Page 19 - Life Insurance underwriting Ebook IC 22

CHAPTER - 3

1. Understand the life insurance application process

1.1 Sourcing of insurance proposals
The process of sale of life insurance policies today is done through various
channels. With the advent of innovative models of sale (in addition to the traditional
model of "insurance agents'), like internet sales. Brokers, corporate agent’s etc. newer
methods of processing have become imperative. The more common of these are
discussed below.

1.2 Underwriting process

A) Centralized processing of underwriting / policy issue

b) Decentralized processing of underwriting / policy issue

1.3 Life Insurance Application process

A) Generation of a life insurance quotes

I) Generation of a quote online, through a web based application
on a portal

The procedure for generating quotes is as follows:

 A customer needs to enter his personal details in the fields
mentioned on the quotes page.

 This personal information of the customer is then used to match
his requirement to the best life insurance quotes for his own
personal profile

ii) Generation of an insurance quote through Distribution channels

 insurance agents
 insurance brokers
 Corporate agents etc.

b) Seep 2: Verification of data

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