Arlington, Va., and Windsor, Conn., April 1, 2019 – Almost half of Americans (47 percent) say they are more likely to buy life insurance using simplified underwriting, which generally means getting coverage more quickly and without a medical exam, versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study. To broaden their reach and address declining ownership numbers, many life insurers have leveraged advances in technology, like advanced analytics, Big Data and artificial intelligence, to streamline the underwriting process and better meet the needs and preferences of today’s consumers. Since the inception of this study, life insurance ownership has declined from 63 percent in 2011 to 57 percent in 2019. The Insurance Barometer Study tracks the financial perceptions, attitudes and behaviors of consumers in the United States, with an emphasis on life insurance. LIMRA, a not-for-profit research trade association, and Life Happens, a non-profit educational organization, jointly conducted the study. Ease of Simplified Underwriting The current study finds that simplified underwriting may impact a consumer’s likelihood of completing the life insurance purchase. Nearly two thirds (63 percent) of those who are interested in purchasing life insurance through simplified underwriting are drawn to the speed and ease...