As accelerated underwriting (AU) and artificial intelligence (AI) begin to turn life underwriting upside down, several NAIC working groups are seeking to bring order to the disruption.
The center questions the use of factors such as employment class and education level in marketing, underwriting and pricing.
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.
The race to develop accelerated products has driven life insurers to cautiously embrace the next generation of data.
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).
Top life underwriting issues include regulatory concerns, accelerated underwriting, and the opioid epidemic.
More and more often, algorithms mediate social processes, business transactions, governmental decisions, and how we perceive, understand, and interact among ourselves and with the environment. Gaps between the design and operation of algorithms and our understanding of their ethical implications can have severe consequences affecting individuals as well as groups and whole societies.
This is a link to the recording of Hank's webinar on Fair vs Unfair Underwriting presented on June 18, 2019.
Slides from Hank's presentation at the WAHLU 2019 Spring Seminar have been posted at the WAHLU website.