New MetLife Underwriting Tool Aims at Ease of Doing Business
Continuing the company's focus on making the life insurance application process less arduous, MetLife launched a new proprietary individual life insurance field underwriting tool, MetLife QuickPredict, which its producers can access by desktop, laptop, tablet, or smartphone.
The rules-based tool is designed to help representatives estimate rating classes through a series of anonymous questions. Clients continue answering questions until the end of the process or if the software identifies that a higher rating than "Preferred" is likely not possible.
"With MetLife QuickPredict, someone can leave my office with the knowledge that we've provided a more accurate estimate of the underwriting class for their life insurance policy," said Susan Maginn Christ, of Maginn Wealth Advisors in Indianapolis, part of the MetLife Premier Client Group, in a statement from the company. "One of the most frustrating things for life-insurance applicants is hearing back weeks later from a financial professional or insurance company underwriting department that the policy they have applied for will cost them more than they thought. It helps to build our credibility as financial professionals when we are able to estimate a more appropriate rate."
QuickPredict is solely as a guide and does not guarantee a rating class or that coverage will be issued, and is intended to obtain a rating class for use in an illustration to be provided to the client. The final rating class and qualification for coverage is still subject to underwriter appraisal.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio