How Accelerated Underwriting Has Been a Game Changer in the Life Insurance Industry

It wasn’t long ago that buying life insurance was a painfully difficult process. If you were interested in buying a policy, first you had to talk to an agent, then a nurse would come to your house to draw blood. Finally, after filling out sheaves of paperwork, you would get a decision in sixty to ninety days.

Thankfully, those days have passed. But many consumers (and too many insurance advisors) are unaware that a revolution has taken place in the life insurance industry.

AI-powered accelerated underwriting now makes it possible for consumers to apply for and get approval for policies up to $3 million in less than a day. And the entire application process takes ten minutes or less.

The days of selling life insurance across a prolonged period characterized by frustration and delays are over.

And this is great news for insurance advisors. AI-powered accelerated underwriting hastens decision-making without sacrificing the quality of information or information analysis, meaning that you can get your leads approved and converted into paying clients faster.

Many insurance advisors are leaving money on the table because they aren’t talking to their clients about life insurance. Some simply don’t understand accelerated underwriting, others believe that their clients won’t be interested. Either way they are missing an opportunity and underserving their clients.

At FAIU, we understand that accelerated underwriting allows insurance advisors to be the hero to their clients. You aren’t there to scare clients into purchasing a product, you’re there to help them safeguard dreams—like sending a child to college, paying off a house, or ensuring that their family is cared for even if they are no longer around.

In the past, this was a hard sell compared to other forms of insurance. The introduction of artificial intelligence into the funding process has made it that much easier for sales professionals to pair clients with the right life insurance policy, while helping them set up a secure future.

And there’s more of this still to come. Artificial Intelligence is just getting started in the insurance industry, and the changes that are yet to come are sure to make our work even more streamlined, interesting, and relevant. The key takeaway from the rise of accelerated funding is that this technological innovation is changing the manner in which advisors strategize and do business, and the ways in which consumers engage with insurance products.

If you have not yet taken a close look at the merits of accelerated funding, now is the time to do so. It’s going to be good for your clients, and good for your bottom line if you familiarize yourself with the accelerated underwriting that is currently on the market. And we’re going to see more of this technology in the future, not less.

—  Ken Shapiro, President