Covid Isn’t Done Changing the Life Insurance Industry Just Yet
June 29, 2021 by Telis Demos
The pandemic, and our reemergence from it, are reshaping the economy, government and business in lasting ways. Read more analysis of how Covid has changed the world forever from the Journal’s Heard on the Street team.
Even once the pandemic has definitively ended, the effects of Covid-19 on the life and health insurance industry could linger on for years.
To start, how life insurance is bought and sold may never be the same for many customers. The pandemic sped up adoption of what is sometimes known as “fluidless,” or accelerated, underwriting. This involves things like heavier use of digital records and less frequently sending a medical examiner into a customer’s home. Many insurers last year increased the size of policies they were willing to underwrite using data-based and predictive methods, according to Manoj Upreti, life insurance-and-annuity senior analyst at Aite Group.