The Older Age Underwriting Practices Survey Subcommittee of the Society’s Committee on Life Insurance Mortality and Underwriting Surveys has completed its report on the results of a survey designed to elicit feedback regarding underwriting guidelines, requirements, assumptions and practices utilized in the assessment of older age applicants. This survey was sent to US and Canadian direct life insurance companies.
Wearables in Life Insurance – Game Changer or Passing Fad?
Some life insurers now use data from fitness trackers to lower premiums. But does a policyholder’s number of steps really improve his or her mortality? Despite the link between a sedentary life and the risk of heart disease or cancer being well known, there is no consensus on how many daily steps reduce this risk.
Cognitive Capture Reducing Risk in Life Underwriting
Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process.
Predictive Analytics Global Survey Results - Still Room to Grow for Life & Health Insurers
How big is “big data” for life and health insurers? What are insurers worldwide focused on when it comes to predictive analytics? How are they adopting it and what are their expectations for the future? We set out to find answers to these questions through our global predictive analytics survey just released to participants this month.
A recent UK report estimated that, in the absence of any progress in combating antimicrobial resistance, there would be a staggering 10,000,000 deaths globally in 2050, compared to 700,000 today. To provide some perspective for this number, antimicrobial resistance would cause more deaths than cancer. The economic cost would be US$100 trillion. The implications for the insurance industry are potentially very damaging.
Emerging Trends in Life Insurance Claims – What’s Next?
As life claim professionals we must continually be aware of changes and emerging trends within the life insurance industry that may affect claim operations. This article takes a high level look at a few of these trends, focusing on three areas: technology, resources and policies.
Our paper, “Cystatin C: A Promising Test for Insurance Screening,” was published in early 2009. At that time, most studies about this test were focused solely on its role as a novel kidney disease marker.
In the interim, several hundred new studies have greatly expand- ed our knowledge about cystatin C in a broad range of contexts. For this reason, a new comprehensive literature review is needed if we are to understand the true underwriting implications of this test.
A presentation at a recent underwriting gathering was billed as being focused on the use of predictive analytics in contexts other than risk appraisal.
Feedback from several attendees suggests it was just the opposite, centered largely on their deployment in underwriting.
So much for the verisimilitude of at least some session descriptions!
Fact is, insurers are presently being inundated with risk screening options no one would have imagined possible a decade ago. The developers of some of these tools are aggressively promoting their deployment in the underwriting process.
Bilirubin is a potent antioxidant and antiinflammatory agent. While bilirubin levels tend to be lower in cigarette smokers, the adverse effects of low/below normal bilirubin impact both smokers and nonsmokers.
High normal/elevated bilirubin has been convincingly linked to a significantly lower risk of circulatory diseases, diabetes and other prevalent medical impairments. Conversely, low normal/below normal bilirubin levels are now a well-established marker for increased risk of these diseases and their complications.
It is a widely held notion that one does not have to know the job to manage people who do the job.
This certainly makes sense for most blue collar and clerical occupations.
Does the same rationale apply to non-underwriters (defined as individuals that have never been underwriters) managing underwriting professionals?
At our study groups, this is recognized as an increasingly important question, in part because the number of individuals with no underwriting background who oversee new business departments is increasing.