Life Insurance for the Digital Age: An End-to-End View
This article provides an overview of various innovative solutions supporting an end-to-end underwriting process for life insurance products.
Article appears in Issue 108, November 2017 on page 4
Understanding the Product Development Process of Life and Annuity Companies
Performed by LIMRA and RGA, this project consisted of a survey of North American life insurance and annuity companies and examined current insurer PD processes including the evolution of the current strategy; variation of the strategies by company characteristics (e.g., size, life vs. annuity) and region (e.g., United States vs. Canada vs. Other companies); and identified leading PD practices globally. The results of the research can provide the life insurance industry with a resource to help enhance resource management and current processes to better serve the needs of its stakeholders.
Key Strategies for Growth in the Impaired Lives Segment
Today, promising opportunities and market action can be found in the impaired lives segment. In fact, RGA’s 2017 Global Underwriting Survey revealed that one third of large and multinational insurers surveyed have created or plan to create dedicated underwriting strategies that focus on the impaired lives segment in the coming years.
So the question now is: How can insurers turn dedicated focus into profit?
Are you Seeing These 6 Trends Changing the Life Insurance Risk Landscape?
Our recent conversations with insurance partners highlight six prevalent risks at the top of mind for industry leaders today.
Electronic Health Records – What are they and How Will they Affect Life and Disability Insurance Underwriting?
The advent of electronic health records (EHRs) brings to mind a story I like to tell. I was developing a ruleset for an automated underwriting rules engine 20 years ago when the IT director brought up a point during dinner. He said, “You underwriters really like your medical records. Well, I need them in an electronic data format with a dedicated field containing diagnostic codes. Then I can use those codes to assign an automated risk class.”
Watchful Waiting and Active Surveillance For Prostate Cancer
Getting insurance for individuals with cancer has its challenges. What was the cancer, how was it treated, how long has it been since therapy, what has the follow-up treatment been? The keyword in these scenarios is treatment. What if there has been no treatment at all? Prostate cancer is one of those processes where both doctors and patients may opt to defer treatment because of the slow growing nature of the disease, but the unknown outcome makes getting insurance even more problematic.
Insurers Battle Against Companies ‘Born Digital’
Chat windows, faster policy statements, intuitive agent portals and robotic technologies are among the new generation of weapons insurers intend to use to compete with “born-digital” companies.
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.
Best Practices & Considerations for Accelerated Underwriting (Slides)
Many companies have or are considering programs that have been referred to as accelerated underwriting. The process by which companies choose to implement this program may not be as accelerated as the name itself. Companies looking to adopt, enhance or evaluate accelerated underwriting should come listen to how some companies think about, evaluate and share lessons learned about designing, implementing and monitoring an accelerated underwriting paradigm, its impact on assumptions and products, and how a reinsurer may review the accelerated program.
Note: The session above (161) can be found in the 8:30-9:45 a.m. time slot