Vitality has revealed the industry’s first ever automated underwriting tool for fully medically underwritten (FMU) individual health insurance applications.
This reflects Vitality and its commitment to ease of experience for customers and advisers.
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The automated underwriting tool from Vitality will boost speed and experience in the application process with immediate FMU decisions.
In addition, it will process the majority of applications without the need for an in-person review.
Complex applications will continue to be reviewed by Vitality’s expert underwriting team, who can provide specialist support, guidance and answers to any questions advisers or their clients might have.
Keith Klintworth, managing director, VitalityHealth said: “Technology provides us with many opportunities to improve and speed up processes within our services and systems and further support advisers. The introduction of this new digital underwriting tool demonstrates how we are further embedding technology into our products, further streamlining the process and making it easier for customers to access and understand our health insurance.”
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By GlobalDataKim Powell, partnership manager at Active Quote added: “This change will completely transform the underwriting process for Full Medical Underwritten (FMU) applications. In embedding and using technology in this way, Vitality have been able to make the process faster and easier, giving a more positive experience for the customer. This in turn will make FMU underwriting more appropriate and appealing to a wider range of customers.”
Unemployment was the biggest reason to cancel one’s life insurance policy according to research from Vitality.
13% stated unemployment was the biggest reason to cancel life insurance coverage, followed by inflation (12%) and children needing financial help (9%).
However, 56% of those surveyed claimed they would never consider cancelling their life insurance policy.
In addition, the results found a correlation between life insurance, unemployment and financial security with 67% saying they would reinstate a cancelled policy if their finances improved.
