Life and Health Insurance Underwriting is entering a “new normal”. The industry is moving beyond exploring new technologies, such as advanced data analytics and automation, to real-world applications. In this new environment, innovation is not seen as novel but as critical to the success of the insurance enterprise. Insurers are taking tangible steps to fundamentally change the ways that global life and health risks are underwritten.
This update is based largely upon findings from our 2018 New Business Critical Issues Survey. It was conducted over a span of six months stating in October 2017. Chief underwriters from 93 insurers offering individually underwritten life insurance participated in this survey.
The world's biggest life and health insurers may be putting more energy into developing new underwriting strategies for older, sicker people than for younger, healthier people.
A recently commissioned study by Hank George, Inc. surveyed 110 direct-writing U.S. and Canadian life insurance carriers on fully underwritten businesses. The survey covered a variety of tobacco, alcohol, and drug use topics*. ExamOne asked consultant and former risk management director at Allstate Financial, Eric Hjerpe, to outline and expand upon some of the findings and trends he extracted from the survey results.
We recently completed a survey of US and Canadian life insurers asking about underwriting practices and perceptions related to assessing tobacco/nicotine, alcohol and drug use. Over 100 carriers participated.
The Predictive Analytics & Accelerated Underwriting Survey Subcommittee of the Society’s Committee on Life Insurance Mortality and Underwriting Surveys has completed its report on the results of a survey designed to obtain feedback on several current hot topics in the industry, namely predictive analytics, accelerated underwriting and enhanced underwriting. This survey was sent to US and Canadian direct life insurance companies.
The slides presenting findings from a survey conducted at the 2016 AHOU meeting have been posted at the Munich Re website.
Life insurance new product development continues to be negatively impacted by long lead times, both to generate ideas and bring them to market, and the perceived quality of innovation within these new ideas.
In mid-2014, RGA sought to assess and quantify these issues more closely by conducting its first global survey of life insurers.