Life

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”

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.

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.

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.

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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