In theory, it is the depersonalization of the consumer experience and process in search of the cheapest and easiest alternative in doing business. Life insurance is unfortunately one of those entities subject to these forces, whether by Amazon or by other methods insurers are now using to amalgamate the process.
When filling out an application for insurance, a person typically faces questions that are comprehensive, somewhat complex, and perhaps even a barrier to getting the business done. This is particularly true of life insurance application forms dominated by health-related questions. The underwriters’ aim - to get profound levels of disclosure - is frequently at odds with the marketing department desire for simplicity; customers despair at what they see as extensive and difficult questioning.
The time is right to "future-proof" underwriting processes. Let’s consider six key facts.
Digitization has spread to every aspect of our personal and professional lives - including, of course, the insurance industry. It affects all sorts of different areas: from interfaces with end-customers and brokers, to wearables like fitness trackers that are supposed to encourage customers to behave in a more self-aware way.
Haven Life is leveraging MassMutual's historical data to give instant life insurance approvals. Using AI and machine learning to derive new value from old data could become an enterprise staple.