Insurers Seek Growth Through Accelerated Underwriting

March 4, 2020 by LIMRA

Many consumers view underwriting as a significant obstacle to obtaining life insurance — often believing that the process takes too long and the requirements are too invasive.

To address these challenges, companies are using automated and/or accelerated underwriting programs to improve their ability to determine medical risks by incorporating more and more data sources.

According to a recent LIMRA study, 3 out of 4 life insurance companies in the U.S. and Canada have some type of automated and/or accelerated underwriting program. One in two companies has both.

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Originally Posted at InsuranceNewsNet on March 2, 2020 by LIMRA.