Several underwriting tools have been adopted by carriers to issue coverage faster, in many cases without the need for insurance exams or requirements such as a traditional APS. Some of these tools are new, while others have been in use previously, but have recently been enhanced to streamline the underwriting process.
Ethical Standards are an Integral and Critical Consideration for Predictive Model Developers and Users
Dr. Tom Fletcher, VP Data Analytics, North America Life, shares his perspective on the component strands necessary to build and maintain ethical standards in predictive modeling.
This year continues to present challenges that force us all to think differently. The pandemic response promoted independent action, self-help and a heightened sense of social responsibility. This has accelerated the harnessing of technology as solutions for how we work, communicate, access healthcare, buy goods and receive services.
It is a long way from Bob Dylan’s realistic prophecy of what was happening and what was to come back in 1964 when he wrote the song. No one can disagree with the state of the world protests and the COVID pandemic that the times certainly are a-changin’. This is also the phenomenon happening in underwriting and risk selection, and we have to be prepared to meet the changes to insure a positive outcome no matter our underlying feeling about what those changes are.
There are a lot of changes happening in the life insurance industry because of COVID-19—market environment, types of insurance products, processes, and technology.
Smartphone addiction: Is this a legitimate disorder or just a trendy catch phrase? Some are calling it the new addiction of the 21st Century.
The author makes the case that the new underwriting strategies will continue after the COVID-19 pandemic is over.
Post-human underwriting? In On the Risk, RGA's Dr. Dihui Lai discusses the current state of artificial intelligence and the potential for machine learning, optical character recognition and deep neural networks to augment, but not replace, traditional life underwriting tasks.
Mobile apps are now widely accepted as a self-management tool for managing epilepsy – with smartphone applications used in tandem with traditional treatment and anti-seizure medications. This neurological disorder is a common condition seen by insurers, and many applicants with controlled seizure history can be considered favorably for life insurance.
The center questions the use of factors such as employment class and education level in marketing, underwriting and pricing.