Lincoln Financial expands digital underwriting

Life insurer Lincoln Financial Group has launched a new online underwriting tool with the goal of providing more accurate quotes through their advisors, and faster processing for customers.

Spectra, Lincoln’s online self service tool, is geared around ease of data entry for more than 200 medical, avocational and occupational factors. A client works with an advisor to answer a short series of questions such as gender, height, weight, family history and specifics of any impairment they might be looking for quick quote on. Within seconds, the tool produces a probability range that indicates to the agent how likely the quote is to be accurate based on how much information is provided; if a piece of information is not known or skipped than the quote will have a lower reliability because of the unknown info, according to Heather Milligan, Lincoln Financial SVP, Life Underwriting & New Business.

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Created in partnership with Munich Re to accommodate Lincoln’s specific underwriting tool, Spectra aims to eliminate repeated information input for agents and reduces calls and emails for quotes, while allowing agents to get quotes outside human underwriters’ hours.

“Spectra is a leading-edge capability combining technology, data and underwriting best practices to make it faster and more convenient to receive a life insurance quote, and help clients make informed decisions on their coverage,” says Milligan.

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