Evolution not revolution
So how can we underwrite these cases better? How can we reach fair decisions quickly and efficiently?
Celiac disease is a dietary disorder caused by an immunologic response to gluten, which is a storage protein found in many grains.
The race to develop accelerated products has driven life insurers to cautiously embrace the next generation of data.
One of the most frequently-used phrases at business events these days is “the future of work.” It’s increasingly clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. But while these changes are predicted for the future, they’re already present in many organizations for many different jobs.
Could the advances in artificial intelligence that have been applied to the game of chess enhance actuarial science and underwriting? While data drives machine learning today, RGA's Dr. Jeff Heaton notes that Google's AlphaZero demonstrated how a computer can teach itself chess without data.
Kyobo Life Insurance announced on October 30 that its AI-based underwriting system, known as Best Analysis and Rapid Outcome (BARO), is now fully operational.
Trick or Treat: How Smarter Segmentation and Data Use Can Help Insurers Win Policyholders and Avoid Ghoulish Risks
For some, there’s no spookier scenario than blood work and cumbersome forms to obtain insurance coverage. But as Neil Parkin of RGA South Africa explains, emerging risk segmentation techniques, combined with smarter use of data, could help ease these fears.
Slides from this presentation (Actuaries' Club of the Southwest, November 7, 2019) have been posted at the ACSW website.