Several underwriting tools have been adopted by carriers to issue coverage faster, in many cases without the need for insurance exams or requirements such as a traditional APS. Some of these tools are new, while others have been in use previously, but have recently been enhanced to streamline the underwriting process.
Applying Modern Biotechnology to Life Insurance Underwriting
In ReFlections, RGA's Dr. Georgiana Willwerth-Pascutiu provides a scientific perspective on one of the most controversial and complex plants in the world, including its derivatives, its prevalence of use, and insurance industry implications.
Life insurers were prepared to embrace the COVID-19 challenge. Most carriers had pre-planned models and analytics ready for such an eventuality. The companies immediately calibrated their responses to the pandemic and responded with their own versions of shutdowns through product withdrawals, price increases in some cases, age limitations, offer restrictions, and postpones for clients with pre-existing conditions.
Endometriosis is a condition where normal tissue that lines the uterine cavity is found outside the uterus, mainly in the area of the pelvis and the ovaries. It is a common source of pelvic pain in women, and is an increasingly diagnosed entity in workups for infertility.
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.
Underwriting advocacy to navigate the new world is as critical as the digital processes itself.
Consider the standard “AA” or age and amounts table. Lockdowns and stay-at-home measures are making collecting fluids and conducting parameds less feasible, yet underwriters still base the decision to order evidence on an age and policy face amounts table that has not changed substantially in decades. The result? Insurers often order evidence unnecessarily or waive needed requirement.
Putting together the health effects of nicotine and the chemical components of regular commercial e-cigarette inhalants leads to a conclusion that the risk is small but not trivial.