As modern risk professionals, we pride ourselves on making decisions that are informed by granular risk data, actuarial analysis and complex computer models. Yet, we have discovered that these quantitative elements unfortunately represent only half the decision making process.
All life insurance carriers, for fully-underwritten products, utilize laboratory testing as a key component in assessing an individual’s insurability, regardless of age. Most of these protocols were developed when the average age of applicants and the applied for face amounts were lower than they are today.
Despite many life insurers taking a “backseat approach” to mining large data sets, carriers can profit from big data by using more advanced underwriting analytics and by deepening the relationship with customers, a new report has found.
I believe that Decision Analytics applications will bring big changes right across the life insurance industry, transforming many processes from the back to the front office, such as agent recruiting, agent effectiveness, customer acquisition and retention, cross-selling, underwriting and claims.
Cardiovascular diseases are the main cause of mortality in the world and insurers have to take into consideration any significant changes in this field. The arrival of the long-awaited Novel Oral AntiCoagulant drugS or “NOACS”, specifically targeting blood clotting factors thrombin or Xa, has been hailed as an important therapeutic advance over traditional oral vitamin K antagonists.
We set out to explain the potential advantages and limitations of NOACs and their potential impact on life insurance practices.
Electronic nicotine delivery systems (ENDS) first became popular 10 years ago. They represent an alternative that reduces the health hazards associated with the toxic chemicals found in tobacco smoke. ENDS may turn out to be much less harmful than smoking tobacco, but to date there is insufficient scientific evidence to support the notion that they are effective smoking cessation devices. This article discusses the informative value of the studies that have been carried out so far, as well as how different countries regulate and control e-cigarettes.
Life insurance underwriters are frequently confronted by conflicting underwriting information that they have to weigh when evaluating an agent’s rate reconsideration. Take a look at the case study described below, for instance.