Recent innovations in the way that policies are purchased have greatly reduced the time it takes for Policy Holders to secure a Life Settlement quote. Traditionally, a client's life expectancy (LE) could not be determined without utilizing a third-party underwriter. This process required collecting the insured's medical records and then ordering an LE. Completing the process could sometimes take 30-45 days, all before the pricing stage could even begin. "By then, some clients feel slightly abandoned and confused about the time it takes to generate an offer," explained Samantha Butcher, Abacus's Chief Operating Officer.
Abacus Express flips the traditional method of underwriting and pricing a life policy on its head.
"We utilize a streamlined underwriting technique that allows us to remove medical records from the initial decision-making process. Instead, we conduct a 15-minute medical interview with the insured; and input the results from the call into our advanced analytics software which generates the results needed to produce an offer in a fraction of the time of traditional underwriting," says Samantha.
Clients benefit from market value based on mortality evaluations without the need for traditional underwriting. Simplified underwriting allows us to deliver a faster product that is still based on intelligent analytics, using the client's medical history.
Butcher also stressed the importance of immediate pricing. "With Abacus Express, policyholders aren't forced to go through weeks of red tape for something as simple as a qualification; and can often secure a full payment less than 30 days after initial contact."
"We utilize technology and well-established analytics to deliver a far smoother experience for policyholders, agents, and brokers; without sacrificing quality or accuracy."
About Abacus Settlements
Abacus Settlements, LLC is a nationally licensed life settlement provider with a corporate office in Orlando, Florida. Founded in 2004, Abacus has purchased billions of dollars of death benefit. We are an active member of the Life Insurance Settlement Association (LISA) and work with life settlement brokers, professional advisors, consumers and institutional investors in optimizing the value of unwanted life insurance policies Abacus Settlements is not licensed in all states. For more information, visit https://abacuslifesettlements.com.
Samantha Butcher, COO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/abacus-life-settlements-further-simplifies-the-life-settlement-process-with-the-official-announcement-of-abacus-express-300403372.html
SOURCE Abacus Life Settlements