Life insurers are moving toward 'jet' underwriting. (Technology).As marketing pressure pushes life insurance companies to provide better and faster service, insurers increasingly are turning to electronic methods to speed the application process. This search for efficiency has led to increased use of "jet underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. " the process of reviewing and approving applications in minimum time. Anecdotal anecdotal /an·ec·do·tal/ (an?ek-do´t'l) based on case histories rather than on controlled clinical trials. anecdotal adjective Unsubstantiated; occurring as single or isolated event. reports across the industry show that, on average, anywhere from 50% to 70% of initial applications within certain face-amounts can be "jet" approved. To help speed up matters, today's underwriters are learning to work without some of the traditional tools of the trade: doctors' exams, electrocardiograms, treadmill tests treadmill test Exercise stress test, see there chest x-rays chest x-ray, n an examination of the chest using x-rays. Routinely performed in patients complaining of chest pain to rule out respiratory or heart disease. chest X-ray Chest film, see there or traditional inspection reports, said Hank George, founder and chairman of the International Underwriting Congress, a global underwriting committee. Instead, companies are using phone interviews to obtain both medical and personal information, George said. This means a higher percentage of cases is approved immediately, he said. Some companies already have moved into electronic processing. "Our company underwrites risks from $50,000 to $250,000, from ages 18 to 60 at standard rates, using a totally electronic system," said Tom McWilliams, chief underwriting officer at American Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . |
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