A Guide to Simplified Underwriting

Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.

Presentations from the 2016 SEHOUA Meeting

Slides from the 2016 SEHOUA Meeting have been posted. They include:

  1. Betsy Sears – “Young Kids, Old Bodies”
  2. Dr. Stout – “Drugs and Alcohol – The Landscape”
  3. Dr. Titcomb - “Red Cell Distribution Width (RDW): An Underappreciated Marker for Increased Mortality
  4. Mike Clift – “Motor Vehicle Reports and Driving Criticism Trends, Technology and Terminology”
  5. Dr. Greene - "Prostate Cancer: A Decade of Change"
  6. Dr. Dave Rengachary - “Advances in Multiple Sclerosis”
  7. Dr. Rooney – Genetics: A Discussion of How our Genes Impact Mortality”
  8. Ron Schaber, Philip R. Murphy and Greg Brandner - “Big Data Today and Tomorrow – the drive toward fully underwritten pricing”

Underwriting Foreign Risks

There is probably no facet of underwriting that is more fluid in terms of day-to-day changes than foreign travel and foreign residence.

Life Insurance: You Can Lose Out Just Being Associated with Pot

A few weeks ago, Derek Peterson got a letter from Mutual of Omaha, turning him down for life insurance.

Automated Underwriting for the Future

Digitalization and the spread of the internet and mobile technology have impacted a number of industries in recent years, often transforming them beyond recognition. There is little doubt that technology will have an enormous impact also on the insurance industry over the next decade, across the value chain from product development and underwriting through to distribution, services and claims. In the near term, the largest impact is likely to be on underwriting and distribution.

Pandemic Survey - Munich Re (Slides)

The slides presenting findings from a survey conducted at the 2016 AHOU meeting have been posted at the Munich Re website.

Impaired Risk Review: Pancreatic Cancer: Still a Killer

Much progress has been made in combating cancer, but pancreatic cancer still sticks its ruthless head up as an actually increasing and an equally deadly one. In 2016, The American Cancer Society estimates almost 55,000 new diagnoses of pancreatic cancer will be made and 42,000 deaths will ensue.

How Biological Age Could Help Insurers Improve Customer Relationships

Ageing is an innate and often emotional process. We generally sense our own ageing in a visceral, illogical way; for example, we could feel rejuvenated by a healthy diet or regular exercise. In fact how we feel could reflect our biological age, which may better indicate our current health status by taking account of improvements and deterioration, than chronological age that increases continually and incrementally.

Mortality Rates are Rising for White Middle-Aged Americans

White, middle-aged Americans are dying at rising rate according to a recently published report in the Proceedings of the National Academy of Sciences. The trend, which commenced in 1999, is not demonstrated in any other economically well develop country. Nor is it demonstrated in black and Hispanic Americans.

Insurers in Quest of the Perfect Heart Attack Definition

Insurers should be concerned when challenged to use the clinical definition of a heart attack. There is more to a diagnosis than the definition. Navigating the conflict between clinical medicine and a contract wording is complex but can be solved.

The Future of the Underwriting Profession

Video recording of the presentation given by Hank at the 15th Annual AHOU Conference in Orlando, FL.

Three in Ten Americans Would Likely Share Data from Activity Trackers with a Life Insurance Company

According to the 2016 Insurance Barometer, 30 percent of consumers are very or extremely likely to consider sharing the data from an activity tracker (Fitbit, Jawbone, etc.) with a life insurance company if they received financial incentives in return for healthy behaviors. Among those who already use a device, willingness to share more than doubles to 65 percent.

Current Trends in SI & Accelerated Underwriting

The slides from Brian Boger’s presentation at the Actuaries Club of the Southwest Spring Meeting have been posted online.

Most Life Insurance Underwriters Expect More Pandemics

Nearly three-fourths (70 percent) of life insurance underwriters expect the number and severity of epidemics and pandemics to increase over the next 5 to 10 years, according to new research.

Structured Settlement Underwriting: Principles and Guidelines

The slides from Kevin Puckett’s presentation at the Actuaries Club of the Southwest Spring Meeting have been posted online.

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