Andrew Thomas’s life insurer knows exactly when he arrives at his local gym. The company is notified when he swipes his membership card, and 30 minutes later, it checks that he is still there, tracking his location through his smartphone.
The insurer is rolling out a program in the U.S. similar to ones already deployed in other parts of the world, where your life insurer tracks your fitness levels, then gives you rebates depending on how active you are. Folks who get up in the morning and jog five miles will get rebates; couch potatoes who can barely make it to the kitchen for another soda will be paying more.
Where increasing sales are concerned, the life insurance industry faces an uphill battle, but that’s only part of the story. New research from LIMRA shows the industry also has a “huge and growing opportunity” to reach American households, said LIMRA’s Eric T. Sondergeld.
Cost is the reason most Americans give for not owning life insurance, according to the 2015 Insurance Barometer Study, released today by LIMRA and non-profit Life Happens. Yet, 80 percent of consumers misjudge the price for term life insurance, with Millennials overestimating the cost by 213%, and Gen Xers overestimating the cost by 119%.
Effective insurance management is essentially about striking the right balance. Grow new sales, but do so profitably. Pay attractive commissions to sell more of your products, but also price those products competitively.
This webcast will cover what we currently know about emerging global infectious diseases, reflecting on events from the 1918 Spanish flu to the current Ebola epidemic in West Africa. We will also discuss what tools are available to help the insurance industry better plan for and respond to tomorrow’s inevitable epidemics.
Obesity used to be considered almost exclusively a problem of developed countries. But recently rates of obesity in developing economies have increased abruptly. Indeed, obesity is now often linked to more deaths than malnutrition and some infectious diseases.
Your underwriting team may be missing key data on APSs affecting your mortality analysis and your bottom line. Watch this recap of the exclusive educational webinar conducted by Hank George to ensure nothing is missed. Hank covers three specific areas where data is often missed: physical findings, symptoms and test results.
The Financial Underwriting and Fraud Prevention Survey Subcommittee of the Society’s Committee on Life Insurance Mortality & Underwriting Surveys has completed its report on the results of a survey designed to examine the various requirements, guidelines and procedures life insurance companies establish to underwrite the applicant’s financial risks and efforts to mitigate financial underwriting and other fraud risk.
Genomics is at the forefront of a technological revolution in biomedicine and healthcare through which personalised treatment is fast becoming a reality. Genomics will improve care across a range of health problems and allow more targeted therapy. If insurance is indeed a pool into which participants pay sufficient to cover their risk, shouldn’t insurers have access to this genomic knowledge to use in equitable ways to benefit customers?