Tele-Underwriting
MorganAsh collect “intelligent information” on applicants for life and health insurance, forming long-term outsourcing partnerships with life and health insurance companies, to improve their new business acquisition process, reduce costs, increase revenues and improve customer satisfaction.
MorganAsh provide high quality tele-underwriting and innovative non-invasive medical testing in addition to traditional medical information services. These services although highly complementary can be deployed separately as required.
MorganAsh services are designed to bring value to all areas of product acquisition; customers enjoy a simpler, fairer and faster process avoiding the arduous task of long application forms; agents and IFA's similarly enjoy an effortless and faster process allowing them to concentrate on their core skills with the consumer; insurers reduce acquisition costs and improve protective value; re-insurers take on quality business improving mortality profits; legislative bodies favour increasing objectivity and transparency provided.
Overview
Tele-interviewing provides benefits to all areas of the business process:
- applicants enjoy a simpler, fairer and faster process, removing the arduous task of completing long application forms
- advisors enjoy an effortless and faster process, removing much of the onerous regulatory responsibility and allowing them to concentrate on selling and advising on products
- insurers reduce acquisition and reinsurance costs and improve the quality of their business
- reinsurers take on better quality business, improving mortality profits
- legislative and regulatory bodies favour the use of objective and validated information for risk management with improved transparency and audit trail
Tele-underwriting is the use of a telephone interview as the primary means of gathering risk-related information about an applicant for life and health assurance. It is a concept that evolved in the US over 18 years ago and started in the UK and Ireland in 2004. It is now growing in many areas of the world including, Asia, Europe as well as north America.
Revenue benefits
- increasing the number of policies and the speed at which they are placed on the book
- reducing the amount of ‘not taken up’ applications due to pipeline delays and consumer disinterest
- taking advantage of reinsurance discounts linked to better risk information
- increased premiums from more higher rates cases from disclosures and increased numbers of smokers
Cost saving benefits
- reducing overall new business administration costs
- reducing underwriting costs
- reducing the number of incomplete applications
- reducing the number of expensive GPR’s by up to 70%