Question

What is the outsourcing model in the life insurance application process?

a.

The traditional processing comprising of data-entry of data from the information available in the proposal form until the stage of policy-issuance, which used to be done at the life insurance office.

b.

A shift to processing through external service providers, and not necessarily being done at the life insurance office.

c.

The process of monitoring and controls at the office of the insurer and the service provider.

d.

The agreements defining the scope of the vendor-contract, their respective roles, and the accountabilities.

Posted under IC22 Life Insurance Underwriting

Answer: (b).A shift to processing through external service providers, and not necessarily being done at the life insurance office. Explanation:The erst-while traditional processing comprising of data-entry of data from the information available in the proposal form until the stage of policy-issuance, which used to be done at the life insurance office, has now seen a shift to the "outsourcing model" through external service providers, and not necessarily being done at the life insurance office.

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Q. What is the outsourcing model in the life insurance application process?
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