Unbundled Risk Assessment Will Streamline The Sales Process.(life insurance)

National Underwriter Life & Health-Financial Services Edition, September, 2001 by Bakos, Tom

In part, life insurance has to be sold because it can't be bought like any other product. It is one of the very few products available that a consumer has to qualify for after it has been sold. There is a way to streamline the life insurance sales process so that buying a fully underwritten life insurance policy is not such a hassle.

Here's how life insurance sales happen now: (1) the agent makes the sale; (2) he submits the application to the insurance company; and (3) then the underwriting process is begun. While underwriting is necessary for effective risk classification and fairly priced products, the frustrating friction it creates does not need to be part of the sales process.

The most time-consuming part of the sale should be the time it takes...

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