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.
This paper examines evidence in the clinical literature supporting the assumption that there are significant mortality and morbidity implications associated with tooth loss at older ages.
Readers will hopefully come away impressed with the value of asking about tooth loss on teleinterviews, especially at ages 55 and older.
Networking by underwriters is more important now than ever before, given these troubled times with so many of our brothers and sisters either out of work or at risk for losing their jobs due to the contrived “economic downturn.”
This paper compares and analyzes findings from the 2007 and 2011 Life Underwriting Requirement surveys.
There were 135 participants in 2007, whereas 90 U.S. insurers completed the 2011 survey. Nearly all of the 50 largest insurers participated in both surveys.