eApp Enhancement – EFT on Delivery

North American is excited to announce an enhancement to SimpleSubmit^® , our electronic application platform. Effective May 21, 2022, you will be able to obtain banking information on delivery when selecting the Electronic Funds Transfer (EFT) payment option. This enhancement allows your client(s) to choose EFT even if they are not ready to provide their banking information. In addition, this update will allow more flexibility and reduce the risk of policies being issued with an incorrect mode of payment.  

How it works

Within the eApplication, a new question will be present in the following scenarios:

• EFT is selected as the payment type
• The question “Would you like the Lump Sum Amount to be deducted via a one-time EFT payment?” is answered “Yes”
• The question “Would you like the initial premium to be deducted via a one-time EFT payment?” is answered “Yes”

The new question will ask when the banking information will be provided, you can choose either “Now” or “Policy Delivery.” If you choose to provide banking information “Now,” the eApplication will flow as it does today, requiring the EFT screen to be completed. If you choose ‘Policy Delivery,’ the EFT screen will not be displayed; instead, the EFT form will be required upon policy delivery.

For New Business: Temporary Insurance Agreement (TIA) will not be available when choosing to obtain banking information on delivery. If you select TIA and choose to obtain banking information on delivery, you will be required to change TIA to “No” or provide banking information before the eApplication can be locked and  submitted. 

Please refer any questions to your Managing General Agent or Agency (MGA).