Technology is cutting the chains that once shackled life underwriters to the home office.
Today, 38% of life insurers and life reinsurers say they use remote underwriters, according to Eli Rowe, chief executive of Parameds.com Inc., Kew Gardens, N.Y.
About 77% of the remote underwriters work at least 30 hours a week, Rowe said here at a meeting of the Metropolitan Underwriters Discussion Group.
Rowe, who based his statistics on a survey of 56 large and midsize life insurers and 7 large and midsize life reinsurers, said he expects use of remote underwriting to increase over the next few years.
“There are an alarming number of experienced underwriters that are reaching retirement age,” Rowe noted.