This is a link to the recording of Hank's webinar on Fair vs Unfair Underwriting presented on June 18, 2019.
Slides from Hank's presentation at the WAHLU 2019 Spring Seminar have been posted at the WAHLU website.
The cutting edge of the insurance industry involves adjusting premiums and policies based on new forms of surveillance.
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.
There’s not enough oversight for apps that track everything from people’s fitness routines to their menstrual cycles, bioethicists say.
Insurers are using customers’ social-media posts to determine premiums, inviting the potential for our digital lives to become disingenuous performances.
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.
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
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.
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.