MetLife Offering Web-Based, No-Exam Life Insurance
To operate more efficiently, banks and insurance companies are usually at the forefront of computing technology. Although the banking industry has embraced web technology as a way to interact with customers, the life insurance industry has not — until now.
Prospective MetLife life insurance customers can now shop for coverage online, thanks to the insurance company’s latest online product.
Simplified MetLife Life Insurance on The Web
InsuranceTechÂ reported on a new MetLife life insurance initiative focused on making it easier for young individuals to purchase coverage. Currently available via telephone, MetLife plans to bring its Simplified Issue Term policy to the web for customer convenience. The policy offers up to $100,000 in term life insurance to those who qualify.
The application for Simplified Term insurance still asks applicants health-related questions, but it doesn’t require a health exam. Typically, a health insurance policy without an exam is more costly. However,Â MetLife life insurance manages to offer affordable life insurance rates by leveraging other sources of data to obtain documented health information about the applicant.
Sources like the Department of Motor Vehicles, pharmacies and the nonprofit Medical Information Bureau, helps insurance companies confirm information reported by applicants.
No-Exam Policies Without High Life Insurance Rates
By leveraging information that already exists for each applicant, MetLife hopes to make the application process more convenient. Customers skip the required exam, which can delay coverage approval for up to six weeks, without sacrificing price.
The Deloitte Center for Financial Services,Â a financial services research company, agrees that life insurance companies should leverage today’s technology.
In a recent press release announcing research on the future of life insurance, Deloitte said, “In particular, digital strategies that more closely engage policyholders and improve customer experience are no longer aspirations, but necessities in a mobile-driven culture and economy.”
As services like online MetLife life insurance roll out, consumers can expect simplified life insurance applications for term coverage. But more complex insurance policies are likely to continue requiring in-depth analysis.
Photo credit: Antonio Campoy