Written by Admin | Jul 4, 2024 9:39:16 AM
With the augment of Insurtech products, the demand for accelerated underwriting life insurance products has exponentially scaled up. Nowadays, tech-savvy consumers prefer to buy policies without undergoing medical tests. By offering digitally fast policies, InsureTechs, like Bestow, Ethos, and Ladders have already raised the bar in the Life & Annuity insurance sector. Insurers are now harnessing advanced risk models on internal and external (third-party) data to underwrite policies up to $2 Million face amounts without requiring medical tests. Our client, a top ten Life & Annuity insurer in the U.S, wanted to join the league. For this, the company was looking for a partner who can facilitate technological improvements and modernization of their existing system. The challenged lied in Coforge pitched in and maneuvered a step-be-step plan to implement the desired solution.