Integrated Analytics: The Next Generation in Automated Underwriting
We are experiencing the most rapid evolution our industry has ever seen. Incremental innovation has been underway for the last 10 to 15 years, but currently, the pace of change is truly frenetic. Today, we are competing with not only peer companies, but also start-ups, third-party solution providers and others from outside the life insurance industry, who recognize the potential to disrupt the industry we know so well.
If link below does not work, the article can be found here:
https://www.soa.org/sections/reinsurance/reinsurance-newsletter/ (article appears in Issue 89 on page 38)
SCORviews October 2017 Issue
Articles featured in the October 2017 issue of SCORviews include:
- Modeling Policyholder Behavior
- Innovations in Life Insurance
- SCOR Mortality Insight
Half of Life Insurers Using Automated Underwriting
Half of life insurers have some type of automated underwriting solution in place and 41 percent of companies are in the planning process, according to LIMRA research.
Automated Underwriting: The Industry Turns a Corner
It’s widely understood that a faster and easier life underwriting process is needed in order to penetrate the underserved middle and growing millennial markets. Carriers also believe that a better buying experience would produce more sales – and fewer dropped sales – in the upper middle and affluent markets.
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.
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
The 25-Year Journey of Automated Life Underwriting
Automated underwriting has come a long way in the last 25 years. It may be surprising that there was automated underwriting 25 years ago. At that time, it was called ‘expert’ underwriting. The idea was right, but the timing was wrong.
Automated Underwriting Cuts Fraud, Errors and Omissions
Carriers that have begun implementing automated underwriting share the lessons they have learned in the process.
Automated Underwriting for the Future
Digitalization and the spread of the internet and mobile technology have impacted a number of industries in recent years, often transforming them beyond recognition. There is little doubt that technology will have an enormous impact also on the insurance industry over the next decade, across the value chain from product development and underwriting through to distribution, services and claims. In the near term, the largest impact is likely to be on underwriting and distribution.