Data is the way of the future. It’s changing everything around us including insurance underwriting.

In recent years insurance companies have been starting to offer no exam or accelerated underwriting (AU) to qualifying customers to improve the insurance sign up process. In the past, most life insurance applications involved a medical exam which generally involved uncomfortable examinations, including blood and urine samples, ECG, height and weight and more. The  process typically took between two and four weeks.  To overcome this, companies have begun to use several types of consumer reporting data to accomplish this- obviously with your consent. Using AI, a computer collects the relevant information and calculates the expected life expectancy based on the information it finds. The information collected usually includes: medical history, prescription history, driving record, occupation, credit score, financial health, and lifestyle. Typically, these underwriting decisions can be decided in as little as a few minutes to a few days, depending on the carrier.

Not all No Exam types are the same. Each carrier has their own AU practices which result in several different underwriting requirements and time frames. Carriers AU decisions are typically decided between 3 minutes and several days.  Likewise, different carriers have different AU medical requirements.

No-Exam policies are a great innovation however in order to qualify, you would need to qualify for one of the higher health classes.