Underwriting Innovation: Harnessing the Differences
Underwriting in the US life insurance industry has had more change in the last five years than it has in the prior 30…and many underwriters are struggling to keep up with the pace. Terms like accelerated underwriting, automated underwriting, simplified issue, predictive models and big data are bounced around at industry meetings like ping pong balls. If you are confused by all the new terminology, you are not alone.
Wearables in Life Insurance
Wearable technology could dramatically change the way life carriers do business and interact with their customers. See what some insurers are already doing with wearables.
Underwriting Today & Tomorrow
Slides from Hank's presentation at the WAHLU 2019 Spring Seminar have been posted at the WAHLU website.
Insurers Want to Know How Many Steps You Took Today
The cutting edge of the insurance industry involves adjusting premiums and policies based on new forms of surveillance.
Can You Understand Data Science in 4 Minutes … Or Less?
So how do insurers unlock value from big data? Jeff Heaton, RGA’s Chief Data Scientist, published author and professor at Washington University in St. Louis, has a few ideas. To start, he suggests it’s time for insurers to better understand the basics of data science. To that end, he self-produced a video to explain the basics in just four minutes. RGA sat down with Heaton to discuss the video and his thoughts on what every employee at an insurance company should know about this form of statistics.
Predictive Models – Again
Indirect use of discrimination factors that are outlawed is inexcusable and needs to be avoided by due diligence by insurer and indeed the firm supplying the data. Any decent carrier would not want to cross those red lines anyway – and that is even if the data company involved is not itself subject to regulatory oversight and/or consumer protection laws. Moral: act with integrity and choose your business partners carefully.
Fitness and Health Apps may be Sharing the Most Private Details about your Life
There’s not enough oversight for apps that track everything from people’s fitness routines to their menstrual cycles, bioethicists say.
Why the Life-Insurance Industry Wants to Creep on Your Instagram
Insurers are using customers’ social-media posts to determine premiums, inviting the potential for our digital lives to become disingenuous performances.
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.
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