Boston, November 9, 2016 – Consumers have long thought of life insurance as too expensive and have complained that the time it takes to process life insurance applications is unacceptable. Simplified issue products provided a faster result but at a higher price, and though they excluded the agent and eliminated the need for a paramedical exam, carriers can assess risk more accurately with the data, models, tools, and technologies that are now available. Accelerated underwriting is the new and improved simplified issue, emulating a similar buying experience without the extra risk to the carrier and providing a much broader and less expensive product offering.
This report describes some of the new technologies, processes, and tools carriers can use to improve the life insurance underwriting process for their customers through an accelerated data-driven process. This research is based on interviews with 26 executives at life insurance carriers, reinsurers, and vendors in various stages of development. The report profiles 14 of these vendors: Carpe Data, Deloitte, Force Diagnostics, Haven Life, Human API, Human Longevity Inc., Intellect Design Arena, Ladder Life, Lapetus Solutions Inc., LexisNexis Risk Solutions, Quantifyle, Reinsurance Group of America (RGA), TransUnion, and Validic.
This 40-page Impact Report contains three figures and four tables. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Cerner, Cor, Hanover Re, Resonant, Sapiens, Step Solutions, Swiss Re, and Synodex.