Half of life insurers have some type of automated underwriting solution in place and 41 percent of companies are in the planning process, according to LIMRA research.
Life Insurers Leverage Technology and Greater Access to Data to Streamline Underwriting, LIMRA Report
WINDSOR, Conn., March 22, 2016—Two in three life insurance companies 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.
In this update, we share some of what we’re seeing and hearing about advances in automated underwriting in the life insurance industry.
LIMRA research shows there are about 19 million “stuck shoppers” - potential life insurance buyers who start the process but never finish. To help combat this issue, many companies are implementing simplified underwriting processes to lower costs and improve customers’ buying experience.
As technology advances, expectations for faster, simpler transactions are increasing. Automated underwriting can help companies meet these expectations.
What a Difference a Year Makes — Social Media Use Climbs More than 30 Percent By Life Insurers in 2011
LIMRA study reveals dramatic uptick as companies strive for competitive edge.
In a recent LIMRA study, 50 percent of middle market consumers said they prefer to buy life insurance face-to-face with a financial professional, while 75 percent said they want an advisor who can educate, listen and develop trust.
LIMRA: Consumers Want to Have the Same Experience When Buying Life Insurance as They Do On Their Other Retail Purchases
A new LIMRA study reveals that consumers expect transparency from a life insurance purchase the same way they would for buying other retail products or travel.