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Minnesota Life streamlines life insurance and other underwriting processes

09/19/11

Recent alterations to the underwriting practices for the Minnesota Life Insurance Company's individual policies will allow clients and advisers to streamline the application process, according to the company. Changes to medical evaluations, underwriting interviews and commercial inspections are designed to make the application and underwriting process less time consuming while maintaining the thoroughness of the evaluations. Minnesota Life is a subsidiary of Securian Financial Group, Inc.

In the medical branch, paramedics can now perform required medical exams and EKG standards have been adjusted to avoid unnecessary tests, particularly those on younger, healthy individuals. Comprehensive personal history interviews and commercial inspections have been shortened, and new standards make most tests valid for one year, eliminating the need for unnecessary reassesment.

"We remove steps in the process that are repetitive or add no value," said Craig Frisvold, vice president, Securian Financial Group."We look at medical research, industry experience, experience with our own book of business and comments from our field force for opportunities to improve our underwriting process."

According to the Insurance Information Institute, the average person covered by an individual insurance policy in the United States has $154,000 in coverage, $51,700 more than the average person covered under a group policy.

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