NEW YORK--(BUSINESS WIRE)--MetLife today announced the launch of its proprietary individual life insurance field underwriting tool, MetLife QuickPredictsm, to help financial professionals improve their clients’ service experience. A rules-based tool designed for maximum ease of use, MetLife QuickPredict estimates a client’s likely rating class in a simple-to-use on line format – viewable on computer, tablet, or smartphone – allowing financial professionals to provide more accurate policy premium estimates.
“With MetLife QuickPredict, someone can leave my office with the knowledge that we’ve provided a more accurate estimate of the underwriting class for their life insurance policy,” said Susan Maginn Christ, of Maginn Wealth Advisors in Indianapolis, IN, part of the MetLife Premier Client Group. “One of the most frustrating things for life-insurance applicants is hearing back weeks later from a financial professional or insurance company underwriting department that the policy they have applied for will cost them more than they thought. It helps to build our credibility as financial professionals when we are able to estimate a more appropriate rate. It’s customer centricity in action, for both applicants and for financial professionals.”
MetLife QuickPredict ferrets out those lifestyle and health-related factors that have the greatest bearing on rating class. Financial representatives lead clients through a short series of questions. If the client gives an answer that would likely prevent a Preferred or better rating class , the tool will stop and indicate that a better rating class is likely not possible. If the client doesn’t give an answer that would prevent a better rating class, the tool will continue and identify their possible rating class at the end of the questions – all without the need to enter the applicant’s name or any identifying personal information.
“It’s anonymous, it’s quick, it’s easy, and it provides more transparency in the underwriting process, which helps to cement trust between clients and producers,” added Christ. “Having tested it with actual clients in the field I am looking forward to providing clients a more accurate policy premium estimate.”
MetLife QuickPredict is available to MetLife producers by desktop, laptop, tablet, or smartphone. Designed to help representatives estimate rating classes, the tool was rolled out nationwide in late September, 2014, to firms that sell MetLife’s life insurance products.
While the questions in this tool focus on the most common reasons a person may or may not qualify for an Elite or Preferred rating, MetLife QuickPredict should be used solely as a guide. It does not guarantee a rating class or that coverage will be issued, and is intended to obtain a rating class for use in an illustration to be provided to the client. The final rating class and qualification for coverage will be subject to underwriter appraisal. This tool does not address complex cases with multiple medical impairments or foreign residency, aviation, avocations or occupations that may affect the underwriting class. For assistance with these risks, please contact the underwriting team.
MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser, 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife companies.