accelerated underwriting

These are slides from a presentation at the June 6, 2023 Actuarial Club of the Southwest virtual meeting.

The New Normal for Advanced Risk Selection
 

Alternative data sources and supporting technologies are propelling today’s advances in underwriting, enabling acceleration. Accelerated underwriting is empowering insurers to speed processes and improve the customer experience.

Accelerated Underwriting (AU) is now a big part of most Life companies’ overall underwriting philosophy. But AU tools are evolving, and many direct carriers and reinsurers find it tough to price and evaluate their AU initiatives.

Accelerated underwriting, or a AU, as a fluidless alternative to traditional full life insurance underwriting, can speed the insurance process and provide better coverage and pricing options for applicants.

COVID-19 has put new underwriting strategies through a brutal test.
 

During the last several years, many new evidence and data sources have become available to the life insurance industry.
 

Accelerated underwriting has historically been a slow movement within the insurance industry, a panel acknowledged Monday at the 2022 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries and the American Council of Life Insurers.

Gen Re is pleased to present summary results of our 2021 Individual Life Accelerated Underwriting Survey.
 

It is important here to draw a distinction between what has historically been referred to as “accelerated underwriting” and the pandemic-fueled programs characterized as “alternative underwriting.”