Next-Gen Underwriting: A Conversation with Neil Sprackling
There was a time in the very early days of life-insurance underwriting, somewhere actually in the 1700s, when the only useful and predictive piece of data recognized was age. And using it affected a simple equation: as the certainty of death approached year by year, so was risk duly assessed. It would take another two hundred years or so before we began to understand that gender also directly impacts the science of mortality. We now utilize a wealth of information to analyze and quantify risk, and yet, it appears, we may have still only scratched the surface. Today, we could be standing at the precipice of a quantum leap in how we understand, interpret and eventually underwrite an ever-expanding inventory of exposures.
New Methods of Treating Prostate Cancer
The incidence of prostate cancer - especially the early stages - has been increasing steadily for years. This is also due to early detection methods, such as PSA screening or urological prostate exams. If diagnosed in its early stages, prostate cancer can nowadays be treated successfully with innovative methods.
Highs, Lows & Don’t Knows
Are cannabis, hemp and marijuana the same thing? What are THC and CBD? Are the medicinal benefits of cannabis true? What are the health risks? And as of now, is there enough data to assess the mortality impact?
Past, Present, Future – Innovations Successfully Adopted in Life Underwriting
Historically, insurance premiums were differentiated only by age, with gender (now removed in some markets) and smoking incorporated later. The introduction of a numerical rating system 100 years ago meant underwriters could immediately better differentiate medical risk. This allowed them to broaden their offers of cover beyond “only healthy individuals”, thereby realising the significant economic potential and much greater inclusion by extending cover to so-called substandard risks.
Data-Driven Innovation in Life and Health Insurance
RGA's Marc Sofer, Head of Data and Strategic Analytics, Asian Markets, discusses how the newest data sets, together with existing data and novel analytics, are impacting the industry’s growth and development.
Accelerated Underwriting The New Paradigm for Risk Selection
The traditional method of applying for life insurance is quickly becoming the exception rather than the rule, as more and more companies strive to improve the customer experience and expand their applicant pool by offering a faster and less invasive approach to buying life insurance.
Genetic Testing - A Blessing or a Curse?
The rise of genetic testing in recent years is fueling a debate in insurance circles over the potential risks versus benefits posed by the readily available genetic information.
Impaired Risk Review: Liver Fibrosis
Liver fibrosis is the replacement of functioning hepatic tissue with fibrous tissue. Alcohol overuse, hepatitis of any kind, and nonalcoholic steatohepatitis (NASH) often leave behind damage with not only an active process but one where compromise may persist long after the cause has been controlled or eradicated. Knowing how to assess liver fibrosis in the aftermath of these conditions is an important part of underwriting liver disease.
The Impact on Relative Mortality and Prevalence from Triage in an Accelerated Underwriting Program
Accelerated underwriting programs continue to evolve at a rapid pace. Triage systems have become a key element in many of the newer programs in the market. Depending on the criteria used at the triage point, these programs can have residual effects on class prevalence and mortality, which in turn affect the profitability of these programs.
Behavioral Economics, Disclosure Gaps, and Customer Journeys
Behavioral economics is an area that is making a substantial splash in many industries and insurance is no exception. Behavioral economist Matt Battersby examines how his discipline can play a role in reducing disclosure gaps.