Technology Is Streamlining the Process of Issuing Life Insurance Policies
Life insurance is undergoing a renaissance of sorts. The industry is slowly transforming from one entrenched in the old-age archaism of paper and manual processes to one embracing digital technology and artificial intelligence, which benefits consumers via a more enjoyable sales experience and better product pricing. Companies have, within the last few years, digitized the application process and cut down on the number of questions they've had to ask consumers. Insurers are now able to gather some consumer data, such as prescription, credit and motor-vehicle information, from third-party sources. Now, rather than wait months to get a life insurance policy, some companies can issue fully underwritten policies — that is, those taking full medical history into account — within one to two weeks. A handful of more cutting-edge companies can issue them on the spot.