Applying for Life Insurance could scare you to death

August 18, 2016

2 minute read

Applying for Life Insurance could scare you to deathAs we all know, Life Insurance companies are big on calculating and measuring financial risks. So as part of their life Insurance underwriting process they’ll ask all sorts of interesting personal questions and in many cases follow up with a medical exam where they take vital statistics and bodily fluids. Now needles don’t bother me, but the way the process exposed my most personal and health and financial information almost scared me to death.

Recently, I applied for additional Life Insurance coverage and after supplying all medical and financial information to the agent I needed to complete a physical using a company the broker had contracted with. I received a notification that the examiner would be bringing along some paperwork to verify the answers I had provided earlier. What was so shocking to me was this examiner, who I thought was there just to take vitals and fluids, held in his possession more information than my banker and my doctor combined. This particular insurance brokerage firm passed along all of my medical information and all of my banking information unencrypted or redacted. Now the examiner was forwarding that information along with my medical workup to who knows where.

Most interesting to me was when I asked the medical examiner if this was standard practice? He confided that it was, but each company they contracted with handled this sensitive material differently. The risk averse companies only provide enough information to the examiner so the insured can verify the account (like the last several digits).  I find it ironic when companies work so hard to determine financial risks, then unwittingly expose themselves and others in their day-to-day processes.

The good news is I have a new lead I’m pursuing to share how the Adlib solution can help in this case. More and more we’re finding that the key difficulty our customers have with securing content to the highest standards possible is they don’t know what content they have or where it is. We’re helping them by standardizingcategorizing and analyzing their content so it’s easily findable and efficiently secured. You know what they say, what doesn’t kill you makes you stronger. Well, sometimes a little fear can help get you there as well.

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