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Article: Speeding Up Underwriting Will Help Banks Penetrate Mid-Market.(life insurance)(Statistical Data Included)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- July 23, 2001
- Author:
CopyrightCOPYRIGHT 2001 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Banks provide a superb opportunity for insurers to penetrate the midmarket because of the huge number of built-in prospects. Just about every American has a bank account.
Most insurers are letting this opportunity slip through their fingers because they're handcuffed by cumbersome, slow, expensive underwriting and new-business processing.
For insurers to capitalize on the huge opportunity offered by banks (and by the Internet and direct marketing, too), they must speed up policy issuance considerably. "Extreme" underwriting must give way to cost-effective, moderate underwriting geared to speed.
In the mid-market, with its smaller policies and ...