GITNUX MARKETDATA REPORT 2024
Life Insurance Application Processing Time Statistics
The average processing time for life insurance applications is typically between 4 to 6 weeks.
In this post, we will explore the various factors influencing the processing time of life insurance applications. From the impact of automation and technology to the delays caused by medical checks and underwriting processes, these statistics shed light on the timeline applicants can expect when applying for life insurance. Understanding these metrics can help individuals make informed decisions when navigating the application process.
Statistic 1
"Automated document processing can expedite life insurance application workflow by 35%."
Statistic 2
"Requiring a medical information bureau (MIB) check can add an extra 10 days to processing time."
Statistic 3
"Online life insurance applications saw a 20% increase in processing speed from 2018 to 2021."
Statistic 4
"The average processing time for a traditional life insurance application is 5-7 weeks."
Statistic 5
"Electronic Health Record (EHR) integration can reduce life insurance processing time by an average of 2 weeks."
Statistic 6
"Life insurance applications denied due to inaccuracies commonly undergo a reevaluation taking an additional 6 weeks."
Statistic 7
"Applicants who complete a medical exam typically wait an additional 3 weeks for processing."
Statistic 8
"Use of artificial intelligence in underwriting reduces processing time for complex cases by 30%."
Statistic 9
"Simplified issue life insurance applications can be processed in as little as 48 hours."
Statistic 10
"High-value policies ($1M or more) have an average processing time of 8 weeks."
Statistic 11
"Only 1 in 5 life insurance applications are processed within the benchmark 30-day period."
Statistic 12
"Over 50% of respondents in a recent survey prefer application processes that take less than 2 weeks."
Statistic 13
"Policies requiring additional financial underwriting checks face an average delay of 2 weeks."
Statistic 14
"The COVID-19 pandemic increased the average processing time by 1.5 weeks due to logistical delays."
Statistic 15
"Guaranteed issue life insurance plans often have no medical exam and can be approved within 24 hours."
Statistic 16
"30% of life insurance applications are flagged for further review during underwriting."
Statistic 17
"Time-consuming background checks can extend the life insurance approval process by 4 weeks."
Statistic 18
"Millennials prefer accelerated life insurance products which can be processed in under a week."
Statistic 19
"Digital underwriters can process applications up to 50% faster than traditional methods."
Statistic 20
"Automated Underwriting Systems (AUS) cut down application processing time by up to 75%."