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.
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
What do life insurance product developers have on their minds? A recent study group gave us some clues.
As we look at a world in flux, it’s important to remember that the only constant is change. Technology is a good example, as it has a far-reaching impact on other industries.
Slides from the presentation by Robert Stout, Laboratory Director at Clinical Reference Laboratory delivered at the 2017 Spring Meeting of the Actuaries’ Club of the Southwest.
As we all know, the cost of most life insurance products is based on the risk of dying: policies for males, older individuals and those having health impairments are priced higher than for younger, healthier individuals.
Better addressing the evolving needs of consumers can help incumbents win their loyalty—and protect against new competitors.
“Agile” development is all the buzz in the IT world. You may have heard your IT teams talk about “scrums,” “sprints,” and “the war room” and wondered if they were playing a strange new sport. Or perhaps you are already applying agile techniques in your product development. This article will discuss what agile methodology is, the pros and cons, and how you might apply it to insurance product development.
(click on February 2016, article appears on page 20)
Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced today a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.
Millennials have shown a clear shift in interests and priorities from other generations. They are willing to pay more for a product so long as they perceive its added value.