RBC Insurance has introduced a major upgrade to its client experience, announcing that as of December 1, 2024, applicants for its RBC YourTerm® life insurance will receive immediate approval notifications. This new feature streamlines the approval process, ensuring clients and their advisors can proceed without delay. In addition to instant approval, policy documentation will be available within five days, allowing for quicker decision-making and greater peace of mind.
The RBC YourTerm® life insurance policy is available for coverage amounts up to $2 million for applicants aged 50 or younger, and does not require medical interviews or exams, including blood tests. This change marks a significant step in RBC Insurance’s ongoing efforts to simplify and improve the insurance experience for its clients.
Simplifying the Insurance Journey
RBC Insurance has long recognized that the process of purchasing life insurance can be complex and time-consuming, often creating challenges for both clients and advisors. To address these issues, RBC has committed to enhancing its digital capabilities and client service offerings.
“Insurance has a crucial role to play in supporting individuals and communities through challenging times, but the process of obtaining coverage has historically been cumbersome,” said RBC Insurance. “We are focused on making insurance simpler and more accessible, leveraging technology to enhance the experience for everyone involved.”
Recent advancements at RBC Insurance include the introduction of a new Express Team in November 2023, designed to accelerate the underwriting process for Term life insurance applications under $2 million. This initiative, which eliminates the need for medical exams, has reduced processing times by 50% for fully underwritten applications.
Further streamlining efforts were made earlier this year, when RBC Insurance introduced an online Health & Lifestyle Questionnaire for Term, Disability, and Par Whole Life insurance applications. Launched in August 2024, this online option removed the need for telephone interviews and paramedical appointments, helping to expedite approval and reduce waiting times for clients.
About RBC Insurance
RBC Insurance® provides a comprehensive range of insurance solutions, including life, health, home, auto, travel, wealth, group benefits, annuities, and reinsurance services. It serves individual, business, and group clients. As a part of Royal Bank of Canada, the country’s largest bank and one of the biggest globally by market capitalization, RBC Insurance is among Canada’s largest bank-owned insurance providers, with over 2,600 employees serving 4.8 million clients worldwide.
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