Carriers

Transforming life insurance into a lifetime of benefits

by Phil Williamson on September 18, 2018

An insurance company that has sensors on a customer’s water pipes to detect leaks? Or how about one that guarantees the aging population a spot in a retirement-type home? These are just a couple of customer loyalty benefits insurance companies in other countries are offering to their customers.

Now, let’s translate this into life insurance companies. What perks and benefits can a life insurer offer their applicants that shows them, “My life insurance company is a partner with me for life.”

I started my career in the life insurance space 11 years ago. However, I spent the last five years immersed with our life and health sciences team developing solutions for health insurers to help them improve their member outcomes. When the opportunity arose to come back to the life insurance industry last year, I didn’t hesitate. As I have traveled from industry events to customer meetings, continuously seeing new faces, I have realized many parallels between life insurers and health insurers.

Health plans aim to manage their aging population’s health and quality of life in order to prevent more healthcare claims. Similarly, life insurers want to improve their applicant’s mortality risk so they can protect their bottom line. The healthier applicants are, the longer they will live, and the fewer claims the insurer is likely to pay out. As part of a bigger healthcare company, Quest Diagnostics, it’s important for us to place an emphasis on individual health. We believe there is an opportunity for insurers to connect with their policy holders to help them adopt a healthier lifestyle.

Encouraging applicants to make their health a priority

Several years ago, we launched Inside Look®, which allows applicants to view their personal laboratory results online. To date, more than 2,700,000 applicants have viewed their results. This year, we introduced a new, comprehensive wellness report through InsideWellness®. Some have suggested that InsideWellness could be used as an annual health review for applicants. By offering an annual health review to your applicants, they continuously stay engaged with their health. Further, it continues to provide health insights to the insurer as well.

If labs were not drawn at the time of the initial application, underwriters would not be able to identify any health or activity changes that may be of concern. The annual health report could potentially identify new tobacco users, marijuana/drug use, obesity, diabetes, or other medical conditions. Using this as an annual review also helps ensure your policyholders are aware of any changing health risks.

Looking ahead

As we look to the future, it’s important we continue to evolve and that we never lose sight of the applicant. While life insurance may be a one-time purchase, it shouldn’t mean just a one-time meeting with your customer. It should be a policy for life that encourages applicants to manage all their risks – both financial and health-related.

First-hand experience about the importance of life insurance

by Stuart Smith on September 11, 2018

September is Life Insurance Awareness Month, an industry-wide campaign that educates people about the importance of protecting their loved ones with life insurance. I have had first-hand experience of how coverage or lack of coverage can change families’ lives.

Appreciation for protection early in my career

As I think about the significance of this campaign, I recall my early years in the Navy as a division officer. Over a period of years, I had the unfortunate duty of having to communicate on multiple occasions the loss of a service member’s life to their spouse and family. Although the Navy had a strong program of bereavement support and an ombudsmen program to ensure families were able to connect with appropriate support resources, it never seemed to be enough to manage the shock they felt over the loss of their loved ones. It also created an almost immediate anxiety for their future financial security.

Unfortunately, it was also the exception rather than the norm, where a service member had acquired appropriate insurance to provide financial protection for their families in the event of their death. On a personal level, it gave me a great appreciation for the need to plan for the unexpected. My wife and I took steps to ensure our family was protected financially.

As I continued my career outside of the Navy, and began a career in healthcare, I continued to experience instances where either having life insurance or not having life insurance had a significant impact on the families of colleagues or friends. So I have always personally appreciated the importance of life insurance but had never really understood the challenge and importance of reaching the very large segment of our population whose families remain unprotected.

Only 3 in 5 adults own life insurance.

Daily reminders of the importance of life insurance coverage

My time at ExamOne has changed that. It has helped me recognize the sheer volume of life insurance applications that are processed in a single day, while also understanding there are many more people who haven’t yet applied for coverage. According to a recent LIMRA study, only 3 in 5 adults own life insurance – there’s a very large segment of our country, which doesn’t have adequate protection for their families. I am honored to be associated with ExamOne and the life insurance industry. We are proud to support an industry whose noble mission is to ensure all families are provided the financial security and peace of mind afforded by life insurance.

Dedicated to increasing awareness

Throughout September, our teams are focused on increasing awareness. We offer 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 available throughout the month via the ExamOne website, social media and email channels. On the home front, we will be hosting an employee walk – in coordination with our theme of “Taking Steps to Protect”. Our employees work very hard throughout the week and this walk is an opportunity for some of them to step away from their desk, take a healthy brisk walk and learn more about health, wellness and safety topics.

While September is a special month-long recognition of the importance of life insurance, it’s crucial that we continue to provide our clients with insightful health data, behavioral data and personalized services throughout the year. This sense of purpose is why we show up to work each day. Our eagerness to help is something that won’t be limited to one month of awareness.

I recognized the value of life insurance many years ago, and now I am fortunate to be part of an organization that supports the very important and noble mission of providing this protection to families on a daily basis.

 

September celebrates Life Insurance Awareness Month

August 31, 2018 Brokers

As a leading provider of decision support products for life insurers, we are excited to support one of the industry’s important initiatives – Life Insurance Awareness Month (LIAM). Today, nearly 60% of adults own some type of life insurance, but research shows the coverage they have may not be enough. More than one-third of all […]

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The rise in workforce drug positivity may be a concern among the life insurance population

June 22, 2018 Carriers

2018 Quest Diagnostics Drug Testing Index™ The 2018 Quest Diagnostics Drug Testing Index™ (DTI) has been released and workforce drug positivity remained at the highest rate we’ve seen in a decade. The positivity rate held steady at 4.2 percent which was the same in 2016. One of the biggest shifts in drug positivity was seen […]

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Insights that help insurers improve precision underwriting in the life insurance market

May 31, 2018 Carriers

At the recent Association of Home Office Underwriters (AHOU) meeting, Executive Vice President, Betsy Sears, shared insight that our data analytics team has collected and analyzed comparing self-disclosure to positive confirmations of various laboratory tests. Our insurance clients tell us consistently that fraud is a top concern – whether intentional or unintentional applicant nondisclosure, it […]

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Deaths of Despair: As premature deaths rise, insurers may want to evaluate their pricing strategy

May 15, 2018 Carriers

“Deaths of Despair,” an article recently appearing in the Wall Street Journal (WSJ), should have red flags flying throughout the underwriting community. As reported in the Journal, among individuals 20-55 years of age “substance abuse, suicides, and diabetes drove a rise in premature deaths in nearly half of the U.S.” The WSJ data, originally published […]

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2017 Applicant Survey Results: Making life insurance exams easier for applicants

April 17, 2018 #Committed2 You

  At ExamOne we are constantly looking for ways to improve the quality of our services and give your applicants a happier exam experience. One invaluable way for us to identify customer expectations, measure satisfaction levels, and uncover specific areas for improvement to the life insurance exam experience is through survey responses received from your […]

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Thanks for the memories

January 11, 2018 Carriers

There’s something about turning over the calendar page that makes us want to reflect. As we look ahead to an exciting 2018, it’s also a great time to look back on the journey we’ve taken with you — our clients — last year. Watch a special “Thank You” to our partners who are dedicated to […]

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Three ways we put people first during the exam

January 2, 2018 Carriers

ExamOne is committed to developing solutions that not only assist our clients and partners in meeting their business goals, but also enable individuals to become better informed about their health and empower them to lead the lives they want to live. That’s why we take great care in fine-tuning our exam experience so it is […]

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Holiday shopping for life insurance? The purchasing habits for 3 generations of consumers

December 21, 2017 Applicants

More than 174 million Americans purchased gifts between Black Friday and Cyber Monday this year — and millions more will before the end of the year. Shopping has become synonymous with the holidays for consumers of all ages. From older buyers being loyal to their favorite brands, to younger people doing extensive research online, seasonal […]

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