Jason Kozlowski, Lead Business Consultant
In 2011 industry analyst firm Strategy Meets Action (SMA) said that the Life insurance industry was on the cusp of a shift in thinking, attitude and action when it came to automated underwriting. Today, some estimates for the Life insurance industry put technology adoption rates around 77% for capabilities such as electronic applications, ACORD standards for gathering requirements evidence, and the use of automated underwriting systems. As Jerry Whetnall states in his Sale-to-Issue for Life Insurance article, these technologies are no longer being seen as ‘nice to have’ or differentiators among carriers – they have become table stakes to stay in the game.
The technology for reaching an underwriting decision within minutes rather than days is available and is being used in production by several carriers today. The question is no longer can you afford to make the move to automated underwriting, but rather, can you afford not to?
We encourage you to take five minutes to read Jerry’s article and let us know what you think the ideal Life insurance buying experience is. How close is your company to making that a reality?