ChatGPT and the Life Insurance Industry: What We Know So Far
ChatGPT is taking the world by storm. Like so many other organizations focused on digital transformation, we were immediately intrigued and wondered how we could help our carrier partners innovate using ChatGPT and other AI tools like it. Several RGA teams started looking into the possibilities for everything from underwriting to data analytics.
Colorado Rule Bars AI, Data Discrimination in Life Insurance
Colorado is leading the way on regulation around insurers’ use of data with its first rules requiring life carriers to ensure the use of third-party data in life insurance underwriting does not discriminate against protected groups.
Accelerated Underwriting Calls for Reconsideration of Manuals
RGA's Catie Muccigrosso explains why, as accelerated underwriting evolves, insurers will benefit by adjusting their underwriting manuals' traditional full underwriting guidelines to ensure appropriate use.
With the advent of new screening programs for high risk adults with a previous smoking history, more than a million new cases of pulmonary nodules are found, with approximately a five percent malignancy rate. It is no wonder underwriters and physicians take these findings seriously, and a thorough work-up is done to be sure any nodule encountered has a benign outcome.
Leveraging Behavioral and Contextual Signals from Digital Distribution and Underwriting
Digital distribution and digital underwriting provide life insurers with new ways to understand customer behavior. Although difficult to harness, digital behavior and contextual signals present insights that can be used to improve processes along the life insurance value chain.