Automated Underwriting Cuts Fraud, Errors and Omissions
Carriers that have begun implementing automated underwriting share the lessons they have learned in the process.
Automated Underwriting for the Future
Digitalization and the spread of the internet and mobile technology have impacted a number of industries in recent years, often transforming them beyond recognition. There is little doubt that technology will have an enormous impact also on the insurance industry over the next decade, across the value chain from product development and underwriting through to distribution, services and claims. In the near term, the largest impact is likely to be on underwriting and distribution.
Accelerated Underwriting and Simplified Issue | New Underwriting (Slides)
Slides from this session, presented at the 2016 SOA Life & Annuity Symposium, have been posted. See Session 47 at the 8:15-9:30 am time slot.
More Life Insurers Using Automated Underwriting
Two in three life insurance companies responding to a LIMRA survey in the U.S. and Canada have implemented automated underwriting for at least part of their business and another 32 percent are in the planning stages of implementing automated underwriting, according to a new LIMRA study.
Is Automation Going to Put an End to the Underwriting Profession?
Recently, the jobs website CareerCast.com completed a study and published a list of the “10 Most Endangered Jobs of 2015." Right there at position #9 is the good ol’ insurance underwriter, with streamlined processes cited as the main culprit.
Digitization and Automation - Why Are Medicare Supplement Insurers Late to the Party?
Effective insurance management is essentially about striking the right balance. Grow new sales, but do so profitably. Pay attractive commissions to sell more of your products, but also price those products competitively.