Probabilistic and statistical modeling have long been central to life insurers’ efforts to responsibly manage and accurately price risk. However, over the past two decades, technological advances have transformed these businesses’ use of data and algorithms.
As data ethics continues to garner increased attention in the (re)insurance industry, it is critical for organizations to have a strategic and measured approach to data utilization.
Recent allegations of racial bias and discrimination in marketing, rating, underwriting, and claims practices by insurance companies and other licensees have come to light nationwide.
Because of the pandemic, more people than ever are seeking out life insurance — just as insurers seek ways to identify people who have had COVID-19, and in some cases deny them coverage.
Dr. Tom Fletcher, VP Data Analytics, North America Life, shares his perspective on the component strands necessary to build and maintain ethical standards in predictive modeling.
As accelerated underwriting (AU) and artificial intelligence (AI) begin to turn life underwriting upside down, several NAIC working groups are seeking to bring order to the disruption.
The center questions the use of factors such as employment class and education level in marketing, underwriting and pricing.
Brooks Tingle, president and chief executive officer, John Hancock Insurance, said the organization wants to promote engagement with insureds by partnering with a growing range of tech and service providers. Tingle spoke with AM BestTV at InsureTech Connect 2019, held in Las Vegas.
The race to develop accelerated products has driven life insurers to cautiously embrace the next generation of data.