One of the most frequently-used phrases at business events these days is “the future of work.” It’s increasingly clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. But while these changes are predicted for the future, they’re already present in many organizations for many different jobs.
Among the areas addressed include the structure of accelerated underwriting programs, how programs are monitored, how accelerated underwritten business is performing relative to expectations and how companies are considering accelerated underwriting cohorts in the context of VM-20 assumption setting.
Could the advances in artificial intelligence that have been applied to the game of chess enhance actuarial science and underwriting? While data drives machine learning today, RGA's Dr. Jeff Heaton notes that Google's AlphaZero demonstrated how a computer can teach itself chess without data.
Kyobo Life Insurance announced on October 30 that its AI-based underwriting system, known as Best Analysis and Rapid Outcome (BARO), is now fully operational.
Trick or Treat: How Smarter Segmentation and Data Use Can Help Insurers Win Policyholders and Avoid Ghoulish Risks
For some, there’s no spookier scenario than blood work and cumbersome forms to obtain insurance coverage. But as Neil Parkin of RGA South Africa explains, emerging risk segmentation techniques, combined with smarter use of data, could help ease these fears.
Slides from this presentation (Actuaries' Club of the Southwest, November 7, 2019) have been posted at the ACSW website.
In early August 2019, the US Centers for Disease Control and Prevention (CDC) issued a Clinician Outreach and Communication Activity urging clinicians to report possible cases of unexplained vaping-associated pulmonary illness to their state/local health departments.
One of the conditions met with a lot of confusion by brokers and agents in trying to assess where it falls underwriting-wise is bipolar disorder. Those with the disorder often represent it as if it were a minor inconvenience, and oftentimes any period of remission is met with a request for a standard or preferred issue.
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).
Some of the articles featured in the September 2019 edition of RGA's Global Medical Newsletter include:
- Part II: Proposed New Classification and Nomenclature for Chronic Pain
- The Changing Face of Alzheimer’s Disease
- Brief Report: The Elusive Influenza Vaccine – Are We Any Closer?