Rethinking Life Insurance Underwriting: Leapfrog Competition, Delight Customers

Life insurance underwriting is at an inflection point.

Boston, February 4, 2021 –The COVID-19 pandemic and the resulting change in the needs of customers and agents have expedited the otherwise slowly evolving process of digitalization and alternative underwriting. New types of data, risk scores, and automation make available new opportunities to rethink the underwriting process while protecting mortality and managing costs.

This report presents the current trends, lessons learned, and opportunities in life insurance underwriting, offering vendor profiles to serve as concrete examples for understanding these trends and opportunities. Based on desk research as well as over 45 interviews with underwriting executives, medical directors, innovation experts, technologists, consultants, and researchers in North America between August and December 2020, it profiles solutions from Appian, Clareto, dacadoo, Epic, ExamOne, Hannover Re, Human API, Kit, LexisNexis Risk Solutions, LifeScore Labs, MIB, Milliman, Munich Re, RGA, SCOR, Swiss Re, TransUnion, UDoTest, and Vivametrica.

This 48-page Impact Report contains 11 figures and five tables. Clients of Aite Group’s Health Insurance or Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Verisk.

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