Breaking the rules to spark an underwriting revolution
For years, underwriting rules have been evolving and adapting to everchanging evidence sources. However, given the velocity of technological advances and consumer demands for a completely digital shopping experience on par with that of popular online retailers, rules alone will not be enough to achieve profitable business results at speed and scale.
The underwriting process is undergoing a revolution. Life insurance carriers that join it can gain significant opportunity from the burgeoning, underinsured Millennial market and the up-and-coming Gen Zers (born in 1997 and onward) who are just entering the workforce and have an even greater appetite and aptitude for all things digital.
This paper explores innovative underwriting concepts that, when combined with automation and ecosystem orchestration, enable an accelerated end-to-end new business process without compromising the rigor required to evaluate risk. These underwriting concepts are at work today, enabling insurers to unlock opportunity with speed and scale from discrete market segments.