Life insurance underwriting is at an inflection point: Aite Group report
Boston, MA (Feb. 4, 2021) – The COVID-19 pandemic and the resulting change in the needs of customers and agents have expedited the otherwise slowly evolving process of digitization and alternative underwriting. New types of data, risk scores, and automation make available new opportunities to rethink the underwriting process while protecting mortality and managing costs. Rethinking Life Insurance Underwriting: Leapfrog Competition, Delight Customers, a new Aite Group report, examines the latest developments in life insurance underwriting.
“Many insurers have found that overlapping requirements are causing process challenges and inefficiencies in their underwriting process,” states Manoj Upreti, senior analyst at Aite Group. “However, measurable benefits are seen in the alternative medical data that has resulted in reductions in attending physician statements and labs, faster policy issue, and better policy placement rates,” he states.
This report presents the current trends, lessons learned, and opportunities in life insurance underwriting, offering vendor profiles to serve as concrete examples for understanding these trends and opportunities. Based on desk research as well as over 45 interviews with underwriting executives, medical directors, innovation experts, technologists, consultants, and researchers in North America between August and December 2020, it profiles solutions from Appian, Clareto, dacadoo, Epic, ExamOne, Hannover Re, Human API, LexisNexis Risk Solutions, LifeScore Labs, MIB, Milliman, Munich Re, RGA, SCOR, Swiss Re, TransUnion, and Vivametrica.
Click here for the online summary or to download the table of contents.
This 48-page Impact Report contains 11 figures and five tables. Clients of Aite Group’s Health Insurance or Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, coronavirus, epidemic, Life Insurance, Underwriting