MetLife Rules-Based Field Underwriting Tool Speeds Estimates

QuickPredict is designed to maximize the user experience of financial professionals and clients while providing more accurate rating class estimates on the spot.

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MetLife has launched QuickPredict, a proprietary individual life insurance field underwriting tools designed to improve customer service in the distribution process. A rules-based tool designed to maximize ease of use, QuickPredict estimates a client’s likely rating class in what MetLife describes as a simple-to-use, online format viewable on computer, tablet or smart phone, enabling financial professionals to provide more accurate policy premium estimates.

Susan Maginn Christ, Financial Representative, Maginn Wealth Advisors.

Susan Maginn Christ, Financial Representative, Maginn Wealth Advisors.

The new tool identifies lifestyle and health-related factors that have the greatest bearing on rating class without the need to enter the applicant’s name or any identifying personal information, according to a MetLife statement. The software guides representatives to lead clients through a short series of questions, and if an answer prevents a Preferred or better rating class, the tool will stop and indicate that a better rating class is likely not possible. Alternatively, in the absence of a triggering answer, the tool will identify the best possible rating class when the questions have been answered.

“With MetLife QuickPredict, someone can leave my office with the knowledge that we’ve provided a more accurate estimate of the underwriting class for their life insurance policy,” comments Susan Maginn Christ, of Maginn Wealth Advisors in Indianapolis, IN, part of the MetLife Premier Client Group. “One of the most frustrating things for life-insurance applicants is hearing back weeks later from a financial professional or insurance company underwriting department that the policy they have applied for will cost them more than they thought. It helps to build our credibility as financial professionals when we are able to estimate a more appropriate rate. It’s customer centricity in action, for both applicants and for financial professionals.”

“It’s anonymous, it’s quick, it’s easy, and it provides more transparency in the underwriting process, which helps to cement trust between clients and producers,” Christ adds. “Having tested it with actual clients in the field I am looking forward to providing clients a more accurate policy premium estimate.”

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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