Practices related to the underwriting of older age applicants, typically ages 70 and older, are unique and evolving. While we continue to encounter a host of the most common impairments in this age group, such as coronary artery disease, stroke, cancer and diabetes, along with their inherent challenges, the elderly population presents additional concerns that are not always outwardly apparent, mentioned in an Attending Physician Statement (APS) or easily detected with routine underwriting tools.
Most life insurance companies agree that the greatest opportunity for growth in the industry comes from the middle market. Middle-class consumers traditionally expect life insurance to be too expensive for their budgets or the application process too time-consuming. Insurers must rise to that challenge with innovative solutions, says Manish Bhatt, SVP and chief digital officer for MetLife (and a 2013 Insurance & Technology Elite 8 honoree).
The problem with this narrative—and the focus of this article—is the very real risk management costs associated with the increased complexity, efficiency and overconfidence in the predictive power of models.
Gen Re is pleased to report results for its 2013 U.S. Individual Disability Market Survey, an industry benchmarking study covering Non-Cancelable (Non-Can), Guaranteed Renewable (GR), Buy-Sell and Guaranteed Standard Issue (GSI) product line results for 2012 and 2013. Eighteen insurance carriers participated in the survey representing over $4.7 billion of inforce premium. Of these companies, 16 offer Non-Can, 17 offer GR and eight offer Buy-Sell. Seven companies reported Non-Can GSI and five reported GR GSI.
New research by Andrew Stokes, a doctoral student in demography and sociology in the School of Arts and Sciences at the University of Pennsylvania, suggests that many obesity studies substantially underestimate the mortality risks associated with excess weight in the United States. His study, "Using Maximum Weight to Redefine Body Mass Index Categories in Studies of The Mortality Risks of Obesity," was published recently in the open-access journal Population Health Metrics.
High prediagnosis body mass index (BMI) is associated with increased mortality after colorectal cancer diagnosis, according to a study presented at the annual meeting of the American Association for Cancer Research, held from April 5 to 9 in San Diego.