technology

Here is an inside look on how life insurance solution providers adapted and innovated to these new challenges in 2020.

With the COVID-19 pandemic, the need for accelerated underwriting (AUW) in a fluidless environment has become urgent. The webinar on “Risk Selection in a Fluidless Environment” explores how we can understand if and when fluid testing is useful or needed in the underwriting process.
 

Munich Re Life US reviewed the LabPiQture™ product from the ExamOne HealthPiQture™ suite as part of a collaborative effort to better understand the value of various medical data sources and tools.
 

The webinar “Medicine and Machine Learning” explores the impact of machine learning on medical practices and how that applies to risk assessment.
 

Munich Re Life US recently evaluated mortality risk scores from the ExamOne HealthPiQture™ suite to assess their impact in segmenting mortality as part of the life insurance underwriting process.

Several underwriting tools have been adopted by carriers to issue coverage faster, in many cases without the need for insurance exams or requirements such as a traditional APS.  Some of these tools are new, while others have been in use previously, but have recently been enhanced to streamline the underwriting process.

Dr. Tom Fletcher, VP Data Analytics, North America Life, shares his perspective on the component strands necessary to build and maintain ethical standards in predictive modeling.

This year continues to present challenges that force us all to think differently. The pandemic response promoted independent action, self-help and a heightened sense of social responsibility. This has accelerated the harnessing of technology as solutions for how we work, communicate, access healthcare, buy goods and receive services. 

It is a long way from Bob Dylan’s realistic prophecy of what was happening and what was to come back in 1964 when he wrote the song. No one can disagree with the state of the world protests and the COVID pandemic that the times certainly are a-changin’. This is also the phenomenon happening in underwriting and risk selection, and we have to be prepared to meet the changes to insure a positive outcome no matter our underlying feeling about what those changes are.
 

There are a lot of changes happening in the life insurance industry because of COVID-19—market environment, types of insurance products, processes, and technology.