COVID-19 accelerates no-exam trend in life insurance
4 years ago

COVID-19 accelerates no-exam trend in life insurance

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “They want it to be fast and easy,” says Gina Birchall, chief operating officer for the life insurance trade group LIMRA. “The more information we have, the deeper the data that we have, the more capable we are of making sound decisions,” says Jackie Morales, chief insurance officer for Bestow, an insurer that uses accelerated underwriting. Many major carriers approve low-risk applicants based on big data and then require medical exams for everyone else, says Jeremy Hallett, CEO of Quotacy, a life insurance broker. Accelerated underwriting is not to be confused with “simplified issue” life insurance, which considers the answers on your application but doesn’t tap into big data.

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