Genomic Medicine: The Time is Now
The life industry finds itself at an inflection point as insurers come under growing pressure to position themselves to embrace genomics and genetic testing. Best's Review explores the underwriting implications of rapid advances in genomics, including research by RGA and King’s College London into the risk prediction potential of polygenic risk scores for incidence and death from breast cancer and coronary artery disease.
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.
Trends Point to an Accelerated Future for Risk Selection
This final article explores the future of accelerated underwriting in the context of a broader consideration of the future of risk selection in general. It follows some of today’s prominent trends – personalized products, underwriting engagement, and heightened risks and regulations – to their potential long-term outcomes, and concludes with basic steps insurers can take today to help lead the industry of tomorrow.
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.
No, Really...Underwriting Is Undergoing an Actual "Paradigm Shift"
A half century ago, physicist and philosopher Thomas Kuhn first coined the phrase “paradigm shift” to describe a fundamental change in assumptions. The term has since been over-applied to everything from economics to politics – even becoming the title of an episode of Star Trek! Yet while so often misused, I believe the term paradigm shift perfectly describes what is happening in underwriting today.
New Trends in Personalized Medicine and Insurance Implications
If the insurance industry is informed about medical advancements, a huge advantage arises for future underwriting with regards to calculating ratings for specific diseases and also creating digital application forms with simplified underwriting.
Life Underwriting Trends to Watch
The practice of life underwriting is undergoing a lot of change as insurers look to speed up and enhance the customer experience. Big data, artificial intelligence, pharmacy records, accelerated underwriting and more are playing a part.
Going Beyond Biometrical Underwriting
Either through online application processes and simplified underwriting, or by more advanced data analysis – using, for example, facial recognition – the underwriting process is going to change. What the exact developments will be and how they finally affect our industry is not yet 100% clear.
Underwriting Update from America (ALUCA RiskeBusiness)
This update is based largely upon findings from our 2018 New Business Critical Issues Survey. It was conducted over a span of six months stating in October 2017. Chief underwriters from 93 insurers offering individually underwritten life insurance participated in this survey.
LOMA Resource: Global Update - Pressures and Possibilities
What effect will changing—and challenging—economies, politics, and regulations have on life insurance companies worldwide?