Sun Life Studying Whether Credit Scores Could be Useful in Underwriting
Could credit scores have a predictive value on determining subsequent mortality experience? Dean Connor, President and CEO of Sun Life, explained how his company is exploring this question.
Incorporate Third Party Scoring in Accelerated Underwriting (Slides)
The slides from a presentation by Guizhou Hu, M.D. Ph.D., Vice President Chief Decision Analytics Officer (Gen Re) have been posted at the Actuaries' Club of the Southwest website.
Tools and Data in the Underwriting Process (Slides)
The search is on for how to disrupt the underwriting process to find or select the best risks. Can data ever be as good as blood? There is an ever growing number of tools and resources becoming available to insurance companies to underwrite business. The presenters will present some of the tools, data sources, uses and concerns in the underwriting process.
Note: The session above (29) can be found in the 10:30-11:45 a.m. time slot
Impaired Risk Review: Predictive Analytics
For those of you fortunate enough to have seen the classic 1967 Academy Award nominated film, “The Graduate,” a line of advice on the future given to Dustin Hoffman’s character is still a classic. “I want to say one word to you... Just one word... Plastics...” Nowadays, in the field of life insurance underwriting, that might be expanded to two words: “Predictive analytics.” If you haven’t heard the term it will certainly become part of the underwriting experience in the upcoming years.
Accelerated Underwriting: A Transformational Trend
As the life insurance industry continues to look for innovative ways to respond to the changing needs, expectations and buying preferences of 21st century consumers, insurance companies and their reinsurance partners have responded by expanding research and development capabilities. As a key area of research within the industry, cross-functional R&D teams of actuaries, underwriters, data scientists and statisticians are focusing on providing value-added intelligence and advice around the mortality risk implications of using risk scores and new data sources in accelerated and enhanced underwriting programs.
Click on "Issue 107, June." Article states on page 10
Impending Death of the Life Insurance Medical Exam
Peeing in a cup, giving blood samples, getting blood pressure checked and stepping on the scale were once unavoidable (and often dreaded) parts of applying for life insurance. But data services and technology are gradually replacing the life insurance medical exam.
The Impact of Big Social Data (Thinking Out Loud with LIMRA Podcast)
Jennifer Golbeck, Director of the Human-Computer Interaction Lab at the University of Maryland speaks with LIMRA’s Eric Sondergeld about “Big Social Data” and how to balance the need by industry for insight with the desire for privacy by consumers.
Predictive Analytics and Accelerated Underwriting Survey Report
The Predictive Analytics & Accelerated Underwriting Survey Subcommittee of the Society’s Committee on Life Insurance Mortality and Underwriting Surveys has completed its report on the results of a survey designed to obtain feedback on several current hot topics in the industry, namely predictive analytics, accelerated underwriting and enhanced underwriting. This survey was sent to US and Canadian direct life insurance companies.
Predictive Analytics Global Survey Results - Still Room to Grow for Life & Health Insurers
How big is “big data” for life and health insurers? What are insurers worldwide focused on when it comes to predictive analytics? How are they adopting it and what are their expectations for the future? We set out to find answers to these questions through our global predictive analytics survey just released to participants this month.
2017 Perspective: The Insurance Industry’s Growing World of Data
Data. Those of us in the insurance industry have always collected data, had access to it, and analyzed it to the best of our abilities. But the amount we are collecting, where it’s coming from, and the way that we collect and manage it, has catapulted us into a whole new stratosphere over recent years. In this new world of harvesting data from an ever-growing number of categories of data and the types of devices generating it, we must focus on the trends that are transforming our industry, and come up with a formula to analyze and make the data actionable for our business.