NAILBA Perspectives Summer 2019 - Page 16

TECH: EPIGENETICS Epigenetics – Technology for improving the underwriting process Advances in technology are changing the life insurance industry—commonly referred to as InsurTech. In the field of underwriting, InsurTech is seeking to improve and speed up a process that has been a traditional pain-point for consumers, agents, and carriers. Epigenetics, specifically, is poised to improve the underwriting process, moving beyond deep venous puncture blood collection and a lengthy approval process that takes months to complete. “Accelerated medical underwriting transforms a traditional medical underwriting process into one that is not only less invasive and more efficient, but also provides a more accurate risk assessment.” Clint Parker is VP Sales and Distribution for YouSurance. With over 15 years in life insurance, leading sales and operations teams, Parker holds insurance licenses in all states and District of Columbia, as well as a FINRA Series 6. He can be reached at How Does Epigenetics Work? Epigenetics studies how our code, or DNA, is expressed along with how lifestyle choices and environmental factors affect what our genes do. In stark contrast to our genetic code, epigenetics is a dynamic changing aspect of our biology that is reacting to lifestyle choices such as diet, exercise, tobacco or alcohol use. “EPI” means on-top-of, or around. Therefore, epigenetics is the study of what is happening on-top-of, or around, our genes. Epigenetics explains that the reason our muscles become fit and toned from exercise is because chemical tags (called “methylation” or “markers”) attach to specific locations on top of our DNA to instruct our muscles to become sharp and toned. The opposite is true if we eat poorly and do not exercise — we may gain weight. Thus, what we eat, how much we exercise, what lifestyle choices we make, all result in chemical modifications around our genes that make up who we are today. 1 How Does This Tie Back to Life Insurance? Epigenetics provides specific and quantifiable insights into how an individual’s lifestyle choices are impacting their current state of health and wellness. As Jon Sabes, the CEO and Founder of YouSurance, explains, “Epigenetic technology utilizes a saliva sample to create a medical underwriting protocol that is faster, less invasive, and more efficient. It answers the same medical underwriting questions the industry has relied on for decades, but with new technology that improves upon the accuracy and specificity of the results. We call this innovative technology ‘accelerated medical underwriting.’” Accelerated medical underwriting transforms a traditional medical underwriting process into one that is not only less invasive and more efficient, but also provides a more accurate risk assessment, thereby enabling clients to get the right insurance product at the most accurate price. This process builds on current underwriting protocols and will provide a better consumer experience with enhanced protective values. In addition, it removes the ‘friction’ associated with life insurance sales and extricates agents from the burdens of lengthy timelines, paramedical scheduling, and case management that lead to lost productivity and sales. The future of life insurance is fast, accurate, and cost-effective underwriting that results from continued innovation with applied technologies, such as epigenetics. This leads to improved agent and consumer experiences and the re-energizing of the life insurance industry. 1 16 Perspectives Q3 2019 Medicare Solutions to Keep Clients on Course Medicare-age clients are looking to stay physically—and financially—healthy. Considering they need to make their savings last, they want to know what’s covered and how much things will cost. They want to feel confident that the coverages they choose will help protect their health and budget. Mutual of Omaha’s Medicare Solutions can do just that. Take a look at our products that help solve your clients’ needs during their retirement years: • Medicare Supplement Insurance. Single-digit rate adjustments since 2012, premium savers, fast policy issue • Dental Insurance. 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Not for use with the general public. 454807 Insurance products and services are offered by Mutual of Omaha Insurance Company or one of its affiliates. Mutual of Omaha Rx (PDP) is a prescription drug plan with a Medicare contract. Enrollment in the Mutual of Omaha Rx plan depends on contract renewal. Mutual of Omaha Rx is not available in New York or U.S. territories.