“Agile” development is all the buzz in the IT world. You may have heard your IT teams talk about “scrums,” “sprints,” and “the war room” and wondered if they were playing a strange new sport. Or perhaps you are already applying agile techniques in your product development. This article will discuss what agile methodology is, the pros and cons, and how you might apply it to insurance product development.
Demand for mortality protection is closely tied to life cycle. At the early stages of adult life, the need for income protection rises as people finish their education, start a job, get married, buy a house and have children. In a few coming years, the millennials—those born between 1981 and the late 1990s—will be the segment with the largest need for mortality protection.
In present-day life-insurance medical underwriting practice the risk assessment starts with a standard health declaration (SHD). Indication for additional medical screening depends predominantly on age and amount of insured capital. From a medical perspective it is questionable whether there is an association between the level of insured capital and medical risk in terms of mortality. The aim of the study is to examine the prognostic value of parameters from the health declaration and application form on extra mortality based on results from additional medical testing.
According to IBM, 90% of all the data in the world has been created in the past two years. Each of us is utilizing and providing data every time we log in to our computers, browse the Internet or simply drive down the highway with our iPhone in our pocket. The challenge for every industry is how to harness and effectively utilize that data to drive more profitable business.
The trend of cancer incidences is one of the key questions for developing critical illness (CI) and cancer insurance products with a sustainable price. One of the identified (risk) factors is the availability and/or introduction of screening programs for cancer, which will impact the level of detection of early cancers and can lead to strong increases in incidences. Among the common cancer screenings available, breast cancer is one of the key cancer types representing around 25% of all female cancer incidences.
The Reinsurance Section, Product Development Section and the Committee on Life Insurance Research announce the release of a new report that investigates life and annuity living benefit riders and their implications from both a direct writer and a reinsurer perspective
Big data is an often talked about topic, which is also referred to as predictive analytics. Actuaries have a unique skillset to understand and harness the complexities of data and the insights that can be gained from predictive models.
The life insurance protection gap remains an issue in the United States. Swiss Re research estimates the gap between the life coverage families should have for income protection, versus what they actually have, at $20 trillion in aggregate in 2010. This is up from $18 trillion in 2001 after adjusting for inflation. The average family has a gap of $378,000, up from $347,000.