In a one-click shopping world with on-demand everything, the life insurance application process is antiquated. Customers provide extensive information to identify risk classification and eligibility, including scheduling medical exams, a process that takes an average of 30 days. People are turned off. That’s why only 40% of U.S. households own individual life insurance.
To develop a predictive model that is quicker, less labor-intensive for new and existing customers and to accurately classifies risk using an automated approach.