Northwestern Mutual announces accelerated underwriting
Northwestern Mutual announced that it has recently rolled out an accelerated underwriting process for disability insurance product applications, a technology the company has used for its life product series since 2017.
Since introducing this process for life insurance policies in 2017, advanced analytics, historical data and predictive underwriting models continue to reduce life underwriting time for some clients from 28 days down to one day. To date, 35,000 cases have gone through this process and now, it’s being leveraged for disability insurance.
“We are continuously looking for ways to create a client experience that simplifies processes at every step of the financial planning journey. Accelerated underwriting streamlines the application process and reduces the underwriting approval time while still maintaining our long-term product value. We can now provide this same seamless, digital purchase experience for a subset of disability insurance applicants.” – John Grogan, chief product and innovation officer, Northwestern Mutual.
In a different announcement, the company is rolling out a better way to log in to nm.com. Starting next week, when customers click the Log In link on NorthwesternMutual.com, they’ll see a “new and improved way” to access their accounts. Customers with an insurance policy or investment, brokerage, or advisory account, will log in on the main login screen and those with a Private Client Services, Access Fund, or Business Insurance account, will find links to their accounts on the updated screen as well.