Accelerated underwriting is one of the fastest growing sectors
of the life insurance industry and has allowed both traditional
life insurance companies and insurtechs to forego medical exams to
reduce the life insurance underwriting process from as long as 12
weeks down to 48 hours. However, as accelerated underwriting has
grown in size it has drawn increased regulatory scrutiny. The
National Association of Insurance Commissioners (NAIC) recently
formed the Accelerated Underwriting (A) Working
Group to look into developing new regulations for the
industry.
Accelerated underwriting was only first introduced in 2011 but
has since grown in popularity as insurtechs as well as other life
insurance companies see it as an opportunity to increase access to
life insurance while also improving the consumer experience.
Traditionally, in order to obtain a life insurance policy, an
applicant would need to submit to an in-person medical exam in
which they were required to provide
