Risk aggregation techniques such as these are useful for a range of underwriting applications; however, a significant degree of subjectivity may still be required in making a decision. Even the most experienced underwriters can find this challenging. In such cases, data analytics offers a potential solution.
Supplementing traditional insurance data with different types of third-party data can provide deeper insights to improve the underwriting process, enhance operational efficiency, and gain a better understanding of historical mortality, morbidity, and lapsation experience. Realizing the potential of third-party data integration requires appropriate evaluations, both analytical and actuarial.
Life insurers are embracing the use of machine learning (ML) and artificial intelligence (AI) models and techniques in all areas of their business.
PartnerRe Review of LexisNexis® Risk Classifier with Medical Data – Combined Model Indicates Greater Predictive Value
PartnerRe’s analytics experts evaluated the Life predictive model, LexisNexis® Risk Classifier with Medical Data. Here we present the results of our objective and detailed review of the model.
Body mass index is an important driver of risk class and stands as the second largest concern for misrepresentation in accelerated underwriting after smoking non-disclosure.
There are few things that contribute more to building an appreciation for different roles than sitting in someone else’s shoes.
Lest anyone think the previous exchange is fanciful or seems a bit paranoid, it is already happening. It is known as using accelerated underwriting using external data and over two dozen U.S. insurers are currently using it.
More and more often, algorithms mediate social processes, business transactions, governmental decisions, and how we perceive, understand, and interact among ourselves and with the environment. Gaps between the design and operation of algorithms and our understanding of their ethical implications can have severe consequences affecting individuals as well as groups and whole societies.
The Life Predictive Analytics Survey Report from Willis Towers Watson
RGA's Marc Sofer, Head of Data and Strategic Analytics, Asian Markets, discusses how the newest data sets, together with existing data and novel analytics, are impacting the industry’s growth and development.