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.
Fifty-two percent of potential life insurance buyers said they would be more likely to purchase life insurance if they didn’t have to go through a physical exam, according to the 2018 Insurance Barometer Study by LIMRA and Life Happens.
In an effort to underwrite more quickly and accurately, carriers are exploring simplified issue products, according to a new LIMRA study.
Whether you currently market a simplified issue life product or are considering doing so, this report contains valuable and relevant information. Learn more about current product features, underwriting practices, and distribution and market strategies in the simplified issue life insurance marketplace.
2017 Insurance Barometer Study Reveals That Consumers Want Transparent Life Insurance Buying Options
Seventh annual study from Life Happens and LIMRA shows simplified underwriting and easy to understand offerings are key to getting consumers the coverage they know they need, but don’t have.
Are you marketing or looking to market simplified issue (SI) life insurance? Learn how companies are handling the application process.
2019 Insurance Barometer Study: Nearly Half of Americans More Likely to Buy Simplified Underwritten Life Insurance
Arlington, Va., and Windsor, Conn., April 1, 2019 – Almost half of Americans (47 percent) say they are more likely to buy life insurance using simplified underwriting, which generally means getting coverage more quickly and without a medical exam versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study.
Automated underwriting solutions offer a way for companies to access the information they need to make informed decisions and issue policies faster, with benefits for all stakeholders.