BLOGS. October 7, 2022
Group Life Insurers: Enhanced EOI Improves Premiums, Satisfaction
Just how significant is a seamless “evidence of insurability” (EOI) submission experience in accelerating policy issuance and premium revenue? In the second quarter of 2022, SS&C’s BRIX platform passed the milestone of 2 million individual EOI applications submitted since 2007. The amount of coverage that was pending EOI and underwriting decisions on those applications was more than $260 billion, representing slightly more than half of the requested coverage in aggregate. Imagine how much in uncollected premiums would have been left on the table had a significant percentage of those applicants abandoned the EOI process because it was too slow or clumsy.
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