Understanding the Product Development Process of Life and Annuity Companies
Performed by LIMRA and RGA, this project consisted of a survey of North American life insurance and annuity companies and examined current insurer PD processes including the evolution of the current strategy; variation of the strategies by company characteristics (e.g., size, life vs. annuity) and region (e.g., United States vs. Canada vs. Other companies); and identified leading PD practices globally. The results of the research can provide the life insurance industry with a resource to help enhance resource management and current processes to better serve the needs of its stakeholders.
Key Strategies for Growth in the Impaired Lives Segment
Today, promising opportunities and market action can be found in the impaired lives segment. In fact, RGA’s 2017 Global Underwriting Survey revealed that one third of large and multinational insurers surveyed have created or plan to create dedicated underwriting strategies that focus on the impaired lives segment in the coming years.
So the question now is: How can insurers turn dedicated focus into profit?
Electronic Health Records – What are they and How Will they Affect Life and Disability Insurance Underwriting?
The advent of electronic health records (EHRs) brings to mind a story I like to tell. I was developing a ruleset for an automated underwriting rules engine 20 years ago when the IT director brought up a point during dinner. He said, “You underwriters really like your medical records. Well, I need them in an electronic data format with a dedicated field containing diagnostic codes. Then I can use those codes to assign an automated risk class.”
Integrated Analytics: The Next Generation in Automated Underwriting
We are experiencing the most rapid evolution our industry has ever seen. Incremental innovation has been underway for the last 10 to 15 years, but currently, the pace of change is truly frenetic. Today, we are competing with not only peer companies, but also start-ups, third-party solution providers and others from outside the life insurance industry, who recognize the potential to disrupt the industry we know so well.
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Watchful Waiting and Active Surveillance For Prostate Cancer
Getting insurance for individuals with cancer has its challenges. What was the cancer, how was it treated, how long has it been since therapy, what has the follow-up treatment been? The keyword in these scenarios is treatment. What if there has been no treatment at all? Prostate cancer is one of those processes where both doctors and patients may opt to defer treatment because of the slow growing nature of the disease, but the unknown outcome makes getting insurance even more problematic.