Volume of EOI applications poses challenge for underwriters

Participants in the 2019 US Group Medical Evidence of Insurability Underwriting Survey from life/health and property/casualty reinsurer GenRe reported receiving a total of over 2.3 million EOI applications in 2018. The top challenges facing group medical underwriting departments are managing volume during peak times and technology deficiencies, said GenRe.

The survey focuses on how companies staff for and process Evidence of Insurability (EOI) applications, and provides companies an opportunity to benchmark their results against those of the industry. Twenty companies participated in this year’s survey.

The survey found that the average processing time for an EOI application is 11 business days. Many companies report having an automated or straight-through processing EOI system. However, a significant number of applications are still being reviewed by a medical underwriter.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

MS Amlin confirms exit from domestic UK P&C classes

Argo 2020 AGM brought forward to March

Starr Insurance hires Swiss Re exec to build new aviation unit

Ascot hires senior vice president, head of management liability from Liberty

Canopius bolsters political risk unit with underwriter hire from Acapella Syndicate

BILTIR membership grew by 11% in 2019 General insurers’ profitability set to be challenged in 2020

Global catastrophes caused $56bn insured losses in 2019 - Swiss Re Institute

Bank of England consults on climate risk stress testing proposals

Risk of a prolonged low yield environment is key challenge for European insurers

Don't miss our insurtech email newsletter - sign up today