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Northwestern Mutual announces accelerated underwriting capabilities

In View Summary

In the US, Northwestern Mutual has deployed advanced analytics and predictive modelling to boost its underwriting processes for disability insurance product applications.

Using advanced analytics, historical data and predictive underwriting models helps reduce the underwriting time for life policies considerably, in some cases it has reduced underwriting time from 28 days to one day. Now this has been extended to disability insurance.

The time reduction is achieved using an intuitive application, a client-completed medical history questionnaire and also eliminates the need for medical tests and records for approved cases. The questionnaire is easy to fill and can be done at the customer’s convenience, securely and privately. The process becomes easy and can help in freeing up time for complex cases.

We are continuously looking for ways to create a client experience that simplifies processes at every step of the financial planning journey. Accelerated underwriting streamlines the application process and reduces the underwriting approval time while still maintaining our long-term product value. We can now provide this same seamless, digital purchase experience for a subset of disability insurance applicants.” said John Grogan, chief Product and Innovation Officer, Northwestern Mutual.

The Digital Insurer's View

Usage of AI, Advanced Analytics and Predictive Modelling in underwriting platforms is a technological trend that many insurers are already deploying. The most recent examples are Aon and Zesti.Ai’s partnership and Kyobo Life’s AI based underwriting system.

This growing trend is coming from the demand of customers for simpler underwriting, better pricing and a superior claims experience. The technology helps customers by reducing onboarding times, reduces claim settlement time and for insurers it helps in reducing fraud and improves customer acquisition and retention times.

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