Tele-interviews, when carried out by well trained individuals, ideally with a medical, nursing or underwriting background, can bring new and more detailed disclosures than may be the case when applicant is questioned by an agent or broker.
Nonalcoholic steatohepatitis (NASH) is a more aggressive form of liver disease. It is inflammatory in nature, is much quicker in disease progression than the standard type and may result in liver cirrhosis and failure. Both in clinical practice and in underwriting, NASH is under-recognized in its incidence. It actually affects up to five percent of the United States population and its prevalence is on the rise.
There remains much debate about Coronavirus and the many ways in which it has affected, is affecting and will affect societies: for example, the death tolls so far and in future, ways to suppress its activity, the value of testing, tracing and monitoring, the economic impact of ‘lockdowns’ and whether governments have responded appropriately in a timely manner.
Life insurers need actionable responses to current underwriting challenges – including the need for fluidless Accelerated Underwriting alternatives, while striving to maintain the same level of mortality.
Medical records are not only a crucial piece of the underwriting process but also one of the costliest in terms of time spent – positioned for transformation through data science and machine learning.
Undoubtedly, after hours and hours of CNN and network news coverage, we are all “experts” on coronavirus, something we likely knew nothing about entering this new year. How it spreads, what to do to avoid it, how to practice social distancing, sheltering in place—all part of our new vocabulary in this stressful time. Just as it affects our daily lives, it also affects life insurance applications and how we are handling different steps in the process.
COVID-19 has had the biggest short-term effect on life insurance in two ways
When cardiac events occur, such as a heart attack or the need for a revascularization procedure, there is quantifiable risk that can be identified and priced for.
Life insurers are demonstrating flexibility in response to the pandemic, smoothing the sales process through digital channels, relaxed underwriting requirements and coverage extensions.
Here are 10 things people in the sales and distribution community are saying about the current, and future, effects of the pandemic, drawn from written commentaries emailed to us, emailed to clients, or distributed through press release services.