Fluid Dynamics: Laboratory Testing and Life Underwriting

Life insurers have been using laboratory tests in risk appraisal for over 40 years They began with blood and urine, eventually adding oral fluid (habitually, but incorrectly called ‘saliva’).

Get Ready For the Age of Application Triage

Insurance agent product hounds had better get ready for the age of “application triage.” The term refers to accelerated underwriting for fully underwritten policies. It’s an underwriting model on the cusp of going mainstream, according to an industry expert.

Can’t Sell Life Insurance to Clients with HIV? True No More

In December, Prudential Financial began offering 10- and 15-year term life policies to a community that (in the U.S.) had been largely shut out of the life insurance market: people living with HIV. The product rollout stems from an unusual partnership with Aequalis, an independent organization that conducted extensive research into the feasibility of availing the HIV community of life products. LifeHealthPro Senior Editor Warren S. Hersch recently interviewed Mike McFarland, chief underwriting officer of Prudential Individual Life Insurance.

John Hancock Adds Vitality Solution to Simplified Life

John Hancock Insurance announced today that the John Hancock Vitality solution, a new approach to life insurance that rewards people for healthy living, is now available on its quick-to-issue variable universal life insurance product, Simplified Life.

On the Cusp of a Technology-Driven Transformation

In insurance, there has been gradual acceptance of certain aspects such as digital distribution over the past decade but change, especially in the life sector, has been at the margins only. Customer-centricity is not yet the norm in life insurance: a “one-size-fits-all” approach and a focus on agents rather than consumers is still widespread, limiting consumer choice and product customization.

Looking Ahead: Our Industry in 10 Years

What will the insurance sector be like in 2026? Resource turned to some seasoned executives for answers. Here’s what they had to say.

The Added Value of Medical Testing in Underwriting Life Insurance

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.

The Accuracy of Prediction Models in Life Underwriting

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.

What’s Next for the Life Insurance Industry?

If you are thinking that “what’s next” for the life insurance industry has something to do with the experience around buying and owning life insurance products, think again.

It Was A Very Good Year For Innovation By Life Carriers

The challenge of generating lifetime income for underprepared retirees, combined with low interest rates that slowed life insurance sales in 2015, were among the top concerns of the financial world in the past year. So it’s no wonder that annuities often dominated the news about innovation in financial products.

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