Life insurers need actionable responses to current underwriting challenges – including the need for fluidless Accelerated Underwriting alternatives, while striving to maintain the same level of mortality.
Medical records are not only a crucial piece of the underwriting process but also one of the costliest in terms of time spent – positioned for transformation through data science and machine learning.
Undoubtedly, after hours and hours of CNN and network news coverage, we are all “experts” on coronavirus, something we likely knew nothing about entering this new year. How it spreads, what to do to avoid it, how to practice social distancing, sheltering in place—all part of our new vocabulary in this stressful time. Just as it affects our daily lives, it also affects life insurance applications and how we are handling different steps in the process.
COVID-19 has had the biggest short-term effect on life insurance in two ways
When cardiac events occur, such as a heart attack or the need for a revascularization procedure, there is quantifiable risk that can be identified and priced for.
Life insurers are demonstrating flexibility in response to the pandemic, smoothing the sales process through digital channels, relaxed underwriting requirements and coverage extensions.
Here are 10 things people in the sales and distribution community are saying about the current, and future, effects of the pandemic, drawn from written commentaries emailed to us, emailed to clients, or distributed through press release services.
In a response to the uncertainties COVID-19 has brought to the world, Swiss Re is opening access to its proprietary Life Guide underwriting manual to all life and health insurers for 90 days (from 27 April to 31 July 2020). The offer is designed to help life and health insurers navigate today’s crisis, better understand all risks they underwrite and give them confidence in offering coverage at a time when more people are thinking about life insurance and re-evaluating their financial situations.
Will the mortality associated with COVID-19 affect your life insurance business? This article examines early mortality experience related to COVID-19 and includes a discussion about the difficulties in using this data. It also provides some ideas for changes to life insurance underwriting to help cope with COVID-19.
