Blood taken from insurance examinations are subject to many possible influences. Delays in handling, processing, and different atmospheric conditions may causes changes to lab results as opposed to those you would avoid when the labs are processed locally.
new business cycle time
The marriage between technology and faster underwriting is a union the life insurance industry has encouraged for many years. Progress has been slow, but MIB Group is making headway, recently signing an agreement with Epic to utilize its electronic health records system.
I recently attended the AHOU 2018 17th Annual Conference and had the opportunity to talk to tons of underwriters who all had strikingly-common challenges. In many of my conversations, I asked how long their average APS is and how long it takes them to underwrite a policy, and I was often met with responses like oh jeez – too long? Or Gosh, hundreds of pages and anywhere from 45 to 90 minutes.
Many prospects for life insurance are turned off by the perception that the application process is long and invasive. Lincoln Financial Group is using big data to make it a little easier.