16 ID Trends NAILBA
Underwriting Trends
Bridging the gap with technology
72 % of Carriers intend to increase digital investments over the next 12 months , providing virtual sales capabilities for agents and brokers . Other focus areas include digital applications ( 69 percent ), e-delivery ( 63 percent ), and practice management tools ( 56 percent ).
The COVID-19 pandemic upended so much in our lives . How we lived , worked and interacted with others was unimaginably disrupted . Today , with more than half of Americans over age 18 at least partially vaccinated , we seem to be on a path back to a more normal state .
While there is a lot we would like to forget about the past year , the pandemic has been an important trigger for the 102 million Americans who are living with a life insurance coverage gap to seek greater protection . According to the 2021 Insurance Barometer Study , conducted by LIMRA and Life Happens , 31 percent of Americans say the pandemic has made them more likely to buy life insurance within the next 12 months .
Spikes in product demand
How can our industry address this spike in consumer demand for our products as effectively as possible ? Certainly , the use of emerging technologies is a critical part of helping more people acquire the protection they need .
From carriers ’ perspective , technology drives increased efficiencies ( through digital tools , automated / accelerated underwriting , and added support for distribution , for example ) while also improving the customer experience . These initiatives span functions from marketing , sales , and distribution to new-business processing , servicing , and claims .
Underwriting Trends continued on page 18