Underwriting

The life insurance industry has experienced slow sales growth over the past few years. According to the latest LIMRA reports, life insurance ownership in the US declined from 63% in 2011 to around 57% in 2019. This trend is about to change. 

Recent industry data indicate a significant increase in interest for life insurance since the onset of the COVID-19 crisis. However, the consumers' expectation of purchase experience is being shaped by other industries. Consumers are looking for easy means for comparing products, determining the right product for their needs, and an overall frictionless purchase experience. Consumers overwhelmingly prefer to buy life insurance without having to go through a blood test and medical exams. 

The role of financial advisors is also critical as most consumers depend on financial advisors to create a holistic financial plan for them, which includes life insurance as a critical component. Making it easier for financial advisors to do business is one of the prime concerns for insurers. 

New business and underwriting have been a major investment priority for insurers in recent years. Some of the key capabilities' insurers are looking to build are: 

• Agent portals with a quote, illustration, and eApp capabilities 
• Accelerated underwriting (without a lab and medical tests) 
• Tele-underwriting – reflexive questions rendering real-time underwriting decisions 
• Straight through processing 
• Use of third-party data, new evidence sources (e.g., criminal history), and advanced analytics enabling insurers to underwrite policies with higher levels of face value without medical tests 
• Underwriting workbenches 
• eSignature enabled processes 
• e-Policy delivery 
   

Coforge has over a decade of experience in helping life insurers transform their new business and underwriting systems. Our deep domain expertise in the life & annuities insurance space helps us understand the key challenges of insurance carriers. Our L&A domain experts also track the industry trends closely and develop accelerators and solutions. Our accelerators are categorized in four ways – Platform, Efficiency, Experience, and Analytics. These accelerators and solutions enable us to help our customers to achieve their goals faster.