Insurers are now providing policies through telemedical interviews instead of conducting physical pre-policy medical tests. This helps the insurer save turnaround time and the policy seeker in getting the right amount of coverage.
Insurance companies started conducting telemedical interviews to simplify the underwriting process in the time of digital and customisable insurance products. In this process, a telephone interview is conducted, and a policy seeker is asked a set of questions, by an appointed doctor, about his lifestyle, overall health and medical conditions. This conversation is recorded and later used by the insurer to collect risk-related information, as the policy seeker tells. Based on this conversation, the insurer decides whether to issue a policy or not.
Questions Asked In Term Insurance Telemedical Interview
All insurance companies ask the same set of questions in a telemedical interview conducted for term insurance . A telemedical interviewer will ask you questions about:
- Your medical history
- Your family’s medical history
- Any existing medical condition
- Any medication you are taking
- History of hospitalisation or any medical procedure
- Your consulting doctor or any medicine you take when required
- Your lifestyle, habits (smoking or drinking) and physical activities you engage in.
- History of any mental illness like depression or anxiety.
It is advised that you answer all the questions honestly to get the right coverage. The interviewer may ask about details of any condition and provide the details correctly. In case you hide important information, it may be considered fraud if found out later at the time of claim settlement .
Preparing For A Term Insurance Telemedical Interview
A policy seeker should stay prepared for a telemedical interview. Keep all the important information handy with you at the time of the interview so that you can provide accurate information. Doing so will also save a lot of time. Following is a list of information that you may need at the time of the interview.
- Date of any medical treatment, surgery or procedure you have undergone in the last 10 years.
- Prescription of current treatment, if any.
- Details of your current doctor such as name, phone number and address.
- Medical history of your family, including any major diagnosis or death of any family members.
- Your weight, height and blood pressure.
- Physical activities you participate in.
- Any history of smoking or drinking
Why Insurance Companies Conduct Telemedical Interviews
Telemedical interviews eliminate the need for a physical examination at a medical centre. A medical evaluation is done over a phone call by a verified doctor. This facility came in handy during the covid times when people hesitated to step out.
Another reason is the credibility of medical checkups, a medical examination only tells about the current health status of a customer, but when you converse, you get to know more details like medical history, lifestyle and habits of a customer. So as a more effective alternative telemedical interview was introduced.
The telemedical facility has significantly reduced the cost to insurers by providing better risk assessment and lower turnaround time. It also helps the customer get the right coverage when he honestly shares all his health and medical-related information. Another reason is that customers are often more comfortable sharing medical details with a doctor and providing honest answers.
Tele-medical-based underwriting will be the norm across the insurance industry in the future. Firstly, the new age consumer is more digital and seeks time-saving and convenient processes to purchase term insurance. Another reason is that it helps insurers design more relevant products using data and analytics to understand their customers better. It also ensures that all the customer information is kept confidential, allowing the customers to divulge all the details accurately without any fear.