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.
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