Over the past few years, we've done a lot of work to improve the e‑application, with a special focus on increasing point‑of‑sale decisions and processing eligible applications more efficiently. Everything we've done to improve efficiency is aimed at achieving our goal of making it easier for you to offer insurance to your clients. Here's a brief overview of what we've accomplished in this respect in 2022, in case you didn't know: - The eligibility threshold for critical illness insurance was raised from $100,00 to $250,000, for all insureds ages 18 to 40.
- A predictive model was implemented.
- Decisions are now displayed by illustration.
- The underwriting engine's rules were finetuned to better manage information from previous insurance applications (this doesn't affect your work in any way, but it made our automated underwriting system much more efficient).
On top of all that, we've now streamlined our automated underwriting rules. This increased our immediate decision rate to nearly 40% for all life insurance and critical illness insurance applications submitted. Interestingly, that same rate rises to nearly 50% if we only consider applications that are eligible for point-of-sale decisions. |
