How Using Behavioral Economics Can Improve Underwriting Results

It seems one cannot attend a conference or pick up a trade magazine these days without finding some mention of behavioral economics (BE). From policy development and healthcare to retail and now, insurance, many industries are finding interest in this area of study. What is yet to be fully appreciated, though, is just how significantly BE can improve business outcomes for insurers.

State Regulators Eye Life Accelerated Underwriting Programs

An arm of the National Association of Insurance Commissioners is starting to talk about use of accelerated underwriting in the U.S. life insurance sales process.

Advances in Cancer Research and Insurance

The International Agency for Research on Cancer (IARC) was created more than 50 years ago to foster global collaboration on cancer control. Today more effective therapies mean mortality rates no longer reflect incidence rates; there are now more cancer survivors partly due to advances that enable early diagnosis.

Three Essentials for True Automated Underwriting Success

Almost a decade ago Life Insurers in the Australian market entered the search for greater efficiencies and faster assessment turnaround times believed to be possible via the mechanism of automated underwriting. Having closely observed the UK market, in particular, leading retail Australian insurers moved quickly to embrace automated underwriting.

Big Data, Big Insight – Is Knowledge Still Power in a Digital World?

This article explores the validity of claims that theory has lost its practical purpose in a world where the abundance, and easy availability, of data is purported to provide sufficient guidance to our actions. In a future Risk Insights article we will consider the possible consequences for the life insurance industry with a particular eye on the future role of human expert knowledge.

Impaired Risk Review: White Coat Hypertension

Blood pressure readings are part of virtually every physician encounter and of course every paramedical exam for insurance. Hypertension, or high blood pressure, has been well studied as a risk factor in health and disease. The term white coat hypertension, or white coat syndrome, is used to describe individuals whose blood pressure in a clinical setting is significantly higher (or out of normal range) than in normal daytime situations, and believed to be due to transient anxiety during a doctor or medical visit.

Trends in Life Insurance - How Can the Industry Stay Fit for the Future?

Life insurers are facing a new world in which the nature of uncertainty itself is changing. The future is collapsing into the present faster than past data can be used to extrapolate the future. However, we shouldn’t be fearful. InsurTech (insurance technology) is alive with possibilities, so it’s about how we choose to engage with it.

Looking Ahead: Our Industry in 10 Years (LOMA Resource)

What will the insurance sector be like in 2027? Resource turned to some seasoned executives for answers. Here’s what they had to say.

Study Shows Link between Debt and Mortality Rates

A new study from the University of Colorado Denver shows a direct link between financial strain and increased risk of death, a finding with potentially major implications for both economic and health care policy.

MIB Life Index Reveals Uptick in Younger, Older Age Life Applicants

U.S. life insurance application activity rose 1.3 percent last year compared with 2015, according to the MIB Life Index.

Productivity Obsession in Underwriting Management: Report of an Unpublished 2016 Survey

Hank has written an extended commentary (including results of a new unpublished survey) on the implications of productivity obsession in underwriting.

Fukoku Mutual Life Replaces Office Workers with Artificial Intelligence

Insurance firm Fukoku Mutual Life Insurance is making 34 employees redundant and replacing them with IBM’s Watson Explorer AI

Non-Natural Death Trends in the United States

While non-natural deaths have generally been decreasing worldwide, death rates from non-natural causes have been climbing in the United States. RGA offers a deeper look at U.S. non-natural mortality experience in four categories – other accidents, suicides, motor vehicle accidents, and homicides – and compares trends to experience from six developed countries.

Capturing the Millennial Middle Market with Smart Analytics

By integrating data and advanced analytics into their processes, life insurers can capture one or more lucrative niches, including millennials in the middle market, before the competition does.

Cancer Immunotherapy: A Rapidly Expanding Frontier

This article reviews the recent and unprecedented acceleration in the understanding of cancer pathophysiology which has led to the subsequent development of novel cancer immunotherapies. In part, this new direction in cancer treatment has been advanced by a greater understanding of individual patient genomics and has contributed to the realization of the so-called “precision medicine” era.

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