This article from The Actuary discusses results of an RGA study on the relationship between medical expenses and lifestyle factors that wearable devices can measure, such as physical activity, sleep, and heart rate. The conclusion: Lifestyle data can indeed help health insurers better assess risk, improve underwriting, and develop propositions that incentivize healthy lifestyles.
The long-term impacts of the COVID-19 pandemic on product innovation and development strategies are yet to be determined, but RGA's Dan Lyons suggests that a few major changes may remain and even become more common.
The last 17 months has certainly brought on a lot of change, some planned and some not planned. Below are some of the major topics that our U.S. life and health clients have been focused on recently – and question how best to move forward.
How will the COVID-19 pandemic impact life and health insurance distribution and sales in the long term? Peter Rodes and Eva Goldstein of RGAX, the transformation engine of RGA, discuss the key drivers of insurance's accelerated convergence.
Digital health – for insurers “the digital transformation”, the “oil of the 21st century” – has been a hot topic for almost a decade now. So have digital opportunities now been fully embraced and a tidal wave of health data leveraged to the benefit of individual/insureds, healthcare systems and Life & Health insurers?
Life and Health Insurance Underwriting is entering a “new normal”. The industry is moving beyond exploring new technologies, such as advanced data analytics and automation, to real-world applications. In this new environment, innovation is not seen as novel but as critical to the success of the insurance enterprise. Insurers are taking tangible steps to fundamentally change the ways that global life and health risks are underwritten.
Critically important containment measures have been shown to ‘flatten the curve’ of new SARS-CoV-2 infections, save lives and ease the pressure on healthcare systems and medical supplies. At the same time, there are indications that these and other COVID-19 related measures will, depending on their extent and duration, also impact on the future mortality and morbidity trends of other areas of disease and health.
Some insurers have added the carcinoembryonic antigen (CEA) blood test to the laboratory screening profile for Life and Health insurance applications, and some of our U.S. clients have asked for advice on whether to adopt this test.
Costing hundreds of thousands, even millions of USD per individual, a handful of immuno- and gene therapies have been developed to-date. But in fact it’s no longer correct to talk of just “a handful” – usage expansion is already well underway and set to increase medium term.
There is no single tool capable of defeating insurance fraud. In a wide-ranging paper and guide, RGA shares insights into fraud detection and prevention trends, techniques, and technologies at the RGA Fraud Conference. Insurers must be proactive and prepared to adapt nimbly, to keep pace with fraudsters. Find simple steps all insurers can take here.