2021 | Page 6

6 ID Trends NAILBA
Simplified approach
Simplified-issue systems strongly influence the consumer ’ s likelihood to buy coverage across age groups , especially resonating with consumers as they get older .
More likely to buy via simplified underwriting
53 %
47 %
50 %
48 %
2018
2019
2020
2021
Influence of Simplified Underwriting on Purchase Intent , by Generation , 2021
More likely to buy via SUW
Total
Gen Z ( 18-21 )
48 %
32 % 47 %
Millennials ( 22-40 )
Gen X ( 41-56 )
52 %
Baby Boomers ( 57-75 )
48 %
Source : 2021 Insurance Barometer Study
Relative appeal of simplified underwriting benefits
BENEFITS 2018 2019 2020 2021
Is fast and easy
72 %
63 %
66 %
64 %
Avoid medical exam , blood and urine samples
65 %
55 %
56 %
56 %
Avoid face-to-face conversation
45 %
40 %
44 %
55 %
Avoids the need to see a doctor
63 %
56 %
55 %
55 %
Provides transparent explanations of risk and pricing
65 %
57 %
58 %
55 %
Is unbiased and objective
65 %
57 %
66 %
55 %