Firm announces extension of instant acceptance offering
iA Financial Group has announced that it is extending capabilities in simplifying the underwriting experience for its individual life insurance products.
The firm, which claims leadership in instant acceptance through its EVO platform, has announced that certain medical requirements will no longer be systematically required for clients 50 and under who buy up to one million dollars in life insurance. The requirements that may be waived include vital signs, urine tests, or blood profiles.
“Constant innovation in our underwriting processes and instant acceptance at the point of sale consolidate our long-term relationship with our advisors and is a part of our commitment to make it quicker and easier to do business with us,” said Valérie Lelièvre, vice president for Business Solutions, Distribution and Marketing.
In a statement, the firm said the simplification to its underwriting process was made possible by technological advances such as the use of predictive analytics models to evaluate applications. Moving forward, a simple medical questionnaire will be all advisors need to confirm instant acceptance for most clients.
The firm’s progress toward predictive analytics falls in line with a model of underwriting innovation offered by Boston Consulting Group. In Reinventing Life Insurance Agency Distribution Globally, BCG noted that by complementing the high-touch approach of traditional underwriting, adopting predictive analytics can:
- leverage non-traditional data sources;
- identify the healthiest applicants;
- radically lower unit costs;
- reduce cycle times to a maximum of three days; and
- improve placement rates and customer experience
“Advanced data analytics can allow insurers to assess risk without requiring some consumers to submit to blood/urine tests, which have somewhat similar accuracy, by leveraging a broad range of third party data sources,” the firm said in its report.
Aside from traditional application data, such alternative data sources include financial and credit histories, broader public records, social media activity, and other internal data on the agent and prospective customer.
Read the original article at https://www.lifehealthpro.ca/rss/