Competitive forces and not-to-be-missed opportunities are driving many insurers, and should be driving all insurers, to reexamine the underwriting process. To launch compelling new products and enter new channels and markets, new and enhanced capabilities are needed in underwriting.

A number of life insurers have implemented innovative solutions that reduce the cost, complexity, and time to assess a risk and issue a policy. These streamlining efforts are helping to enhance the experiences that agents have in doing business with the insurer and give consumers the purchasing speed and simplicity they want. Underwriters are finding that more efficiency improves the quality of the job and offers expanded job opportunities.

Many streamlining solutions have not been widely adopted in the life insurance industry. As the life insurance market continues to evolve, the underwriting function must keep pace. Insurers who ignore this imperative almost certainly imperil future profits.