Field Underwriting Tools
Improving Risk Selection is a goal of all insurers and agencies. eValuate supports carrier-specific underwriting rules including multiple impairments, co-morbidities, debits and credits, temporary flat extras and other ‘secret-sauce’. It provides Agency workflow and the ability to review and quote multiple Carriers, including specific underwriting guidelines and impairment parameters!
RESONANT® FIELD UNDERWRITING (FORMERLY XRAE)
Resonant® Field Underwriting is a tool that returns a health class rating or range based on published and unpublished carrier underwriting rules. Based on build, blood pressure, cholesterol level and up to 3 additional impairments, Resonant Field Underwriting generates multi-carrier or single carrier underwriting results instantly, with table/health class and a price range.
Resonant Field Underwriting allows underwriters to spend less time taking inbound phone calls and enables agents to set expectations with their customers at the beginning of the sales process. It can be deployed in a multi-carrier environment or single carrier environment.
What Is Accelerated Underwriting?
Trends point to an accelerated future for risk selection. Learn about Accelerated Underwriting by viewing or downloading the document written by Reinsurance Group of America,Inc. (RGA). Click on the button below:
Health PicQture Data Insights Brought to Life
HealthPiQture, by ExamOne, is a highly flexible platform that allows you to make quick and confident decisions. Through HealthPiQture, insurers receive access to our extensive data sources. From a snapshot of an applicant’s past health, to a view of their current health, HealthPiQture combines health and behavioral insights for insurers.
Predictive Modeling a View from New York
By Jason Bowman, Founder & CEO, CumPane Solutions LLC
On 19 January 2019, the New York State Department for Financial Services (DFS) issued a circular letter1 concerning the use of external consumer data and information sources for life insurance underwriting. This followed a prior notice sent to insurers that the Department was investigating the use of such data for potentially unfair or discriminatory practices.
In the US the deployment of predictive models for life insurance has grown exponentially over the past five years, providing carriers with an opportunity to break out of the preferred underwriting ‘strait-jacket’ that has required anyone applying for life insurance over relatively low levels (around $100,000) to undergo a medical exam with blood and urine testing. Whilst preferred underwriting has enabled the industry to offer some of the most affordable life insurance in the world, it has conversely created an expensive and time-consuming underwriting process that has become an inhibitor for some consumers to purchase cover.