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The Monstrous Obstacle in Life Insurance Underwriting
Talk to any life insurance company and they will tell you that attending physician statements (APS) (also referred to as digital or electronic medical records) are the biggest delay in underwriting new applications. Ordering an APS is expensive ($50-$150 each), takes time to retrieve (10-30+ days) and is necessary for 20-30% of all life insurance applications (and if it is reinsurance, they require an APS for each application).
Disrupting Underwriting at the AHOU Annual Conference
A 2014 Oxford University study concluded that jobs in the “service” and “sales and related” categories have high probability (greater than .7) of computerization (computerization is job automation by means of computer-controlled equipment). According to a McKinsey Global Institute report, the underwriting profession is vulnerable to having at least 35% of its tasks automated. Now, before you dust off your resume, let’s think about this a little further.
Feeding Our Appetite for Disruption at the AHOU 16th Annual Conference
Pyramid Solutions is excited to attend and sponsor the Association of Home Office Underwriters (AHOU) 16th Annual Conference: Appetite for Disruption.