In the not too distant past both the carrier and the proposed insured understood that it took time, sometimes between 45 and 60 days, to process an insurance application, especially for life or health insurance. But times changed, along with insurance buyer and agent expectations. Carriers were in a race, hoping to reduce underwriting turnaround time from 45 to 20 days, then from 20 to 5 days.
- Drastic underwriting time reductions through product design and technology
- 77% of all carriers employing electronic applications, ACORD Standards for evidence reporting, and automated underwriting systems
- Three key factors impacting speed to issue
- thought leadership