Remember the customer? Customers no longer want to wait to make a purchase. The life insurance industry must move faster to give customers what they want, or risk losing business.

Anyone taking a quick look at those of us in the life insurance industry might think that we're confused. The casual observer might say: "They sell a product that millions of people put at the top of their list of payments so they don't lose it. It's the only product around that always delivers on its promise without exceptions. So why don't they sell more of it? Why are sales flat at best when there are more potential customers than ever? For something that can make a difference for everyone who owns it, why don't more people flock to buy it?"

We in the life insurance business make excuses why we can't sell more or why customers aren't standing in line to buy our products. When money is in short supply, we blame lackluster sales on a bad economy. In good times, like the decade of the recent '90s, we explain the failure away by saying "all consumers wanted to buy was equities."

We can also blame agents for poor sales. If they only worked harder, demonstrated more creativity and acted passionately, the sales problem would go away. Not long ago, we said the sales problem would go away if we had products that grabbed customer interest. That excuse has disappeared with new products that give us what we say we need--guarantees, for example.

All this came to mind when a friend (not in the life insurance business) told me what his wife had gone through trying to change a beneficiary on an existing policy with a top-rated company. It took six weeks to obtain a status report.

Giving customers what they don't want has caught up with us. They may value what we sell, but they don't like the way we do business.

When most consumers go to make a purchase--a car perhaps--they want it now. They're often willing to settle for a vehicle that's not exactly what they wanted. Why? They want it now. All of a sudden, color choice and accessories are out the window.

Apply this to selling life insurance. Agents invest time and use skill to bring the customers to the point of filling out the application, the moment of highest motivation to make the purchase. Consumers are pleased about doing something important. In other words, they are sold.

Then, time passes--often lots of it--often six weeks or more before the application is approved. What happens next? Some 25% to 30% of the policies are never issued because the customers have lost interest or changed their minds, or some other salesperson steps into the picture and sells them a product that's delivered quickly.

By reducing the approval process by just a couple of weeks, we could cut the default figures in half.

There's also the issue of policy errors--and incorrect policies. In our office, we have an employee whose only job is to verify policies when they come in. Why is this additional cost necessary? The answer is obvious. There are so many mistakes.

Should it take six to eight weeks to convert a term policy to permanent insurance when the contract guarantees it?

When we complain about these issues, we're told that "life insurance is different." That's what they said about just about everything a few years ago, but today's consumer is "Internet educated." It's changed customer expectations and sets ever-higher standards for acceptable service. That's the competition.

One company guarantees delivery of a policy of up to $1 million of coverage in 10 minutes! We can complain about what they're doing--but they're raising customer expectations.

Why does it routinely take three to four weeks to release a policy assignment? What if the owner dies before we get the paperwork done? Why should it take more than nine seconds?

When all this happens, we not only look bad, but we lose business. Is it any wonder that life insurance sales are declining?

There are good reasons for moving faster. There's plenty of competition for the customer's dollar. We all know buyer's remorse. The longer the time between signing the application and the delivery of the product, the greater the chance for doubts to creep in, for competitors to present their story, and for friends to suggest other ideas. We want our customers to be confident that they are making wise decisions when they buy life insurance products. But when we are not timely in delivering the product, is it any wonder that many come to wonder if they made the right decision?

Ronald D. Verzone, a Best's Review columnist, is president of United Underwriters Inc. of Exeter, N.H. He can be reached at [e-mail].