Predictive Analytics and Accelerated Underwriting Survey Report
The Predictive Analytics & Accelerated Underwriting 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 obtain feedback on several current hot topics in the industry, namely predictive analytics, accelerated underwriting and enhanced underwriting. This survey was sent to US and Canadian direct life insurance companies.
Risk Assessment of Non-Metastatic Breast Cancer in the Genomic Era
Underwriting breast cancer in 2017 will require an understanding of the current and growing role of genomics in the assessment of its mortality risk. This is not to lessen the importance of well-known prognosticators such as tumor/node/metastasis (TNM) staging, estrogen receptor/progesterone receptor (ER/PR) and human epidermal receptor growth factor 2 (HER2) receptor status, grade, or the mitotic activity index (MAI). Rather, it is to keep abreast of additional genomics-based prognostic tools that can be used to further stratify breast cancer and its risks.
After three visits to Silicon Valley in three months I’ve come to the conclusion that InsurTech for the U.S. life insurance market has arrived. And the Genie isn’t going back into the bottle. U.S. InsurTech financing hit $1.377 billion in 2015, with the global figure about double that (CB Insights). No slowdown occurred in 2016.
Big Data, Big Insight – What Does It Offer to Life Insurers?
In an earlier Risk Insights article, we examined the bold claim for big data that the abundance and speed of information would make knowledge redundant. We concluded that if knowledge is understood as the body of causal explanations for observed statistical correlations, there could indeed be a grain of truth in such a claim, especially in the field of commercial applications.
Understanding the association between persistent cervical infection with high-risk human papillomavirus (HPV) and the development of cervical cancer is fundamental when underwriting cases where HPV is present. This article explores the latest research and relationship.
Underwriter Focus: Why Insurers Should Give Weight to the Global Rise in Eating Disorders
The magnitude of the cost, both to the individual and the economy as a whole, represented by eating disorders is often underestimated. The growing numbers presenting to services in high income countries is not merely a reflection of service availability, but a very real increase in the number of cases.
One of the hottest topics in financial services these days is blockchain. First introduced as the technology behind the currency Bitcoin, its value and potential are now recognized much more broadly. While not everyone fully understands it, more and more people are talking about it.
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.