Accelerated Underwriting and Speed to Policy
December 8, 2020 by Ian Jeffrey
Life insurance buyers aren’t the only ones frustrated by a long wait between purchase and policy delivery, so are advisors. In the modern era, a buying process that can take weeks to months to complete is increasingly unsatisfactory to all involved. Especially during a global, when interest in — and need for — life insurance coverage has been trending higher.
The traditional life insurance distribution lifecycle is slow and cumbersome, but technological advances have been steadily decreasing the timeline. Self-service tools such as calculators and quoting engines are reducing lead times for advisors, and eApps can make it easier for advisors to manage the end-to-end distribution process. In fact, insurance carriers and distributors that do not offer digital services are increasingly at a competitive disadvantage. Moreover, those that aren’t using technology to accelerate underwriting may fall even further behind the curve.
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