Life insurance providers often need to obtain medical records and/or attending physician statements as part of their underwriting process. This step in the underwriting process can often lead to significant delays in policy issuance and/or inability to complete the underwriting process.
Additionally, the operational workflows necessary to administer this reconciliation is extremely manual and costly. This leaves insurance producers (agents) and prospective clients frustrated in dealing with the underwriting process. It can also lead to higher policy issuance costs and/or lost business opportunities for the insurance provider.