Predictive Modeling – a View from New York
On 19 January 2019, the New York State Department for Financial Services (DFS) issued a circular letter concerning the use of external consumer data and information sources for life insurance underwriting. This followed a prior notice sent to insurers that the Department was investigating the use of such data for potentially unfair or discriminatory practices.
Electronic Health Records – Are We Now In Prime Time?
When it comes to Electronic Health Records (EHRs), for some time now life insurers have wondered when or if EHRs would become a reality. This is no longer in question, and RGA's Sue Wehrman now explores the question of how the industry will use this new technology.
Why the Future of Life Insurance May Depend on your Online Presence
As the use of algorithms and public data to inform insurance premiums becomes more common, we’ll need to decide what is and isn’t okay
How to Teach a Machine: Artificial Intelligence and Insurance
Can you teach a machine to learn? The future of insurance – and many other industries – may rest upon the answer. RGA's Jeff Heaton discusses the promise of AI...and the limitations.
LOMA Resource: Looking Ahead - Our Annual Industry Forecast
Resource asked insurance industry leaders to share their thoughts on what 2019 holds for sales and profitability, information technology, customer service and human capital. We also asked them to discuss the fraud risks and business disruptors they will face.
Very Risky Business: The Pros and Cons of Insurance Companies Embracing Artificial Intelligence
It’s a new day not very far in the future. You wake up; your wristwatch has recorded how long you’ve slept, and monitored your heartbeat and breathing. You drive to work; car sensors track your speed and braking. You pick up some breakfast on your way, paying electronically; the transaction and the calorie content of your meal are recorded.
Life Insurance Underwriting Picks Up Speed
The marriage between technology and faster underwriting is a union the life insurance industry has encouraged for many years. Progress has been slow, but MIB Group is making headway, recently signing an agreement with Epic to utilize its electronic health records system.
Time to Embrace Digitization Throughout the Life Underwriting Process
The digitization of the life and health insurance business is happening at breathtaking speed. With that, the policy application and underwriting processes are being brought to the attention of people who used to be less concerned with them - such as actuaries, marketing folks and product managers.
Better Underwriting Decisions are Just a Heartbeat Away
Technological advances in biosensors and increasing amounts of heart rate data from wearable devices and electronic health records are leading to the development of more sophisticated underwriting algorithms. This data, when coupled with robust epidemiological evidence about the prognostic value of heart rate, may improve insurer understanding of cardiovascular risk and ultimately allow underwriters to better predict morbidity and mortality risk.
Don't Forget Your Free Underwriting Tool - The World Wide Web
With advancing technology and evolving underwriting tools, it may be easy to overlook what has now become an “old standard”, the World Wide Web.