QUI™ increases accuracy gathering disclosures during the insurance buying process.
iCover's proprietary logic cross examines data to reveal un/under disclosures.
AI / Algorithms quantify confidence in the combined information to predict mortality.
With 21%+ of life insurance apps containing misleading information, how can you make accurate offers? Data helps, but you still must ask the consumer questions… and the approach you take makes all the difference! Underwriting Rules Engines use reflexive questions, which lead to a sub-par online experience with higher abandonment, lower STP and more inaccurate or irrelevant information.
iCover uses QUI™, a behavior-based approach to questioning integrated with our life insurance eApp and algorithmic underwriting platform. A 5-minute intuitive digital buying experience with no reflexing.
Increase disclosures by making it easier for consumers to answer questions.
Reduce uncomfortable nature of asking sensitive questions.
Enhance and optimize the online insurance buying journey.
Drive better online engagements whether via call center, agent, d2c.
Questionnaire design is a multistage process that requires attention to many details at once. Because surveys can ask about topics in varying degrees of detail, questions can be asked in different ways, and questions asked earlier in a survey may influence how people respond to later questions.
As the industry continues to adopt DTC application methods, understanding the psychology underlying these behaviors may help insurers design applications and processes that minimize the possibility of mis- or non-disclosure while improving customer journeys.
A study of personal and medical disclosures made by retail customers to a commercial life insurer reveals that customers screened for insurance assissted by a financial adviser considerably under-disclose by comparison to when screened by the insurer. The pattern of under-disclosure is consistent across all areas.
Real.Simple.Insurance
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