A simpler and more streamlined underwriting process which often relies heavily on the use of “big data” analytics and predictive modeling to assess an applicant’s risk and eligibility for life insurance coverage.
An insurance company may use data sources like credit reports, motor vehicle records, the Medical Information Bureau, RxCheck, and data obtained from LexisNexis to help assess an applicant’s risk. Then they may use predictive analytics tools to segment and price the applicant’s risk to the insurer.
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