About the Case Study
A few years ago, this Carrier accelerated roughly 10% of underwritten policies. Today that number is closer to 70%, and will rise to 90% by 2025. They spend as much as $250 to underwrite one application using up to 13 different 3rd-Party data sources. To maintain profitable growth of their AU program, it was imperative that they find a better way to fast track highly-qualified applicants and flag risky applicants for further testing and review. Specifically, the carrier needed to evaluate, in real time, the relative risk of applicants in their consumer-completed medical questionnaires.
Using ForMotiv, the client was looking to accomplish 3 goals:
- Determine applicants with a high likelihood of placing and accelerate their policy
- Identify instances of non-disclosure and triage the applications in real-time
- Leverage behavioral data to improve predictive models during the accelerated underwriting process
Why Use ForMotiv Data?
5,000+ behavioral data points captured in each application. Accessible in real-time or batch file.
1st Party Behavioral Data
Granular, curated 1st-party data easily combined with your existing data sets
Intuitive Data Features
Capture dozens of intuitive behaviors like Hesitation, Error Rate Collections, Cognitive Loads, and more
Totally Safe & Secure
Zero PII Captured. GDPR & CCPA Compliant