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Tips to break down barriers and protect more members

January 3, 2019
Two women talking to each other in front of a laptop

In the fast-moving life insurance industry, many companies are focused on two major aspects of underwriting: decreasing the time from application to issue, and synthesizing the most relative and predictive data.

By using publicly available data for risk classification decisions and pricing, the need for blood tests and other medical tests is eliminated.

The result? A more efficient and convenient way for your members to get protection.

Here are the top reasons why simplified underwriting appeals to consumers, and tips on how to create a better overall experience for your members.

Appeal to members with simplified underwriting

In the age of Amazon, consumers expect every experience — whether it’s placing an order, streaming music or researching, applying for and purchasing insurance — to be fast and simple. And the numbers support this notion: 70 percent of consumers say they’re interested in purchasing a life insurance policy without a physical exam.1

  • Simplified underwriting eliminates the need for a medical exam, which can be inconvenient and uncomfortable.
  • The entire application process is significantly shortened because a ‘full medical underwriting’ is no longer required.
  • By using predictive data, simplified underwriting provides applicants with a decision in a matter of minutes — not weeks.

Create a better overall experience

A staggering 30 percent of consumers openly admit to not having enough life insurance, and 20 percent believe they simply don’t need it.1 Educating members about the costs and benefits of life insurance is crucial to debunking assumptions and helping them find the best policy — all of which creates a better overall experience.

  • Easy-to-use online tools put members in control. By giving members the ability to plug in their unique numbers and select a policy based on their budget, credit unions will help usher those members down the path of purchase, and build trust and loyalty along the way.
  • Making product explanations more digestible will help members easily find the right policy.
  • Credit unions will reap the benefits of having a life insurance provider that seamlessly connects the cost and benefit comparisons to the online application.

Protect more members

Simplified insurance options allow members to more easily achieve the peace of mind and financial protection they expect from your credit union.