Slides from this presentation, given at the 2018 ACSW Spring Meeting, have been posted at the Actuaries’ Club of the Southwest website.
LV= has announced the launch of its new pre-underwriting tool, in partnership with UnderwriteMe, in a bid to improve the underwriting process for advisers.
In an effort to underwrite more quickly and accurately, carriers are exploring simplified issue products, according to a new LIMRA study.
Information asymmetry risk for simplified issue, accelerated, and full underwriting?
Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.
The slides from Brian Boger’s presentation at the Actuaries Club of the Southwest Spring Meeting have been posted online.
Seeking to appeal to Generation X and millennials who value speed and convenience, Lincoln Financial has introduced a term life policy that aims for approval in as little as 20 days. That's half the time it takes to underwrite traditional term life coverage, the company said.
Slides from this session, presented at the 2016 SOA Life & Annuity Symposium, have been posted. See Session 47 at the 8:15-9:30 am time slot.
There is a huge chasm between the speed to issue a simplified issue policy, compared to a fully underwritten policy. This session will address new processes that have been developed to speed the current fully underwritten policy issue process without needing to go all the way to simplified issue assumptions. The experts will discuss new rapid diagnostic testing protocols offered in alternative test settings and other tools and techniques to improve speed to issue. The experts will also discuss how these processes can help improve the consistency and quality of underwriting evidence and potentially affect both not-taken rates and mortality assumptions.
https://www.soa.org/Professional-Development/Event-Calendar/2015/annual-... (Session 156, in the 8:30-9:45 time slot)
Where increasing sales are concerned, the life insurance industry faces an uphill battle, but that’s only part of the story. New research from LIMRA shows the industry also has a “huge and growing opportunity” to reach American households, said LIMRA’s Eric T. Sondergeld.