PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of its 2018 U.S. Group Medical Evidence of Insurability Underwriting Survey. The survey covers Group Life, LTD and STD products with a focus on how companies staff and process Evidence of Insurability (EOI) applications. It provides companies an opportunity to benchmark their results against those of the industry. Twenty insurance companies participated in this year’s survey.
Key observations include:
- Participants reported receiving more than 1.8 million EOI applications per year.
- The average processing time for an EOI application is 13 business days.
- Although many companies reported having an automated EOI system, a significant amount of applications are still being reviewed by a medical underwriter.
- The top challenges facing group medical underwriting departments are managing volumes during peak times and technology deficiencies.
For more information on this survey, or how you can participate in future surveys, please contact Marissa Valente at firstname.lastname@example.org.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.