Middle Markets: Buying Life Insurance in One Sitting
February  2015

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After decades of focusing on upper income markets, many life insurers are looking to middle income markets for growth. They are introducing new processes and distribution models to improve the buying experience for both agent and consumer.

If the middle market is the prize, then transformational underwriting is the ticket. SCOR is working with several carriers now, helping them reinvent underwriting protocols to simplify and speed up processes with minimal or no mortality slippage. We are building data driven solutions that allow consumers to purchase life insurance in one sitting, an achievement that completely transforms the buying experience.

The middle market offers enormous potential for carriers who successfully utilize technology, mortality analytics and data to underwrite new business, and we are confident that these programs can extend beyond the traditional middle market customer. As a reinsurer, SCOR has been developing programs for clients for several years and participating as a partner to mitigate potentially higher risks associated with new products and processes.

Our investment in real-time underwriting and predictive analytics keeps SCOR at the forefront of point-of-sale policyholder capture. Our Velogica platform has now processed more than 1.6 million applications. This unique system correlates electronic data along with application data to underwrite in real time. The entire sale process typically takes less than 15 minutes. Velogica's sophisticated algorithm has been designed with the flexibility needed to accommodate new data sources as they become available on policy applications.

At SCOR, we continue to break ground in the use of computer algorithms, internal mortality experience and external data sources to empower an underwriting process that is fast and easy for consumers and producers and, at the same time, effective as a risk selection tool for insurers.