Update on the New App Process

If you have been using AnnuityNewBusiness@athene.com to check on the status of a case, you may start to see some pushback on that. Ops is really trying to drive people to the site if they can find the info online to make it a best practice going forward.

As a refresh on the new app process:

• Application Comes in, Day 1 is the day after the app is received.
  • If the app is an e-App submitted all the way through Firelight it goes straight to Suitability
  • If the app is paper it goes to New Business. Once they are done with it you will see the contract number on Athene Connect. The app then moves to Suitability Review
• Only AFTER Suitability has been completed will Athene Connect update with any requirements if applicable OR it will be stamped as Suit Approved. That is instant.
  • This is when an email will be generated. Until that happens you will see the messaging online: 
    
  • Do not call service for an update as the review is NOT complete. Wait until the email has been generated and/or you can see things posted to Athene Connect.
• Once Suit is Approved we will send out the transfer forms if they are marked as Carrier Initiated or we wait for the Client to send us the funds.
• Funds come in house and if the app is IGO cash is applied within 8 days and the case is issued with the date the cash was received. IE Cash comes in on 8/17 that app would issue on 8/29 but with an issue date of 8/17.

There is some good news! While the cash review is taking longer, the good news is that cash is coming in and funding these policies! Also, the new suit form really seems to be helping. When an agent does the new apps on e-App and submits it all the way through, many more of them are getting approved automatically or with very little review. We will still have longer times on those apps where contracts are being replaced, there is high surrender and/or death benefit but those are moving faster than they have in the last four weeks! We have nearly doubled our Suitability team since the beginning of the year so a lot of new folks but a lot more processing the business too!  (Paper is still lagging as that is ALL manual. We encourage using the e-App!)