What will the life insurance/annuity sector be like in 2030? Resource turned to some seasoned executives for answers.
Brooks Tingle, president and chief executive officer, John Hancock Insurance, said the organization wants to promote engagement with insureds by partnering with a growing range of tech and service providers. Tingle spoke with AM BestTV at InsureTech Connect 2019, held in Las Vegas.
Top industry analysts discuss AI and the life insurance industry
Underwriting practices today are a world away from those commonplace 20 years ago, but the biggest evolution is yet to come.
Evolution not revolution
The race to develop accelerated products has driven life insurers to cautiously embrace the next generation of data.
One of the most frequently-used phrases at business events these days is “the future of work.” It’s increasingly clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. But while these changes are predicted for the future, they’re already present in many organizations for many different jobs.
Kyobo Life Insurance announced on October 30 that its AI-based underwriting system, known as Best Analysis and Rapid Outcome (BARO), is now fully operational.
Now, there’s a movement in the insurance industry to leverage new forms of surveillance to assess risk during the underwriting process of life insurance policies (the process of assessing a potential customer’s risk).
Life underwriting professionals are experiencing a paradigm shift in modus operandi, driven by the introduction of automation initiatives. Multiple consulting studies and analyses indicate that automation in underwriting is a valid business need. The coevolution of humans and technology must be supported by business strategies that focus on identifying necessary underwriting skill sets. The convergence of the art of underwriting and the science of technology presents many challenges. Insurers and reinsurers must plan accordingly.