Life insurance start - ups are creating policies based on data pulled from digital databases rather than more costly and time - consuming sources such as lab tests . He went online, and to his surprise in about 20 minutes he was the owner of a $750,000 policy. One such company , Haven Life , feeds into an algorithm information stored on databases for such things as prescription - drug dispensation and motor vehicle records to draw up policies . These firms are finding that it is better to use less information than before in order to get a deal done quickly than to lose the potential customer .
Life insurance start - ups are creating policies based on data pulled from digital databases rather than more costly and time - consuming sources such as lab tests . One such company , Haven Life , feeds into an algorithm information stored on databases for such things as prescription - drug dispensation and motor vehicle records to draw up policies . These firms are finding that it is better to use less information than before in order to get a deal done quickly than to lose the potential customer .