6. To sell online we have to get
better at Underwriting
Convenience of
immediate
issue
Consumer pays
significant
premium for
convenience
Fails the
customer
Simplified
Issue Few easy
questions to
select good
risks
Most business
still referred to
full UW
Fails on brand
promise
Accelerated
Issue Price
competitive
immediate
issue
Customer
needs to
answer more
questions
InsureCo.
needs to figure
out how to uw
without blood
Immediate
Issue
7. Underwriting Stack (Traditional)
Personal Disclosure
Vitals
Fluids
APS
Additional Exams
Traditional Analytics
MIB
Traditionally hand written descriptions to explain any conditions
Verify truthful disclosure
Diagnostic
47 days
Performance
sucks
Customer Experience
Cost
8. Qualification
Process
New Analytics
Underwriting Stack (Accelerated)
Personal Disclosure
Vitals
Fluids
APS
Additional Exams
Traditional Analytics
MIB
Digital – ideally reflexive
Verify truthful disclosure
Diagnostic
7
47 days
Performance
mixed
Customer Experience
Cost
9. Behavioral Science
New Analytics
Underwriting Stack (Immediate)
Personal Disclosure
Vitals
Fluids
APS
Additional Exams
Traditional
Analytics
MIB
Digital – reflexive
Diagnostic
12 mins
Performance
good
Customer Experience
Cost
-Traditional Analytics
MIB
Verify truthful disclosure
10. Personal Disclosure
Vitals
Fluids
APS
Additional Exams
Traditional Analytics
MIB
Personal Disclosure
New Analytics
APS
Traditional Analytics
MIB
Personal Disclosure
New Analytics
Traditional
Analytics
MIB
Behavioral Science
Verify truthful
disclosure
Diagnostic
New Analytics
Traditional ImmediateAccelerated
14. New Analytics – Facial Analytics
from Lapetus
While traditional underwriting can take up to a month,
CHRONOS delivers more accurate results in seconds
21. Behavioral Science
Rethink how you ask questions:
Have you smoked or used any substance or
product containing nicotine, tobacco or
marijuana in the past 12 months?
If you have not smoked or used nicotine
replacement products (including e-cigarettes)
for over 12 months we consider you to be a
non-smoker.
22. What best describes
you as a non-smoker?
1. I have never
smoked
2. I recently quit
3. I quite more than
a year ago
4. I only smoke
occasionally at
social events
What best describes
you as a smoker?
1. I only smoke
occasionally
2. I smoke less than 20
cigarettes per day
3. I smoke more than
20 cigarettes per
day
23. Finally – UW Approach
You don’t have to
make a diagnosis
to make an
underwriting
decision
“but doctor – there must be
something wrong with me, the life
underwriter said so”
24. Summary
Underwriting is an integrated decision
Evaluate analytics objectively
Cost is a factor - Don’t keep adding to the
stack
More info:
https://www.acceptiv.com/caa2018