Data analytics projects have become increasingly common across the insurance industry in the last few years and have really taken off in the Life sector. It’s a trend that requires the input of Medical Directors - and it gives the Directors a chance to shine.
Pandemic-driven pressures are magnifying existing challenges within the underwriting profession. RGA's Lars Haaland and Catie Muccigrosso look into potential solutions that might help insurance companies emerge as leaders post-COVID-19. The key is to implement processes and partnerships geared toward the future of underwriting.
Among the areas addressed include the structure of accelerated underwriting programs, how programs are monitored, how accelerated underwritten business is performing relative to expectations and how companies are considering accelerated underwriting cohorts in the context of VM-20 assumption setting.
Because underwriters play an essential role in this “noblest profession,” it is critical our service be consistently outstanding. A key to ensuring such consistency is for Underwriting departments to measure and manage performance and productivity without inappropriate bias.
To start, what is a “protective value study” anyway? In its simplest form it is a determination of whether a test or tool provides (mortality) benefit in the underwriting process. The output of the study can range from a qualitative “yes” to a detailed quantitative breakdown of mortality impact by age, gender or other relevant variables.
The long-term prospects of most Life and Health insurers are going to be determined by their ability to transition from a product-based approach to a customer-centric value proposition. But, if they’re going to make that leap, insurers will have to know more about their customers, their behaviors and decision-making processes.
Insurance Governance Leadership Network (IGLN) participants recently discussed how global insurance companies are addressing the changing talent landscape and dealing with emerging human capital challenges.
One of the future challenges facing the life insurance industry is attracting human capital—finding the kind of high-quality employees it will need to be successful in a rapidly changing world. As Baby Boomers retire, companies must recruit, train and develop new generations who think, behave and work differently than past generations.
In just 10 years, by 2025, millennials will make up an estimated 75% of the global workforce. They will inevitably change the landscape of numerous industries and re-shape the way we think about work. With the average age of a U.S. insurance professional currently at 59 years old and one-fourth of the industry is expecting to retire by 2018 - this holds huge implications for the future of insurance.