Home > Resources > Articles > What are life insurance underwriting classes, and why do they matter?

What are life insurance underwriting classes, and why do they matter?

Before we begin today, a quick refresher. Life insurance provides financial protection for your loved ones in the event of your death. A life insurance policy usually pays a guaranteed amount of money (a death benefit) that can assist your family at a time they would need it most.You probably knew all that already, but we wanted to recap before addressing the question that this article is going to answer. Basically, when you apply for life insurance, you’re put into what’s called an underwriting class. Those classes are determined, in part, by your health, your occupation, your hobbies and your family’s history of illness. That said, they can seem a bit mysterious from the outside, so we wanted to shine a little light on what they are, how they work, and how they can affect you (and vice versa).Phew. We’re glad that’s out of the way. Now, let’s commence with the light-shining, shall we?

Spotlight

Wardlaw Claims Service, LLC

Wardlaw Claims Service is an industry-leading claims management and risk solutions firm founded in 1965. Today, we remain one of the largest privately held IA firms in the industry. No large conglomerates here! Our clients experience personalized services tailored to the nature of their risk management needs. Our services range from Daily & Catastrophe Field Adjusting in Residential and Commercial Property to Desk Adjusting, Auto Appraisal, Casualty & Liability, Emergency Services Invoice Reviews and more. We use industry leading claims technology to best serve our clients and their policyholders with INTEGRITY, ACCURACY & EXCELLENCE.

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Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.

Read More
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3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

Policy management assists insurance companies in staying on track to meet their client objectives by selling more policies and collecting more premiums. However, organizations using inadequate or fractured policy management software may be leaving a lot on the table. According to a study by Accenture, automation could save the insurance industry a cumulative $5-7 billion. Are you facing hurdles in processing policies? Are some of the tasks like policy renewal, policy issuance, policy binding etc., that are supposedly automated still taking up time and resources away from the company? If so, it might be time to rethink your policy management. Here are three signs to look out for when this happens. There are Hiccups in Your Policy Processing Processes Being able to make universal changes and synergize different processes is a crucial aspect of policy management. If your insurance policy management tool isn’t able to keep up with the information or automate tasks like making updates and syncing information in real-time, it may be time to reconsider it and seek a solution that integrates Robotic Process Automation, or RPA. RPA tools enable organizations to reduce processing time for issuing, updating and cancelling a policy. The Underwriting Stage Takes Up a Lot of Time Underwriting can be a tedious, time-consuming process. With modern policy management solutions, it is possible to automate a number of tasks within underwriting. If your application is contributing to negligible or no reduction in the time it takes for underwriters to process everything. From the applicant’s credit history and scores to savings and loos-run reports, the underwriter needs to manually process this data. However, before that, the data needs to be reached in a streamlined manner. If your platform doesn’t support intelligent automation, digitalizing the underwriting process isn’t possible, in turn hampering the ability to access information when needed. It is Difficult to Keep Up with Claims Processing Claims management is an integral part of any insurance workflow, and its automation adds immense business value. If your claim settlement process is slow, filled with bottlenecks, and is impacting consumer experience, your existing platform isn’t doing any favours. Advanced claims processing solutions let you integrate features that align with the workflows of the insurer. Customer Experience Isn’t Up to the Mark Poor policy management processes are always reflected in the overall customer experience. Are you inundated with customer complaints, feedback about slow processing, and injured employee morale from poor performance and higher work load? The key is to take a good look at your current workflow and how it is affecting the end consumer. In a high-stress service like insurance, nothing less than an impeccable customer experience is a base expectation. The lack of responsiveness in your communication can result in a high customer churn rate. With a good policy management solution, your teams are able to stay on track and automate tasks when needed in order to keep customers updated. Final Word The insurance sector is a fast-paced business world and requires insurtech solutions that can handle the tremendous pressures and demands of customers. The four signs indicate that it might be time to introspect and, if needed, jumpstart your digital transformation journey.

Read More
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8 POS Software Trends for 2022: New Forecasts and What's Next

Article | July 11, 2022

Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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Spotlight

Wardlaw Claims Service, LLC

Wardlaw Claims Service is an industry-leading claims management and risk solutions firm founded in 1965. Today, we remain one of the largest privately held IA firms in the industry. No large conglomerates here! Our clients experience personalized services tailored to the nature of their risk management needs. Our services range from Daily & Catastrophe Field Adjusting in Residential and Commercial Property to Desk Adjusting, Auto Appraisal, Casualty & Liability, Emergency Services Invoice Reviews and more. We use industry leading claims technology to best serve our clients and their policyholders with INTEGRITY, ACCURACY & EXCELLENCE.

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PR Newswire | January 29, 2024

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PR Newswire | January 29, 2024

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Business Wire | January 29, 2024

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AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

Read More

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Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Read More

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Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

Read More

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