Life insurance remains one of the most undersold categories of protection products, but insurers are working to change that through the adoption of technologies, such as e-applications, e-signatures and automated underwriting, that provide greater ease of doing business for their distribution forces. Technologies that minimize errors -- reducing not-in-good-order (NIGO) applications -- and speed policy delivery please agents and enable growth.
Munich Re has been conducting the Life Reinsurance Survey on behalf of the Reinsurance Section of the Society of Actuaries since 1987. This presentation of the results from the 2012 survey was posted last month at the Marclife.com website.
This report, which presents a preliminary statistical investigation on the geographic distribution of morbid obesity across the United States, provides insights and critical decision making information for health risk assessors and other relevant users.
Dr. Peter Diamandis is the chairman and CEO of the X Prize Foundation, which creates large incentive prizes intended to drive radical breakthroughs for the benefit of humanity. You’ve likely heard of the $10 million Ansari X Prize for private spaceflight, and perhaps you’ve heard of the $10 million Progressive Automotive X Prize for 100 miles-per-gallon equivalent cars.
With every major product line experiencing positive premium growth, total individual life new annualized premium grew seven percent in the first quarter of 2013, according to LIMRA’s First Quarter 2013 Individual Life Insurance Sales Survey.
Like telematics in auto insurance, telehealth in health insurance provides an opportunity for insurers to have a closer dialog with their policyholders and better manage their risk of loss. And it's growing at a similar rate: This week, three prominent insurers announced new telehealth initiatives.
The Indian life insurance industry has enjoyed a compounded annual growth rate of 21% over the last decade. The industry has posted double-digit growth every year up until 2009-2010, and the total number of life policies increased from 90 million in 1999 to 340 million by 2011. The total life insurance premium for the financial year 2011-2012 was approximately INR 2.87 trillion (USD 52 billion).
Critical Illness claim adjudication is an important part of the risk management process. As such, it is important to recognize the unique skills required to properly adjudicate a Critical Illness claim so that the insurer provides fairly the benefits promised in the contract while protecting the insurer from paying claims for conditions outside of those intended and priced for.
The new, revised version of the National Alzheimer's Plan gives little attention to the idea that private insurance could help consumers prepare for the cost of dealing with Alzheimer's disease and other forms of dementia.
While there is no doubt that simplified underwriting has been a growing trend in the life insurance industry, almost 90 percent of all new business volume originates through the traditional underwriting process. Ken Conners, Vice President and Chief Underwriting Officer, and Hank George, Executive Officer of Hank George Inc., discussed trends and challenges facing traditional underwriting.