Brokers

In the fall of 2018, ExamOne launched our expanded exam center network by adding hundreds of Quest Diagnostics® Patient Service Centers (PSC) to our life insurance exam network. This year we’re adding even more Quest locations to provide convenient options for life insurance applicants across the country. With access to more than 2,000 exam center locations, life insurance applicants have the convenience of choice not found anywhere else in the industry.

Exam centers deliver higher completion rates and faster turnaround times

Based on an analysis of exams completed between January 1 and August 31, 2019, those completed in-center (at an ExamOne office or Quest PSC) showed the highest completion rates and fastest turnaround times. Exams scheduled at an exam center were, on average, completed 90% of the time, compared to 73% for mobile exams. Additionally, exams were completed in less than 11 days at in-center locations, compared to over 12 days for mobile.

In-center exams compared to mobile exams

Analysis by generation

In-center exams show the highest completion rates across all generations, with 90% of scheduled in-center exams being completed among millennials and Gen Xers, compared to completion rates for mobile exams at 77% and 74%, respectively. The greatest difference in completion rates appears in the older age groups. This could be attributed to a greater sense of comfort in visiting a medical office if individuals in the two older generations visit PSCs regularly for other age-related health screenings.

Completion rates by generation

Exam center options deliver faster turnaround times for all generations in comparison to mobile, but we see the fastest results in the two oldest generations, with just 7.2 days for the silent generation. It is possible this is related to the applicant’s daily schedule when considering that many in this generation are likely retired or working part-time, while baby boomers are moving closer to that stage of life as well.

Turnaround times by generation

Interestingly, there was little to no difference in both completion rates and turnaround time when comparing gender within these generations.

Analysis by face amount

Completion rates and turnaround times also vary across face amounts. For reference, in 2018 the average face amount of policies for which exams were completed by ExamOne was $500,279, while the median was $250,000. Again, we see exam centers consistently deliver higher completion rates in comparison to mobile exams.

Completion rates by face amount

Turnaround times for exam centers are generally more than one day faster than mobile. Additionally, higher value policies are correlated with the fastest turnaround times, as face amounts over $1 million average a 10.7 day turnaround.

Turnaround time by face amount

Applicants want convenient choices

Applicant choice is also an important factor to consider when it comes to the location of the exam. Between January and August 2019, nearly 6,000 life insurance applicants completed ExamOne’s applicant satisfaction survey after their exam at an ExamOne or Quest office. Of those, 48% said they chose the in-center location because it was the most convenient place for them. Others indicated the in-center locations offered the best appointment time for their schedule (19%), or that they felt most comfortable completing the exam there (15%).

Learn more about our expanding exam center network.

In September our industry celebrated Life Insurance Awareness Month (LIAM). We hope you joined us in spreading the word about the financial importance of life insurance. Here are a few ways ExamOne celebrated LIAM in 2019.

Increasing awareness Throughout September, our teams focused on increasing awareness on the importance of life insurance. We offered educational videos and materials that agents can give to their clients to highlight the value of life insurance and living a healthy lifestyle. These resources are still available on our website, blog and social media.

Stepping it up On the home front, we hosted employee walks in coordination with our theme, “Taking Steps to Protect”. This walk provides employees an opportunity to step away from their desks, take a healthy, brisk walk and learn more ways they can protect their loved ones.  

Rewarding double loyalty points To show our appreciation for your business, we rewarded double loyalty points* in celebration of LIAM. For every completed exam ordered online, we deposited two points to users’ profiles. Learn more about our loyalty program and how to redeem your leads. 

Color therapy Thank you for sharing your creative side with us this month.It was great to see all of the participation in showing support for life insurance with our LIAM coloring page this year.

While September was a special month-long recognition of the importance of life insurance, throughout the year it’s important that we continue to innovate and provide tools that make the life insurance journey easier for applicants.  

*Terms and conditions: Subject to carrier participation. Orders must be placed on ExamOne’s online portal.

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Spend more time with applicants when you order online

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Recent scheduling enhancements place an emphasis on the applicant experience

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Customer survey update: How customer feedback empowers innovation

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Using feedback from our customer survey, we’ve put together six action plan teams to address key opportunities our customers highlighted. Find out what they’re working on now.

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IT leader brings extensive experience in consumer design, innovation and agile methodology

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Meet our IT leader, Eric Saul Executive Director, Software Engineering and Design Eric leads a team of technology professionals responsible for application development and solution delivery in support of ExamOne’s growing business services. He works across the ExamOne divisions as an innovation-focused servant leader, ensuring technology solutions fulfill business requirements and meet customer needs. Prior […]

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