It's long been understood that life insurers have lagged other sectors in digitizing their business processes and directing money to new technologies to try to gain a competitive edge. The only question is, how much have they underinvested?
Opportunities for point of sale underwriting are increasing as new data sources become available and processing techniques are developed. Risk scores are being analyzed by SCOR’s R&D Center for impacts to underwriting and mortality assessment.
This white paper covers the use of underwriting engines, their provision by reinsurers and how this model is being challenged by changes in customer expectations, technology, adviser engagement and the pan-industry problem of low growth.
The insurance industry is not the only business to struggle with understanding its data. But the sheer volume of information hitting insurers’ desktops on a daily basis means it cannot ignore the importance of acting now to embrace the latest technology in order to get to grips with the issue.
In today’s competitive business climate, effectively underwriting your life insurance products is more important than ever. To do just that, you must employ leading-edge risk appraisal tools and approaches. Here are some good ideas.
Automated underwriting has come a long way in the last 25 years. It may be surprising that there was automated underwriting 25 years ago. At that time, it was called ‘expert’ underwriting. The idea was right, but the timing was wrong.
The digital economy is rapidly changing the way life insurers market and sell their products and services. Already some companies are successfully adapting to the new demands of the marketplace. These are the Digital Transformers. They are moving quickly to find new customers, deliver new products and open new markets.