Life

How Using Behavioral Economics Can Improve Underwriting Results

It seems one cannot attend a conference or pick up a trade magazine these days without finding some mention of behavioral economics (BE). From policy development and healthcare to retail and now, insurance, many industries are finding interest in this area of study. What is yet to be fully appreciated, though, is just how significantly BE can improve business outcomes for insurers.

State Regulators Eye Life Accelerated Underwriting Programs

An arm of the National Association of Insurance Commissioners is starting to talk about use of accelerated underwriting in the U.S. life insurance sales process.

Three Essentials for True Automated Underwriting Success

Almost a decade ago Life Insurers in the Australian market entered the search for greater efficiencies and faster assessment turnaround times believed to be possible via the mechanism of automated underwriting. Having closely observed the UK market, in particular, leading retail Australian insurers moved quickly to embrace automated underwriting.

Big Data, Big Insight – Is Knowledge Still Power in a Digital World?

This article explores the validity of claims that theory has lost its practical purpose in a world where the abundance, and easy availability, of data is purported to provide sufficient guidance to our actions. In a future Risk Insights article we will consider the possible consequences for the life insurance industry with a particular eye on the future role of human expert knowledge.

Trends in Life Insurance - How Can the Industry Stay Fit for the Future?

Life insurers are facing a new world in which the nature of uncertainty itself is changing. The future is collapsing into the present faster than past data can be used to extrapolate the future. However, we shouldn’t be fearful. InsurTech (insurance technology) is alive with possibilities, so it’s about how we choose to engage with it.

Looking Ahead: Our Industry in 10 Years (LOMA Resource)

What will the insurance sector be like in 2027? Resource turned to some seasoned executives for answers. Here’s what they had to say.

MIB Life Index Reveals Uptick in Younger, Older Age Life Applicants

U.S. life insurance application activity rose 1.3 percent last year compared with 2015, according to the MIB Life Index.

Productivity Obsession in Underwriting Management: Report of an Unpublished 2016 Survey

Hank has written an extended commentary (including results of a new unpublished survey) on the implications of productivity obsession in underwriting.

Fukoku Mutual Life Replaces Office Workers with Artificial Intelligence

Insurance firm Fukoku Mutual Life Insurance is making 34 employees redundant and replacing them with IBM’s Watson Explorer AI

Capturing the Millennial Middle Market with Smart Analytics

By integrating data and advanced analytics into their processes, life insurers can capture one or more lucrative niches, including millennials in the middle market, before the competition does.

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