accelerated underwriting

This final article explores the future of accelerated underwriting in the context of a broader consideration of the future of risk selection in general. It follows some of today’s prominent trends – personalized products, underwriting engagement, and heightened risks and regulations – to their potential long-term outcomes, and concludes with basic steps insurers can take today to help lead the industry of tomorrow.

The practice of life underwriting is undergoing a lot of change as insurers look to speed up and enhance the customer experience. Big data, artificial intelligence, pharmacy records, accelerated underwriting and more are playing a part.

Beginning the journey into accelerated underwriting? Although the path to an accelerated underwriting program can and should be customized – and adjusted along the way –  several basic steps can help any company get started. 

The underwriting automation engine has undoubtedly become a popular approach for many insurance organizations seeking to increase efficiencies and augment their workforces. While implementing this technology is likely vital to remain competitive, there is often a disconnect between the expectations and the reality of automation’s impact on underwriting operations.

Life insurance is undergoing a renaissance of sorts. The industry is slowly transforming from one entrenched in the old-age archaism of paper and manual processes to one embracing digital technology and artificial intelligence, which benefits consumers via a more enjoyable sales experience and better product pricing.

As accelerated underwriting programs grow more prevalent in the industry, some carriers may feel they are falling behind. But this may be more perception than reality. The following article from RGA addresses common misconceptions around accelerated underwriting and dispels many of the myths about implementing an accelerated underwriting program

In this episode of LIMRA Unplugged, LIMRA Research Director Alison Salka talks with Jim Scanlon, life insurance research director for LIMRA, about the impact of simplified 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.