The Older Age Underwriting Practices Survey Subcommittee of the Society’s Committee on Life Insurance Mortality and Underwriting Surveys has completed its report on the results of a survey designed to elicit feedback regarding underwriting guidelines, requirements, assumptions and practices utilized in the assessment of older age applicants. This survey was sent to US and Canadian direct life insurance companies.
General Underwriting Topics and Issues
Some life insurers now use data from fitness trackers to lower premiums. But does a policyholder’s number of steps really improve his or her mortality? Despite the link between a sedentary life and the risk of heart disease or cancer being well known, there is no consensus on how many daily steps reduce this risk.
“Alexa, can you reorder toothpaste, get bottled water, and purchase a 20-year, $500,000 term life insurance policy?”
OK, we’re not there yet, but there has been a significant evolution in the application of artificial intelligence (AI) and machine learning within the life insurance industry.
Presentation by Jordi Posthumus on “The Rise of Mobile Computing and Its Impact on Life Underwriting” delivered at the 47th annual M.U.D. Group Conference.
Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process.
A recent UK report estimated that, in the absence of any progress in combating antimicrobial resistance, there would be a staggering 10,000,000 deaths globally in 2050, compared to 700,000 today. To provide some perspective for this number, antimicrobial resistance would cause more deaths than cancer. The economic cost would be US$100 trillion. The implications for the insurance industry are potentially very damaging.