The life insurance industry has been steadily in transition for years now. Over time, the industry has been relying on legacy systems and there have been very few changes in the distribution. Add to that a significant lack of new products, and we have an industry moving at a snail’s pace. In comparison, other industries have been able to transform their business model completely especially in terms of using the digital world.
One does not need to look far to experience this transformation. Amazon, the world’s largest online retailer has altered the world of retailing whereas Quicken Loans, the largest online retail mortgage lender has redefined the home mortgage industry.
Innovation is the norm these days, and companies actively pursuing it may channel their way into life insurance marketing soon. For now what seems like a possibility can become a reality in the future. In the near future, about five to 10 years from now, we might get to hear strange news. Here’s to give you a taste of what’s to come if we do not focus on innovation.
“Medical examinations complete in 3 days with quality services of MedEx”
Walgreens, the largest drug retailing company in the U.S., paves way for the medical examination market with the launch of MedEx, a service for providing medical exams for new business life insurance. The comprehensive range of services provided by MedEx consists of a basic exam to a complete detailed examination for an insurance carrier’s life clients at any of the 12,000 locations around the country.
Customers no longer are compelled to schedule an appointment and wait a week or two to get the results. Through a user ID and password assigned to each client, results can be easily retrieved online simply by visiting any location around the country. In addition, the information is automatically updated in the life insurance carrier’s underwriting system. This makes it easier to automatically review and issue it as per the underwriting decision tree, unless there is a flag for additional informational.
As a part of the Walgreens service, a client has signed approval forms for obtaining the doctor’s records whenever needed. Using the software, a doctor’s office can upload the records to a secured site and notify the life company for obtaining it.
MedEx even provides clients the opportunity to evaluate the service provided to them. As each customer receives their results, a customer survey form is sent for reviewing the service. Based on the customer feedback from the survey, MedEx is reimbursed for its services. For instance, if they receive a high score of 10, they are paid 110 percent of the fees.
Due to this new game changer, the medical examinations cycle can be completed in three days, starting from the initial appointment to the time the results are completed. Following suit, Target and CVS Caremark have announced expansion into the medical examination business as well.
“Amazon.com launches Amazon life insurance”
Giant online retailer Amazon diversifies into life insurance with the launch of Amazon Life (ALife) — a life insurance company that deals with term insurance. The move is being viewed as a game changer in the industry as it is based on a customer’s point of view of obtaining a life insurance policy.