Over the years, insurance carriers have sought to underwrite and issue more policies in less time and at lower costs. Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant. As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.
Digitalization and the spread of the internet and mobile technology have impacted a number of industries in recent years, often transforming them beyond recognition. There is little doubt that technology will have an enormous impact also on the insurance industry over the next decade, across the value chain from product development and underwriting through to distribution, services and claims. In the near term, the largest impact is likely to be on underwriting and distribution.
Much progress has been made in combating cancer, but pancreatic cancer still sticks its ruthless head up as an actually increasing and an equally deadly one. In 2016, The American Cancer Society estimates almost 55,000 new diagnoses of pancreatic cancer will be made and 42,000 deaths will ensue.