Despite its success, ePOS is not a panacea. There are challenges inherent to the system:
ePOS eliminates the physical paper trail. By forcing data validation at the point of entry (e.g., ensuring a date of birth is formatted correctly before submission), it drastically reduces NIGO rates. It compresses a multi-week process into a transaction that can sometimes be completed in under an hour. manulife epos
The implementation of ePOS varies by market, highlighting Manulife’s adaptability. Despite its success, ePOS is not a panacea
Manulife ePOS is a proprietary digital platform designed to facilitate the sale and issuance of insurance products electronically. It serves as a bridge between the financial consultant (the advisor) and the client, enabling real-time quoting, application submission, and underwriting decisions. It compresses a multi-week process into a transaction
The holy grail of insurtech is Straight-Through Processing. This is the metric by which the success of ePOS is judged.
The ePOS system serves as a centralized digital office for insurance advisors, offering several critical functions: