Study finds life insurance applicants quit due to effort and time; online patient portals preferred for sharing medical data.

LexisNexis Risk Solutions' study reveals that 79% of life insurance applicants abandon the process due to the effort required, especially in providing detailed medical information. Time is also a major factor, with 63% citing it as a reason for quitting, and long application times negatively impacting satisfaction. Applicants prefer using online patient portals to share medical data, citing ease, completeness, and speed. The findings suggest insurers can improve customer experience and reduce dropout rates by streamlining medical data collection and aligning with consumer preferences.