Previously reserved for the hard to insure, simplified issue products have evolved into fully underwritten simplified products. Backed by artificial intelligence, these products have become an alternative to traditional simplified issue products.
simplified life insurance
In this episode of LIMRA Unplugged, LIMRA Research Director Alison Salka talks with Jim Scanlon, life insurance research director for LIMRA, about the impact of simplified underwriting.
Slides from the presentation by Robert Stout, Laboratory Director at Clinical Reference Laboratory delivered at the 2017 Spring Meeting of the Actuaries’ Club of the Southwest.
In an effort to underwrite more quickly and accurately, carriers are exploring simplified issue products, according to a new LIMRA study.
The Society of Actuaries’ Marketing and Distribution Section (MAD) announce the release of a new report on the middle-income life insurance market. Success has been limited in this market even though over the last 10 years, a number of studies and ideas have been presented as viable strategies for serving the middle market. Authored by Doug Bennett with assistance from Stephen Camilli of ACTEX Learning, this report seeks to understand this lack of success and document the experiences of companies and distributors with significant working knowledge of the middle-income market.
This article is featured in the Sept, 2016 issue of NewsDirect from the SOA’s Marketing and Distribution Section.
https://www.soa.org/professional-interests/marketing-and-distribution/ma... (article is on page 4)
Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.
For most of us, "quick and easy" is the way we like to do business. This is true when it comes to purchasing life insurance as well. Buyers certainly want the process to be easy. A recent LIMRA study suggests, however, that "quick and easy" may also backfire as a way to promote interest in life insurance among those not already interested in shopping.
John Hancock Insurance announced today that the John Hancock Vitality solution, a new approach to life insurance that rewards people for healthy living, is now available on its quick-to-issue variable universal life insurance product, Simplified Life.