Are the current wellness initiatives which centre on wearable technology the golden fleece that holds out the best prospect of delivering innovative, market-disrupting change to insurance markets on a global scale? Mr Richard Verdin of RGA UK Services Ltd explores.
Sometimes agents, brokers and even applicants would like to have a general idea of how their insurance application will proceed before an official submission is made. There are all sorts of reasons for this, which may include whether their medical condition is insurable, whether their finances or accompanying information qualify them for the coverage they are requesting, and, if the application is going to be rated, to what degree and what kind of resulting premium they can expect. An informal application allows the underwriter (and often the doctor) to review information that would be submitted as part of the application and give a good idea of the risk assessment to follow.
The information people post online can tell a somewhat different story than what is being presented to doctors and insurers on a claimant statement or application, and can be used in conjunction with other facts to adjudicate claims or when underwriting an applicant.
Patients with impaired glucose tolerance (IGT) face an increased risk of mortality, with much of the increased risk of mortality associated with progression to type 2 diabetes, according to a study published online July 13 in Diabetes Care.
Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.