Announcing Turbo Term | A.I. Powered Instant Issue Term Life

[Northeast Agent]

Guarantee Trust Life Insurance Company

Insurtech Built for
Agent Distribution

Instant Issue Term Life Insurance from
GTL powered by Artificial Intelligence

Guarantee Trust Life Insurance Company has developed Turbo Term - an innovative instant issue term life insurance product to give your client's family the financial stability they need with the simplicity and speed you want.

With GTL's state-of-the-art underwriting platform powered by artificial intelligence, your clients won't have to worry about a long application process or uncomfortable medical exams. Simply answer a few questions and receive the affordable coverage they need in minutes!

• Level Term Lengths
  10, 15, 20, 25 & 30 year term
  
• Flexible Coverage Amounts
  $100,00 to $1,000,000
  
• Age Availability
  20-70 with coverage available to children

 

[Tahoe Ray]

Guarantee Trust Life Insurance Company

Insurtech Built for
Agent Distribution

Instant Issue Term Life Insurance from
GTL powered by Artificial Intelligence

Guarantee Trust Life Insurance Company has developed Turbo Term - an innovative instant issue term life insurance product to give your client's family the financial stability they need with the simplicity and speed you want.

With GTL's state-of-the-art underwriting platform powered by artificial intelligence, your clients won't have to worry about a long application process or uncomfortable medical exams. Simply answer a few questions and receive the affordable coverage they need in minutes!

• 
  
  
  • Level Term Lengths
    10, 15, 20, 25 & 30 year term
  • Flexible Coverage Amounts
    $100,00 to $1,000,000
  • Age Availability
    20-70 with coverage available to children

Rules-based computer underwriting is not the same thing as AI. It does sound buzzy and catchy though.

 

[Baseball7]

The continued death of black and white rx/mib underwriting.

 

[ehall2]

If the insured dies within the first two years I bet you the company will underwrite and try to find a way to deny.

 

[SusieQ2]

I've had a couple of clients knocked out of the preferred rating because of the lifestyle report the companies do with these instant decision cases or accelerated underwriting. Clients then went through full underwriting and got preferred. Seemed to be because of things like moving too many times, dings on their credit, etc. Sort of like the average American. Anyone else have anything like that? Seems to be getting a little worse now with inflation, etc.

 

[Tahoe Ray]

I've had a couple of clients knocked out of the preferred rating because of the lifestyle report the companies do with these instant decision cases or accelerated underwriting. Clients then went through full underwriting and got preferred. Seemed to be because of things like moving too many times, dings on their credit, etc. Sort of like the average American. Anyone else have anything like that? Seems to be getting a little worse now with inflation, etc.

Guessing it was a LexisNexis report.

I've had the same thing happen with other carriers.

 

[scagnt83]

Aren't many of them adding the lifestyle report to traditional UW as well? So no way around it with some carriers.

 

[scagnt83]

If the insured dies within the first two years I bet you the company will underwrite and try to find a way to deny.

Yep. Ive had carriers say they plan to investigate every claim in the first 2 years that was express UW.

From a business standpoint, it makes sense to do it that way vs. on the front end. Assuming you dont have too many major mistakes in UW decisions. Much fewer APS reports to order.

--

An interesting fact in all of this. Some carriers (I assume most) are "auditing" their automated UW decisions by randomly ordering APS reports for a certain number of policies to ensure accuracy of the system. It does not impact the client, even if the automated decision was way off. Its just an internal process to evaluate the accuracy of the program.

 

[scagnt83]

Guessing it was a LexisNexis report.

I've had the same thing happen with other carriers.

A person can actually freeze their LexisNexis profile and make it so carriers cant access it.

Obviously its going to get you kicked to full UW.

But for someone with lifestyle dings, it could prevent an adverse UW outcome.

I forget the other big data firm carriers use. But you can freeze that one too.

 

[scagnt83]

I've had a couple of clients knocked out of the preferred rating because of the lifestyle report the companies do with these instant decision cases or accelerated underwriting. Clients then went through full underwriting and got preferred. Seemed to be because of things like moving too many times, dings on their credit, etc. Sort of like the average American. Anyone else have anything like that? Seems to be getting a little worse now with inflation, etc.

Ive had the opposite happen as well.

Insured applies using trad UW with carrier A. Gets Standard due to bp reading on Paramed.

Applies to carrier B using automated UW. Gets Preferred.

Had he done a paramed and got the same bp reading as before, he would be Std with carrier B. But it was non-med so they didnt know.