Risk Management (General)

SCORviews March 2016 Issue

The latest issue of Scor Global Life’s SCORviews publication includes the following articles:

- When the Term Level Ends
- Mortality Improvements in the Future
- Data Protection and the Cloud

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.

Preferred Risk Classification: Should We Keep the Status Quo?

The life insurance industry has relied mostly on the knock-out approach to underwriting preferred risks. When reviewing the thresholds for individual risk criteria, one may ask whether the system is too liberal – i.e., are we admitting too many questionable risks into our best classes? Yet industry experience seems to indicate that the system works well.

Using Behavioral Economics in Underwriting

In underwriting, the ability to obtain accurate health information from an applicant is paramount. The practice of asking people to report their health has been perfected over decades, yet under-reporting remains an issue in markets around the world. This leads us to consider: is it something about the way we ask the question?

Preferred Risk Criteria and Values: Can We Move from Good to Better?

With decades of underwriting experience to research, the author reviews some of the criteria commonly used to try to answer the question: “We have done well in the past, but could the industry use its criteria to make risk selection more effective?”

A New Response (Best's Review)

Hybrid life insurance/long-term care product sales are rising, but the industry must pay attention to pricing and risk mitigation techniques.

Predictive Analytics Articles (SOA)

The Society of Actuaries is providing a selection of articles on the use of predictive modeling. Articles included in the PDF package:

  • Risk Segmentation: Application of Predictive Modeling in Life Underwriting
  • Predictive Modeling Techniques Applied to Quantifying Mortality Risk
  • Utilizing Frequent Itemsets to Model Highly Sparse Underwriting Data
  • Producing Actionable Insights from Predictive Models Built Upon Condensed Medical Records
  • Predicting Emergency Room Frequent Flyers

Reading Risk Right (Best's Review)

Hank’s new Best’s Review essay exposes the risks of overemphasis on productivity, at the expense of quality, in unde

A Second (Risk) Opinion After a Coronary Event

Can a man in his 50s with a history of heart disease ever be considered better than a sub-standard risk for life insurance? The answer is, sometimes, YES.

Rock Star Mortality: High Risk for Hard Living

Do rock stars really die earlier compared to the average population? If so, why is this of interest for the insurance industry?

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