COVID-19 has forced life insurers to deeply examine their underwriting processes and make long-anticipated changes. Positive changes include insurers moving towards “fluidless” underwriting processes to avoid sending a paramedic to the policyholder’s home to collect fluids. Other no touch resources are being investigated to underwrite and approve cases. This includes data-driven, accelerated underwriting for simplified products applied for via electronic applications and underwritten in automated underwriting workbenches.

This report marks the fifth time that Celent has reviewed new business and automated underwriting (NBUW) systems available to life insurers in North America. Celent believes this report is extremely timely as insurers reevaluate their underwriting processes as a result of COVID-19.