Present life underwriting practices for marijuana use are deeply flawed as a result of three factors:
1. A lack of systematic research
2. Entrenched misperceptions
3. Government-incited disinformation
This essay provides extensive evidence that current marijuana use practices need to be fundamentally changed.
People stop consuming alcohol for a variety of reasons.
Some of those reasons – for example, joining a religious group where alcohol use is frowned upon or finally capitulating to nagging by a teetotaling spouse – have no insurability implications.
Underwriter audits are indispensable resources for chief underwriters. While not the only basis for assessing performance, they are the single most significant benchmark where line underwriters are concerned. It would be essentially impossible to manage underwriters without having sufficient insight into their performance on the job.
The age of underwriting engines – defined as straight-through processing of some portion of an insurer’s new business – is at hand.
Even in the United States, where life underwriting is relatively more complex for a variety of reasons, we know now that almost 20% of carriers have an engine in place and the majority of the rest are either in process of acquiring/building an engine or at least studying their options in this regard.
Underwriting rules engines are attracting more and more interest from life and disability insurers looking to address three key issues:
• Streamlining the new business process for improved service to customers and advisers
• Improving risk management and consistency of underwriting in the face of a shrinking pool of technical skills
• Generation of better management information with the twin goals of improved profitability and satisfying increasingly demanding regulation.
This report, produced by SelectX Ltd and Hank George Inc., reviews the latest developments in rules engines and defines the critical factors that define successful engine implementation and maintenance.
To provide a background the report draws upon a worldwide survey of 179 insurers carried out by SelectX and Hank George Inc. in 2011.
It became apparent from recent chief life underwriter surveys and discussions at underwriting study groups that we need to take a closer look at how we screen life insurance applicants for cognitive dysfunction.
The time commitment needed to undertake a thorough independent review of this subject was too great for my company to absorb without nancial assistance.
In 2003, more than 5 million Canadians age 12 or older used alternative healthcare (Statistics Canada 2003). In the United States, approximately 38% of adults (about 4 in 10) and 12% percent of children (about 1 in 9) are using some form of complementary and alternative medicine, including naturopathy (NIH 2007). This has immense implications for risk assessment in underwriting.