This report uses the CB Insights Execution Strength & Positioning (ESP) Matrix to analyze vendors that deliver underwriting data platforms in life insurance.
Why are underwriting data platforms so critical?
- Gathering applicant data and pricing life insurance policies is costly for insurers
while being a long process for customers. Underwriting data platforms for life insurance connect to health data sources so that applicants can buy a policy in minutes rather than weeks.
- Covid-19 and lockdowns made the traditional life insurance underwriting process — which often includes an in-person medical exam — difficult to administer and undesirable for customers. A number of insurers partnered with underwriting data platform companies to continue underwriting new policies.
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What key outcomes do underwriting data platforms drive?
- Provide customers with instant quotes
- Increased application volume
- Increased policy conversion rates
- Improved underwriting results/better model results
- Reduce underwriter hours spent per application
- Improved customer experience and engagement metrics
Who are the underwriting data platform vendors?
To improve underwriting efforts, life insurers are increasingly looking to technology vendors that can help them manage applicant health data (e.g., electronic health records, medical claims records, and wearable data).
We surveyed the players in this space and have mapped the leading players using our ESP research methodology into 1 of 4 categories: Leaders, Outperformers, Highfliers, and Challengers.
The technology vendors that are ultimately featured in this ESP Vendor Assessment include:
What companies are adopting underwriting data platforms?
In this ESP Vendor Assessment, we look at which companies have adopted underwriting data platforms and mention organizations including:
- AAA Life Insurance
- Hannover Re
- John Hancock
- New York Life
- Swiss Re
What roles or functions are buying underwriting data platforms?
In our discussions with underwriting data platform vendors and buyers, decisions and influence for these decisions often reside with the below functions or businesses and with these specific titles:
- Underwriting — Chief underwriter/VP of underwriting
- Product design — Chief product officer/VP of product
- Innovation — Chief innovation officer
- Data & analytics — Head of analytics/VP of analytics
- Actuarial — Chief risk officer
- Marketing — Chief marketing officer
Want to dig deeper into the underwriting data platform market?
CB Insights clients can download the entire 43-page ESP report using the sidebar to see our full analysis of this technology market.
The full report includes discussion of:
- Market need & traction
- Market stats & data
- Rich company profiles
- Insights into customer/peer adoption
If you are looking to understand the underwriting data platform vendor landscape, readying your org for an RFP, or initiating any type of vendor selection process, download this ESP Vendor Assessment.