Underwriting

Are you ready to purchase a policy with a fingerprint? Apply through a smart television? Walk through a check-out scanner and walk out qualified for coverage?

The practice of life underwriting is undergoing a lot of change as insurers look to speed up and enhance the customer experience. Big data, artificial intelligence, pharmacy records, accelerated underwriting and more are playing a part.

The Society of Actuaries sponsored a Delphi study to gather expert viewpoints regarding emerging underwriting methodologies and their impact on future mortality experience.

One of the toughest situations for an underwriter is the case that seems to have literally fallen off the cliff.  A condition that is significant, that is being followed, and that does have mortality consequences suddenly has no notes of any recency for six months or more.  Follow-up that appeared to be favorable virtually disappears, and the underwriter is left with guessing that things have continued to go reasonably well.  Or not...

For insurers to effectively utilize wearable technology, it is important to understand the metrics captured by devices. Insurers must also be mindful of regulations, set reasonable expectations, and balance the risk and rewards of new developments.This white paper summarizes the considerations.

Previously reserved for the hard to insure, simplified issue products have evolved into fully underwritten simplified products. Backed by artificial intelligence, these products have become an alternative to traditional simplified issue products.

A company using what seems like a fun smartphone game to get you to walk more might be a slippery slope. With access to all that data, what will a big corporation ultimately do with it? This is still new, so the implications are murky.

John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that track fitness and health data through wearable devices and smartphones, the company said on Wednesday.

Customers today are more digitally‐enabled, more health conscious and more demanding of customized products and services that offer greater freedom and flexibility. The insurance industry however often fails to keep pace, and consumers can face multiple pain points in their insurance journey.

A 64 year old female was submitted for life insurance with what the agent felt were “insurable problems.”  She was diagnosed with lupus 20 years ago but the disease had remained inactive, on no specific medications, normal kidney testing, and only with recommendations to stay out of the sun for photosensitivity reasons.