Artificial Intelligence and the Future of Underwriters

by Hank George, FALU

After three forgettable years as a competition analyst in the agency department, I became a novice life underwriter at Northwestern Mutual on October 10, 1973.

The ensuing 522 months have afforded me the privilege of witnessing first hand the evolution of our profession and in so doing to marvel at the ever-accelerating pace of change.

Clearly, there are reasons – and reasons within reasons – why this frenetic process will intensify over the near-term future with profound implications for us, both individually and collectively.

The Significance of Hemoglobin A1C Levels in Nondiabetics (Munich RE)

It has been demonstrated that the development of microvascular complications of diabetes mellitus, especially diabetic retinopathy, can be delayed by establishing more strict glycemic control. As a result, methods of monitoring glycemic control by measuring the amount of glucose attached to various proteins in the blood have been developed.

Medical Underwriting: The Race against Antibiotic Resistance (RGA)

Are Miracle Drugs Being Outmatched by Superbugs?

Middle Market Life Insurance: Findings from Industry Leaders

The Society of Actuaries’ Marketing and Distribution Section (MAD) announce the release of a new report on the middle-income life insurance market. Success has been limited in this market even though over the last 10 years, a number of studies and ideas have been presented as viable strategies for serving the middle market. Authored by Doug Bennett with assistance from Stephen Camilli of ACTEX Learning, this report seeks to understand this lack of success and document the experiences of companies and distributors with significant working knowledge of the middle-income market.

Life Insurance Challenges Posed by Marijuana and E-cigarettes

An increasingly discussed area in life insurance circles is the manner in which marijuana and e-cigarettes are addressed by life insurance carriers.

Insurers Shouldn’t Stigmatize Epilepsy (Gen Re)

Epilepsy is a neurological disorder that can affect people of all ages. According to the WHO, some 50 million people around the world have epilepsy and an estimated 2.4 million new diagnoses are made each year. The condition has significant implications for life and health insurance because it is associated with loss of productivity, increased healthcare needs and even premature death.

SCORacle UK Life Newsletter Issue 7

Welcome to the 7th edition of SCORacle, which contains some variation to the usual Underwriting and Claims focus and includes articles by 3 young students that spent some time with SCOR in the summer to provide their views of our industry. This provides a fascinating insight into the thoughts of our consumers of the future. In addition, we also have some interesting information from our Consultant Cardiologist on two commonly seen conditions that from an underwriting perspective we should keep an eye on and for our readers who are Claims assessors, we include some information relating to changes to death certification.

Medical Underwriting: UPDATED Marijuana - Not Just Blowing Smoke (RGA)

Legal “pot” use is no longer a pipe dream. Although marijuana remains the most commonly consumed illegal drug1 in the world, many nations and at least 28 U.S. states and the District of Columbia have decriminalized its medicinal use, and efforts to liberalize recreational consumption continue to gain momentum.

Five Myths and Facts about Artificial Intelligence (SOA)

Artificial intelligence (AI) is splashed throughout the headlines these days. AI recently beat the human Go champion, autonomous cars can drive themselves, social bots can mimic human interactions and converse with others in social networks, and AI totally manages some hedge funds.

HIV Infection: Ageing, Inflammation and Comorbidities (SCOR inFORM)

From the end of the 2000s, after the introduction of the first antiretroviral therapies (ART), it became clear that the benefits of these treatments were considerably greater than their side effects, especially when introduced early. The recommendation at present is to begin treatment with ART as soon as CD4 T-cell count falls below the normal level of 500/mm3.

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.

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