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THE ULTIMATE FILTER: Tele-underwriting
The outlook on underwriting and new business procurement has been challenged since the implementation of Section 45 of Insurance Act 1938. Prudent underwriting has once again regained its value not only in the Life insurance ecosystem but in health and CI products as well.
The entire success of a robust underwriting platform rests on the credibility of the proposal data +/- medicals done, basis which the decisions are taken. This is a certified nemesis of the underwriters.
The solution - Tele-underwriting!
Tele-underwriting, a path breaking underwriting innovation, is a streamlined, complete and intelligent fact finding tool. It aims to strengthen and eventually transform the traditional underwriting proposal completion process.
The anchor element of Tele-underwriting is the proprietary interview process based on a structured medico algorithm. Trained professionals who follow a structured protocol, aimed to collect key information to arrive at a sharp assessment, drive this.
70% insurers in the developed western markets like US, UK, Ireland, ANZ and South Africa use Tele-interviewing / Tele UW in some form or the other.
Tele-underwriting is effective in the Life Insurance segment to predict mortality. In the health insurance space & stand-alone CI products, it is perhaps the most efficient tool to predict morbidity. In both cases it can be used as a first filter, even prior to medical tests, to