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.
Has automation of the Life underwriting process moved from the ‘nice to have’ phase to table stakes necessary to stay in the game? Industry trends indicate that automation has reached the majority adopter phase with more carriers having automated underwriting than not. Life IT spend projections show carriers committing upwards of 10% or more of their budgets to these systems.
If you haven’t already taken a few minutes to read some thoughts on “Building a Business Case for a Billing System,” it’s easy to download a copy. All of the points are valid from what I’ve observed in the insurance industry.