accelerated underwriting

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.

Why “We have always done it this way” is not an ideal approach for insurers today.

Although Ladder company has only 37 employees, it can issue fully, but quickly, underwritten policies while the applicants are sitting in front of their computers, with coverage limits ranging from $100,000 to $8 million.

Slides from presentations given at the 48th annual M.U.D. Conference have been posted at their website. Presentations include:

• The Population is Abusing Drugs, but Are Drugs Abusing Insurance? 
• Update from the Cuckoo’s Nest: Mental Health Underwriting  
• Electronic Medical Records - State of the Union Update
• The Rise and Fall of Liver Biopsy
• Prostate Cancer- To screen or not to screen that is the question 
• Through Thick and Thin – Red Blood Cell Disorders
• Hypertrophic Cardiomyopathy: Evaluating Those with a Big Heart 
• Using Third Party Scoring in Accelerated Underwriting
• Data Analytics & Underwriting: Are 20th-century regulations still appropriate for 21st-century underwriting? 
• Anti Aging, Youthful Medication, Longevity/HGH 
• Mind the Gap- Understanding the influence of anti-selection and various holes in the underwriting process of accelerated versus traditional underwriting 

The predictive power of credit behavior data can accelerate the underwriting process for life insurers.

Increasingly, computer templates are making binding underwriting decisions through information that is programmed in with final decisions virtually unappealable.  It’s a frustrating situation that is taking the human element out of a very human situation of health and risk assessment.

As life insurers move toward accelerated or low friction underwriting, there is an increased interest in adopting emerging mortality risk prediction scores that are available almost instantaneously. 

This article provides an overview of various innovative solutions supporting an end-to-end underwriting process for life insurance products.

Article appears in Issue 108, November 2017 on page 4

Many companies have or are considering programs that have been referred to as accelerated underwriting. The process by which companies choose to implement this program may not be as accelerated as the name itself. Companies looking to adopt, enhance or evaluate accelerated underwriting should come listen to how some companies think about, evaluate and share lessons learned about designing, implementing and monitoring an accelerated underwriting paradigm, its impact on assumptions and products, and how a reinsurer may review the accelerated program.

Note: The session above (161) can be found in the 8:30-9:45 a.m. time slot