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

[Allen Trent]

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.

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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.

I do think some carriers have rescinded policies when they discover agregious misrepresentation. Heard one where e app & automated UW had someone listed as 170lbs but an audit discovered they were over 300

 

[scagnt83]

I do think some carriers have rescinded policies when they discover agregious misrepresentation. Heard one where e app & automated UW had someone listed as 170lbs but an audit discovered they were over 300

I think eventually clients will be required to take a picture of themselves during the process. Perhaps in a doorway for reference. It would be an easy way to eliminate stuff like that, and a computer program could scan the pics to see if the listed build seems plausible based on the pic.

 

[Allen Trent]

I think eventually clients will be required to take a picture of themselves during the process. Perhaps in a doorway for reference. It would be an easy way to eliminate stuff like that, and a computer program could scan the pics to see if the listed build seems plausible based on the pic.

My single friends tell me that there are filters that make people way thinner on dating sites, etc.

 

[Life Hawk]

I do think some carriers have rescinded policies when they discover agregious misrepresentation. Heard one where e app & automated UW had someone listed as 170lbs but an audit discovered they were over 300

Perhaps that was all just water retention?

 

[scagnt83]

I recently had someone tell me they lost weight since the policy we did 3 years ago .... turns out they gained 25 pounds. People lie, people forget, people test limits.

 

[Allen Trent]

I recently had someone tell me they lost weight since the policy we did 3 years ago .... turns out they gained 25 pounds. People lie, people forget, people test limits.

in their defense, is it possible you put their weight 40 lbs lower than actual 3 years ago & now they lost 15lbs, but are still above the weight you listed them as?????LOL

Agents will do anything for a sale

 

[WinoBlues]

Agents will do anything for a sale

I have run into more than a couple.

 

[WinoBlues]

I recently had someone tell me they lost weight since the policy we did 3 years ago .... turns out they gained 25 pounds. People lie, people forget, people test limits.

I get a DL copy on most apps. Many times during quoting. I am surprised at the differences between what they tell me on HT, WT and the picture.

 

[Markthebroker]

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

Everything with technology now is "AI", just like how now everything that isn't junk food is a "superfood".

 

[Chazm]

I just applied for the “AI” turbo term today, on myself.
43 NS, no meds ever prescribed. 6’2” 210lbs.
$400k for 20 years. No abnormal test and I go once a year for an annual exam (that I had to list as a condition).

I hit submit and it says, app has been sent to processing and someone at GTL will call you.
So much for instant decision.