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.
Among the many changes and innovations happening in the insurance industry today, gamification is surely one of the more interesting. At the nexus of trends ranging from behavioral science and social networking to the Internet of Things and wearable tech, gamification is serving as a powerful lever for insurers seeking to enrich digital experiences and adopt new customer-centric business models, such as pay-as-you-live offerings.
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.