Insurtech - Fast Life Insurance Coverage Now a Reality

 

Insurtech is the Streamlined Life Insurance Solution

Finally, there is a process that eliminates the 75 days it typically takes to get life insurance.

By taking this one simple step, you will decrease your underwriting time by 80% to 90%.

And today I am going to show you exactly what that insurtech action is and how you can easily use it to make your insurance purchasing process simple and faster.

Why The Life Insurance Application Process Takes So Long

There is only one word to use when explaining why your life insurance application is taking so long to get an approval and that is Underwriting.

Life Insurance Underwriting is a process used to determine if a life insurance company will cover you.

This process consists of several different sections each with its particular set of guidelines that you must meet before you can be approved:

Medical Information Report (MIB)

A solid understanding of your medical history is going to be an important part of the decision-making.

Your report from the Medical Information Bureau (MIB) will be used to determine the reasons you have visited doctors offices in the past.

Medical Exam

A medical exam is needed to determine your current level of health.

In most cases, a medical exam will be the determining factor for your final rate and whether  you can even be insured or not .

Prescription Drug History (Intelliscript)

Whenever you get a prescription drug filled it is recorded and sent to Intelliscript.  

This data is used by the insurance company to see your prior and current medications.

Medical Records (APS)

Your medical records, also known as Attending Physician Statements or (APS) give the underwriter more data to back up your Exam results, MIB Report, and Prescription Report.  

Next the underwriter uses these records to see your doctor’s recommendations as well as any previous treatments.

Driving History (MVR)

Yes, your driving history matters.

Insurance companies need to know if you take risks while driving.  

The underwriter investigates whether you have a DUI, DWI, or received an unusual number of speeding tickets.  

In other words, before writing the insurance policy, they need to know if you are a reckless driver.

Lifestyle

Do you like to go skydiving, hoverboarding, offroading, hunting, do you find risk taking fun?  

Insurance carriers want to know how you live on a daily basis.

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