Securian Boosts New Underwriting Approach

Securian Financial Group Inc. is giving a clear sign of happiness with its approach to speeding up the life insurance underwriting process.

The St. Paul, Minnesota-based life insurer says it will be expanding consumer access to its WriteFit accelerated life underwriting program.

(Related: How Well Does Accelerated Life Underwriting Really Work?)

The program will now be available to healthy applicants ages 50 and under who are applying for up to $2 million in coverage, and healthy applicants ages 51 through 60 who are applying for up to $1 million in coverage.

To be eligible for the process, applicants must qualify to be in Securian’s Preferred or Preferred Select health categories.

Securian has been making the accelerated underwriting process available to healthy consumers under 54 who were applying for up to $1 million in coverage since 2016.

For the 26,500 applications processed using the WriteFit program, approval times have averaged 24 hours, and applicant placements have been about 10% to 15% higher, Securian says.

Information about the effects of the program on claims was not immediately available.

About 82% of the consumers who applied for Securian life coverage in 2018 would have been eligible to use the WriteFit underwriting process under the new rules, Securian says.

Consumers who fall outside the WriteFit program guidelines can apply for coverage using the traditional application process, Securian says.

The WriteFit program does use data streams such as prescription drug records and Medical Information Bureau reports, along with financial information, court records, property records and motor vehicle reports.

The program also uses telephone interviews.

The program generally does not send people out to conduct in-person exams of the applicants or to collect blood samples.

— Read State Regulators Eye Life Accelerated Underwriting Programs, on ThinkAdvisor.

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