things as colorectal cancer. Both of these practices have profound implications for insurability and can be addressed in the
context of teleinterviews.
We now know that healthful dietary choices, a regular pattern of leisure-time physical activity, getting adequate sleep,
and temperate alcohol use are additional components of this
spectrum. There’s equally abundant evidence showing us that
healthy adherers are less disposed to smoke (or, if they do
smoke, to consume fewer cigarettes), abuse drugs, or indulge
in a broad range of other insidious risk-taking behaviors.
It’s encouraging to see that U.K. insurers have taken the lead
in adding at least some of these considerations to their teleinterviews. Asian and Latin American insurers also report using them,
and the hope here is that this will catch on in North America.
Has teleunderwriting paid off in terms
of favorable mortality and morbidity?
In most markets, it’s still too soon to adequately measure the
extent to which teleunderwriting has affected the bottom line.
This said, hardly any respondents perceived a negative experience, and the vast majority said teleunderwriting has led to
favorable results in life insurance and even more so for morbidity products.
Among those with data, most reported that their proportion
of rated business increased somewhat with teleunderwriting
because of high rates of disclosure of risk-salient information.
Overall new business placement rates have also improved with
teleunderwriting, a trend attributed to both a steep drop in the
number of closed files and faster case approvals.
The most telling indicator of mortality is the impact of
teleunderwriting on reinsurer pricing. The survey suggests
that in most mature markets, reinsurers now offer substantial discounts when insurers adopt a best-practice approach
to teleinterview quality and other aspects of teleunderwriting.
does the teleinterview concept
have a role in claims as well?
A compelling case can be made for applying teleinterview principles to claims management.
Although, “teleclaims” are not yet widespread, some forward-thinking companies already use them to manage a claim from
the point of notification to the point of resolution. In Europe,
several companies report impressive results using teleinterviews
for critical-illness and disability-income claims management.
While these companies report immediate benefits of quality
of information and medical-evidence cost savings, it’s the difference in customer experience where the most impact is seen.
A well-conducted teleclaims interview is described by one
company as “truly brand-enhancing.” By initiating phone con-
tact at the earliest point, the claimant is comfortably guided
through the claims process and given the opportunity to explain
his or her individual situation, to which the insurer can respond
appropriately. Moreover, the claimant usually has one point of
contact throughout the process in case of a query or the need
for a progress update.
New Beginnings.
Aon Consulting is proud to announce the acquisition
of J.P. Morgan Compensation and Benefit Strategies,
a division of J.P. Morgan Retirement Plan Services, LLC.
This deal strengthens Aon Consulting’s retirement and
health care actuarial services.
What’s your next move?
Learn more about Aon Consulting by visiting
www.aon.com/human-capital-consulting.
