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.
Accelerated Underwriting - Be Sure Your Company Gets It Right
Have you seen the SOA's recently released "Predictive Analytics & Accelerated Underwriting Survey Report"? It is a terrific reminder of what an interesting time it is to be an underwriter, actuary or data scientist in the U.S. life and health insurance industry.
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.
State Regulators Eye Life Accelerated Underwriting Programs
An arm of the National Association of Insurance Commissioners is starting to talk about use of accelerated underwriting in the U.S. life insurance sales process.
The Explosion in Accelerated Underwriting
A novel hybrid approach to simplified life underwriting has exploded onto the industry landscape. Each passing month finds several more carriers rolling out what has come to be dubbed “accelerated underwriting” (AU).
Applicant Medical and Smoking History Nondisclosure in the Life Insurance Marketplace
Information asymmetry risk for simplified issue, accelerated, and full underwriting?
Accelerated Underwriting Opportunities: New Data Sources, Technology Improve Process
Opportunities for point of sale underwriting are increasing as new data sources become available and processing techniques are developed. Risk scores are being analyzed by SCOR’s R&D Center for impacts to underwriting and mortality assessment.
Accelerated Underwriting and Simplified Issue | New Underwriting (Slides)
Slides from this session, presented at the 2016 SOA Life & Annuity Symposium, have been posted. See Session 47 at the 8:15-9:30 am time slot.