In addition to being eco-friendly, electronic contracts help reduce your mailing costs. |
Just check the box!
We’ve added a new Choice of contract format section to the application (electronic and paper) so that you can offer the electronic version of the contract. Keep in mind that although the section will appear for all products, the feature is currently limited to participating life insurance.
Updated documents to simplify the process
As part of this initiative, paper contracts are getting the same layout improvements as electronic contracts. Several other documents have also been updated to reduce the number of signatures.
What’s changing with the arrival of electronic contracts
Where are they? In Client Documents!
When the contract is produced, a notification will be sent to you via the Pending Business tool (PB tool). Within 24 to 48 hours, you’ll be able to go to Client Documents to download the E-contract and send it to the policyowner.
Note: The names of some of the documents available in this application may change. This is a normal change related to the modernization of our documents.
Secure delivery of the contract
To ensure that confidential information is protected, you must send the contract using a secure method.
Secure delivery of the contract
To ensure that confidential information is protected, you must send the contract using a secure method.
Questions?
Refer to New Business – Procedures or contact our Business development team – Insurance.
Refer to New Business – Procedures guide on your secure site or contact our Business development team – Insurance.