Life Insurers Lag as Consumers Prefer Patient Portals for Medical Data Sharing
Event summary
- 79% of life insurance applicants cite excessive effort as the primary reason for abandoning applications.
- 60% find filling out medical details cumbersome, while 56% struggle to gather healthcare provider information.
- 82% of applicants have access to patient portals, with 91% using them in the past year.
- Online patient portals are preferred for ease (77%), completeness (74%), and speed (65%) of record retrieval.
- LexisNexis Risk Solutions published findings from a study of 2,502 life insurance applicants aged 25-75.
The big picture
The life insurance industry faces growing pressure to modernize underwriting processes as consumers increasingly favor digital solutions for medical data sharing. LexisNexis Risk Solutions' study highlights a strategic gap between current practices and consumer expectations, particularly around effort and time efficiency. Insurers that fail to adapt risk losing healthier applicants, increasing costs, and missing business opportunities. The findings underscore the need for faster, more consumer-friendly underwriting methods to remain competitive in a digital-first market.
What we're watching
- Digital Adoption
- How quickly life insurers integrate patient portals into underwriting processes to reduce dropout rates.
- Operational Efficiency
- Whether streamlined medical record collection can shorten application timelines and improve satisfaction.
- Market Differentiation
- The pace at which insurers align with consumer preferences to gain a competitive edge.
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