big data

Simply stated, the law of large numbers in probability and statistics states that as a sample size grows, its mean gets closer to the average of the entire population.
 

Data analytics projects have become increasingly common across the insurance industry in the last few years and have really taken off in the Life sector. It’s a trend that requires the input of Medical Directors - and it gives the Directors a chance to shine.

Insurers were already welcoming technology and embracing ideas such as accelerated underwriting. But things move slowly in the insurance world. Then the COVID-19 pandemic hit and insurers no longer controlled those timelines.

One of the hardest challenges Life insurers encounter when adopting accelerated underwriting (AU) is figuring out how to compensate for the loss of information previously derived from blood and urine tests.
 

Digital health – for insurers “the digital transformation”, the “oil of the 21st century” – has been a hot topic for almost a decade now. So have digital opportunities now been fully embraced and a tidal wave of health data leveraged to the benefit of individual/insureds, healthcare systems and Life & Health insurers? 

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.

How insurers use big data and artificial intelligence to support their claims and underwriting strategies is likely to accelerate as a result of the Covid-19 pandemic.
 

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.