Tele-underwriting, a concept launched initially in the United States, is getting momentum in various markets in Europe and in the rest of the world.
Presentation
Tele-underwriting can revolutionise the business process in the field of underwriting. SCOR Global Life is positioning itself to become a leader in this field, increasingly offering tele-underwriting solutions and advice to its clients.SCOR Global Life’s team is here to help you get the most benefit from tele-underwriting through SCOR Telemed, a dedicated subsidiary for tele-underwriting.
Advantages of Tele-underwriting
- It speeds up the process from application to policy issue
- It provides more detailed and perspective information.
- It reduces non-disclosure rates (medical and non-medical).
- It generates a higher policy take-up rate, by reducing the need for General Practitioner (GP) reports and issuing policies more quickly.
- It allows an automated processing of data, which is both cost effective for the company and satisfying for the customer.
- It reduces agent and underwriters workload, allowing them to concentrate on their main areas of expertise.
- It enhances customer service and improves customer experience.
It is important to choose the model that matches the need of the insurance company. Generally tele-underwriting is a major tool for a company seeking to eliminate paper at the point of sale, reduce technical cost, centralise and standardise the risk assessment process, or implement a service outsourcing strategy. It could also support additional objectives: contributing to reducing the average time for policy issue, the number of cases requiring additional medical reports or medical evidence, and reducing non-disclosure rates. Tele-underwriting is also a mean of differentiation and therefore a source of competitive advantage. It could potentially be constituent of a new product or service proposition.
SCOR Global Life, as a leader in this field, has worked with a UK based underwriting consultant, Select X, to better understand how tele-underwriting is carried out worldwide and to benchmark best practices from the findings. As part of this work, a worldwide survey has been conducted in 2009.
The markets which participated in the survey are as follows:- USA and Canada;
- UK and Ireland;
- Continental Europe;
- Australia , New Zealand and South Africa;
- Asia and the Middle East;
- Mexico , Latin America and the Caribbean.
