An implemented all-singing, all-dancing predictive model doesn’t automatically improve business operations or results. Sometimes it’s barely used. Why not? Based on many years of experience and academic study, Tom Fletcher shares his perspective on why this happens, and presents considerations for optimally deploying model development resources and gaining the full benefits of a new model.
Insurance companies are assessing ways to integrate artificial intelligence (AI) and machine learning (ML) into their businesses to increase efficiency, and underwriters are a crucial part of that implementation.
Differentiated products and services are key to growth among life and annuity carriers. Underwriters are poised to help drive this new growth, but they need the right tools and training.
With the arrival of SARS-CoV-2, insurance medical directors found themselves in a position of unparalleled influence within the life and health insurance industry.
Data analytics projects have become increasingly common across the insurance industry in the last few years and have really taken off in the Life sector. It’s a trend that requires the input of Medical Directors - and it gives the Directors a chance to shine.
Pandemic-driven pressures are magnifying existing challenges within the underwriting profession. RGA's Lars Haaland and Catie Muccigrosso look into potential solutions that might help insurance companies emerge as leaders post-COVID-19. The key is to implement processes and partnerships geared toward the future of underwriting.
Among the areas addressed include the structure of accelerated underwriting programs, how programs are monitored, how accelerated underwritten business is performing relative to expectations and how companies are considering accelerated underwriting cohorts in the context of VM-20 assumption setting.
Because underwriters play an essential role in this “noblest profession,” it is critical our service be consistently outstanding. A key to ensuring such consistency is for Underwriting departments to measure and manage performance and productivity without inappropriate bias.
To start, what is a “protective value study” anyway? In its simplest form it is a determination of whether a test or tool provides (mortality) benefit in the underwriting process. The output of the study can range from a qualitative “yes” to a detailed quantitative breakdown of mortality impact by age, gender or other relevant variables.
The long-term prospects of most Life and Health insurers are going to be determined by their ability to transition from a product-based approach to a customer-centric value proposition. But, if they’re going to make that leap, insurers will have to know more about their customers, their behaviors and decision-making processes.