Life insurers use technology, data to streamline underwriting
March 24, 2016 by LifeHealthPro Staff
Two in three life insurers in the U.S. and Canada have implemented automated underwriting for at least part of their business. And another 32 percent are in the planning stages of implementing automated underwriting, according to a new LIMRA study.
“While fully automated underwriting (no human interaction) is typically available for only a few products, our study found that there is a spectrum of automated underwriting in which companies may use automated underwriting fully or use it in conjunction with rules-based assessments and an underwriter’s review,” said Mary Art, research director, LIMRA Distribution and Technology Research. “Clearly, the significant advances in technology have played a major role in companies’ ability to leverage big data and algorithms to evaluate life insurance applications.”
