Industry Survey Insights: The Impact of Tobacco, Alcohol, and Drug Use on Anti-Selection
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.
The Rising Tide of Genetic Data – New Challenges for Life & Health Insurance
The understanding and application of genetic data is redefining medical diagnosis, treatment and prognosis. As this area continues to advance, it’s set to adjust, maybe even to reshape, the Life and Health insurance business model within the next 20 years.
Genetics – a Testing Time for Insurers?
This paper looks at the broader future implications of genetic testing for society, medical professionals and the insurance industry
The Answer May Depend On How You Ask the Question
This article from RGA considers how Behavioral Economics (BE) principles can be applied to the design of questions on insurance applications in order to elicit better responses
Investigating Life Insurance Fraud and Abuse
To better understand the challenges fraud presents, RGA has reached out to life insurers: We surveyed insurance companies, conducted informational interviews, held discussions at the 2016 RGA Annual Fraud Conference, and conducted our own internal research of claims experience.
The Specter of Antiselection
The phenomenon we call antiselection constitutes a clear and present danger to the life insurance industry. A simple definition of this scourge is “not disclosing information known by the insurance applicant in order to get life insurance per se or acquire coverage at a lower premium rate than if that information had been revealed on the application.”
Self-Diagnosis: Does the Consumer Have the Advantage over the Insurer?
The purchase of any type of insurance is based on the premise that the applicant/proposed insured will disclose any and all pertinent information related to insurability and that the insurer will act upon that information in good faith. If information is withheld, the balance of the transaction is altered.
Avoiding Fraud - Life Insurance Sales Practices
Once in a great while you might come across a sales practice that makes you wonder; something about it doesn’t feel right.
Avoiding Material Misrepresentation and Fraud in Life Insurance
We traveled a great deal this past year, visiting clients, potential clients and attending industry meetings. Along the way, the topic of fraud in the Life insurance industry came up quite a bit.