The Impact of Simplified Underwriting on Life Insurance
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.
Awareness of Simplified Underwriting Increases Likelihood to Buy Life Insurance
While already underway prior to the COVID-19 pandemic, many life insurance policies are now underwritten through “simplified” or “streamlined” processes, which are less reliant on physical data (e.g., blood, urine, examination) and more reliant on readily available datasets (e.g., medical, financial, personal).
Simplified Underwriting is One Way Life Insurers Can Reach the 19 Million 'Stuck Shoppers'
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.
Introducing LIMRA Unplugged!
Did you know that by 2055, there will be no racial or ethnic majority in the United States?
The Impact of COVID-19 on Life Insurance Customer Experience
In this webinar, LIMRA and BCG will highlight findings from research examining the experiences across the customer journey for individuals who purchased and managed life policies after the onset of the pandemic.
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.
The Impact of COVID-19 on Individual Life Insurance Sales and Applications in the U.S.
Has COVID-19 impacted the number of individual life applications U.S. companies receive or how they process applications?
The Impact of COVID-19 on Individual Life Insurance Sales and Applications in Canada
Has COVID-19 impacted the number of individual life applications Canadian companies receive or how they process applications?