More and more individuals use – be it on purpose or unknowingly – devices that track medical and behavioral data, and the cost of such devices is steadily falling, contributing further to their integration into daily life. Mobile applications devoted to health are available by the tens of thousands and are becoming ever more popular, with some exploring the trend of “gamification”, whereby users are rewarded to reach certain targets, like number of daily steps taken.
It has been difficult to attend an underwriting conference over the last two or three years without hearing about ‘wearable technology’, ‘personalized health’, ‘wellness programs’ or similar. Alongside these have been discussions about ‘big data’, ‘predictive modelling’ and ‘predictive analytics’, and the potential uses of alternative data sources in the underwriting process for greater accuracy or efficiency.
There is a huge chasm between the speed to issue a simplified issue policy, compared to a fully underwritten policy. This session will address new processes that have been developed to speed the current fully underwritten policy issue process without needing to go all the way to simplified issue assumptions. The experts will discuss new rapid diagnostic testing protocols offered in alternative test settings and other tools and techniques to improve speed to issue. The experts will also discuss how these processes can help improve the consistency and quality of underwriting evidence and potentially affect both not-taken rates and mortality assumptions.
The life insurance industry has relied mostly on the knock-out approach to underwriting preferred risks. When reviewing the thresholds for individual risk criteria, one may ask whether the system is too liberal – i.e., are we admitting too many questionable risks into our best classes? Yet industry experience seems to indicate that the system works well.
Echocardiography was developed during the 1970s and 1980s and allows clinicians to image the heart. The first “M-mode” images were one-dimensional but this was later supplemented with two-dimensional and color Doppler imaging as the technology developed.