The Future Of Accelerated Underwriting Is Now, LIMRA Panel Says
Carlson and Carroll also discussed ways technology and algorithmic modeling can help the insurance process in other ways. Carroll offered five additional opportunities to use technology to move quickly to close sales:
Scheduling. Technology can help make the decision on labs happen much faster, she noted. "Things like schedulers can be a big help there in terms of really flexibly meeting the needs of the customer who's applied, and how do you get something on the books very quickly, right there while the agent is there," Carroll explained.
Dashboards. Having the right dashboard can dramatically improve the communication between the agent and the underwriter, Carroll noted.
Case Management. This aspect goes "hand in hand" with the dashboard motivation to improve communication, she added. Having case managers who are in the loop at all times and can chase down some of the outstanding requirements allow the agent to focus more on the clients.
"We all know the faster that we can get the requirements back and the faster the decision can be made, then the more likely we are to issue that case," Carroll said. "So, some of these things are pretty important."
Voice Signature. The pandemic made getting signature much harder, but also spurred innovation to address the problem. Voice and text signatures are becoming more commonplace and can further speed up the process, Carroll said.
"Having the technology to be able to get signatures in multiple ways helps you keep [the agent] from having to do some of that chasing, because you could get that signature right away immediately while you're on the phone with the person," she added.
Honest Disclosure. "I kind of threw this one in here as kind of like a bonus element here, particularly around the honesty of disclosure," Carroll said. "Whatever through technology we can do to ensure we're getting honest disclosures out of self-reported parts of the application, or if there are any elements the agent can continue to do to make sure we really are getting an accurate representation of this person's risk, that is going to just tighten and sharpen the pencil."
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.
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