Modern Life has introduced Express Decision, a new digital underwriting platform developed in collaboration with Munich Re Life US and Ameritas. This platform utilizes electronic health records and third-party data, aiming to significantly streamline the life insurance application process.
Applicants using Express Decision can often receive an instant decision. This means no needles, lab work, or phone interviews are required. Instead, applicants complete a digital health assessment and electronically sign the necessary documents.
Initially, Express Decision is available for those applying for term life insurance. Eligible applicants can receive instant decisions for up to $2 million in coverage. The platform also facilitates applications for coverage up to $20 million, although these applications involve human underwriters. However, even at this higher coverage level, the digital process remains the same. The product also includes comprehensive features like policy riders and the option to convert to permanent life insurance.
Currently, Express Decision is accessible in 48 states.
“Life insurance today is a complex financial product that requires financial professionals to navigate an often extensive, lengthy application and underwriting process. Express Decision is a transformative capability to give clients an exceptional experience—with instant or fast decisions—without sacrificing on cost or quality. By building the full end-to-end digital delivery experience coupled with proprietary products, we’ve transformed the experience for the 500,000 financial professionals who distribute life insurance every year.” – Michael Konialian, Founder and CEO of Modern Life.
