Life Underwriting In 2017 and Beyond
Insurers’ goals are cost containment, faster turnaround and “customer friendliness” with a mandate for continued robust mortality gains. This article looks at impactful interim developments and critical questions yet to be resolved. It includes data from a 2017 survey of 110 life insurers regarding tobacco, alcohol and drug use underwriting.
New Tech & Big Data: Are They Good for Insurance?
Richard Keating investigates how big data and new technologies are changing the face of the insurance industry, and examines the resulting threats and opportunities.
Underwriting and Calculators
On our travels we speak to a lot of people about underwriting manual developments. One topic which comes up time and again is calculators: great invention or the work of The Devil?
Underwriting 2.0: Opening Pandora’s Box
This is a recording from a panel discussion at InsureTech Connect 2017, (October 4th), in Las Vegas.
Summary: For years, the life insurance application and underwriting process has been lengthy, complicated and arduous for both agents and the potential insured. As part of the insurance industry’s push for digital transformation, better analytics, more accurate predictive models, and new data sources now provide the opportunity for a streamlined and accelerated life insurance underwriting process without invasive medical exams and hard-to-comprehend applications. Will transformation of the life underwriting process make it easier to purchase life insurance in the short run, or is it akin to opening Pandora’s Box?
Impaired Risk Review: Primary Liver Diseases
Liver diseases can range from mild fatty liver disease to complete decompensation and loss of liver function, Some are acquired by virus, some due to diet and alcohol use, some secondary from other body illnesses, and some are primary arising directly in the liver and bile ducts. Two such primary diseases of a very serious nature are primary sclerosing cholangitis and primary biliary cirrhosis.
The Effect of Treatment Options on Life Insurance Premiums in Patients with Prostate Cancer
Patients with early stage, low risk prostate cancer are typically treated with radical prostatectomy, external beam radiation therapy or active surveillance. We examine how these different management options affect life insurance underwriting practices.
Personal genomic testing (PGT): The consumer and the Life Insurance Industry
The life insurance industry is being challenged to respond to the new reality of democratized access to personal genomic data against the backdrop of consumer and regulatory concerns around data privacy, consumer equity and genetic determinism, on the one hand, and life insurers’ concerns about information asymmetry during the underwriting process, on the other.
SCOR Housecalls: A Closer Look at Screening Tests
Inevitably we see cases in underwriting where the applicant has had an abnormality in a screening test and the follow-up testing is in progress or has been inconclusive. Those individuals are often postponed, while other applicants with similar characteristics who are not undergoing screening tests sail through the underwriting process without a second thought.