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3 Highly Useful Disability Insurance Underwriting Advancements

The disability insurance industry isn’t the most fast-paced when it comes to technological advancements. That’s why it’s a big deal when carriers come out with new, streamlined processes. Here’s a roundup of recent changes you should be taking advantage of:

  • Simplified Issue

    • Up to $10,000/mo for IDI

    • Up to $25,000/mo for BOE

    • Up to $1MM for DI Buy/Sell

  • Electronic Health Records for IDI

  • eApps and our drop-ticket DingoApp

A huge positive outcome of the COVID economy is carriers’ willingness to write Simplified Issue coverage up to $10,000/month in individual DI benefits, $25,000/month for business overhead policies, and $1M for DI buy-sell. It’s never been easier to expedite a case through underwriting.

We encourage more people to take advantage of this. BOE and Buy-Sell are especially helpful products for small offices reliant on a rainmaker to feed the staff and their families. These Simplified Issue cases are subject to occupation class requirements and have a maximum age limit of 50 years for applicants.

For fully-underwritten cases, on the other hand, carriers have moved toward the use of Electronic Health Records. This noticeably expedites the underwriting process and gets your clients closer to an approval, faster. A top DI carrier reports “promising early results with the platforms that provide these complete records.”

Lastly, but definitely not least, most carriers have their own eApp (online application) so you and your clients don’t have to scan and email or fax for wet signatures anymore. Similarly, our in-house drop-ticket system, DingoApp, simplifies filling out the application even further—and we have made it available for both disability insurance and long-term care insurance products.

As a bonus point, some carriers are moving towards allowing the phone interview part of the application to be online, so virtually all of the application process can be done online.

What other technological advancements would you like to see in our industry? Policy delivery by drone?


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