Probing the Dark Corners of Antiselection (Slides)

Hank’s presentation on antiselection at the 2015 RGA Re Fraud Forum.

RGA_HankGeorgePresentation.pdf530.23 KB

Using Behavioral Economics in Underwriting

In underwriting, the ability to obtain accurate health information from an applicant is paramount. The practice of asking people to report their health has been perfected over decades, yet under-reporting remains an issue in markets around the world. This leads us to consider: is it something about the way we ask the question?

Mature Age Underwriting: How Much?

The American population continues to age. Based on 2010 census results, there were approximately 26 million individuals between age 70 and 89, representing a little over eight percent of the population. Other sources indicate that upwards of 10,000 individuals turn 65 every day.

The Rise of Wearable Technology – What Does it Mean for the Insurance Market?

Whether it’s measuring fitness, activity, sleep or even stress levels there is a growing market for fitness wearables and sports trackers that has got our industry thinking about whether the data from these devices can be used to underwrite people; effectively rewarding the fittest, healthiest lives by reducing their premiums. (Article begins on page 6)

Housecalls Underwriting Case Studies & Insights: June 2015 Issue

Cases examined include Patent Foramen Ovale and Spinal Syrinx.

Insurable Interest and the Life Insurance Claim

Claim professionals face many unique and diverse challenges when determining whether a claim is payable and to whom such claim shall be paid. The claim professional’s role and expertise is critical since one may unknowingly pay invalid claims on policies that were improperly issued, or even where fraud was involved in the application, unless one basic requirement of the life insurance contract is validated – the presence of insurable interest.

The Rise and Rise of Childhood Mental Disorders: Overdiagnosis or Epidemic?

Diagnostic fashions are of keen interest to life and health insurance practitioners because they challenge current and traditional underwriting practice. The methodical processes by which risk selection guidelines are updated make speedy reaction to abrupt changes in diagnostics or medical practice problematic.

The Impact of Different Screening Scenarios on Breast Cancer Incidence

The trend of cancer incidences is one of the key questions for developing critical illness (CI) and cancer insurance products with a sustainable price. One of the identified (risk) factors is the availability and/or introduction of screening programs for cancer, which will impact the level of detection of early cancers and can lead to strong increases in incidences. Among the common cancer screenings available, breast cancer is one of the key cancer types representing around 25% of all female cancer incidences.

Workers Who Risk Their Skin

If the term “occupational skin disease” conjures images of blackened mediaeval life or besmutted workers toiling at industrial revolution-era machines, then think again. There are over 3,000 known diseases of the skin and many are just as contemporary as the people who suffer with them.

LIMRA Reports U.S. Individual Life Insurance Premium Improves 8 percent in Second Quarter 2015

U.S. individual life insurance new annualized premium increased 8 percent in the second quarter 2015, according to LIMRA’s Second Quarter 2015 Retail Life Insurance Sales Survey.

Underwriting Issues & Innovation Seminar Presentations (SOA)

Presentations from the Underwriting Issues & Innovation Seminar held Aug 2-4, 2015 have been posted at the Society of Actuaries site.

Day 2 Presentations:

Day 3 Presentations:

Avoiding Fraud – ILIT Trustee and Trust Beneficiary Situations

Companies have a variety of approaches for handling life insurance applications with an Irrevocable Life Insurance Trust (ILIT) listed as owner and/or beneficiary. Some companies don’t ask for anything other than the trust’s tax identification number; some ask for a trust certification; others just ask for limited pages from the trust; and still others ask for a copy of the entire trust and utilize a committee review approach, often involving associates from advanced marketing/legal, agency, actuarial and underwriting departments.

Underwriting Children

Underwriting younger ages can be one of the most difficult tasks of an underwriter. Besides the obvious task of determining insurable interest on individuals with no employment, no immediate financial need, little track record on health and few clues on the medical end, most underwriters have the least experience working on this age group.

New Life Insurance Product Provides Incentive for Cigarette Smokers to Quit

Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced today a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.

Wearables in Insurance: Balancing Value and Vulnerabilities

We hear a lot about wearables these days … smart watches, glasses, fitness trackers, helmets, and a myriad of other smart devices. These wearables incorporate sensors and chips for data collection, real-time analytics, gamification, and other features. But as the use of wearables increases, so do the concerns about security.

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