Accelerated underwriting programs continue to evolve at a rapid pace. Triage systems have become a key element in many of the newer programs in the market. Depending on the criteria used at the triage point, these programs can have residual effects on class prevalence and mortality, which in turn affect the profitability of these programs.
Insurance agent product hounds had better get ready for the age of “application triage.” The term refers to accelerated underwriting for fully underwritten policies. It’s an underwriting model on the cusp of going mainstream, according to an industry expert.