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.
Accelerated Underwriting and Simplified Issue | New Underwriting (Slides)
Slides from this session, presented at the 2016 SOA Life & Annuity Symposium, have been posted. See Session 47 at the 8:15-9:30 am time slot.
More Life Insurers Using Automated Underwriting
Two in three life insurance companies responding to a LIMRA survey in the U.S. and Canada have implemented automated underwriting for at least part of their business and another 32 percent are in the planning stages of implementing automated underwriting, according to a new LIMRA study.
Is Automation Going to Put an End to the Underwriting Profession?
Recently, the jobs website CareerCast.com completed a study and published a list of the “10 Most Endangered Jobs of 2015." Right there at position #9 is the good ol’ insurance underwriter, with streamlined processes cited as the main culprit.