With an estimated 90% of the world’s data collected in the last two years, digital strategies are evolving rapidly. But how do we make business decisions with all the data that is available? What does it mean for underwriting?
Here is an inside look on how life insurance solution providers adapted and innovated to these new challenges in 2020.
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.
15 Executives discuss new regulations, technology, customer experience, talent acquisition, fraud, business disruptors and more.
Evolution not revolution
RGA's Dan Lyons discusses the rise of a fourth industrial revolution and identifies six strategies insurers are adopting to manage disruptive change.
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.
Slides from this presentation (Actuaries' Club of the Southwest, November 7, 2019) have been posted at the ACSW website.
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.