Nearly Half of Americans More Likely to Buy Simplified Underwritten Life Insurance
April 9, 2019 by IJ Staff
Almost half of Americans (47 per cent) say they are more likely to buy life insurance using simplified underwriting, versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study.
The Insurance Barometer Study tracks the financial perceptions, attitudes and behaviours of consumers in the United States, with an emphasis on life insurance. LIMRA and Life Happens, a non-profit educational organization, jointly conducted the study.
To broaden their reach and address declining ownership numbers, many life insurers have leveraged advances in technology, like advanced analytics, Big Data and artificial intelligence, to streamline the underwriting process and better meet the needs and preferences of today’s consumers.
Simplified underwriting, which generally means getting coverage more quickly and without a medical exam, may impact a consumer’s likelihood of buying life insurance, according to the study.
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