Gen Re is pleased to share this summary of key highlights from the U.S. 2023 Individual Life Accelerated Underwriting Survey.
Life insurance underwriting has long been evolving to improve insurer efficiency and the customer journey. As life insurers and reinsurers continued to wrestle with this, the COVID-19 pandemic came along as a new catalyst for reinvention.
These are slides from a presentation at the June 6, 2023 Actuarial Club of the Southwest virtual meeting.
The New Normal for Advanced Risk Selection
Alternative data sources and supporting technologies are propelling today’s advances in underwriting, enabling acceleration. Accelerated underwriting is empowering insurers to speed processes and improve the customer experience.
Accelerated Underwriting (AU) is now a big part of most Life companies’ overall underwriting philosophy. But AU tools are evolving, and many direct carriers and reinsurers find it tough to price and evaluate their AU initiatives.
Accelerated underwriting, or a AU, as a fluidless alternative to traditional full life insurance underwriting, can speed the insurance process and provide better coverage and pricing options for applicants.
COVID-19 has put new underwriting strategies through a brutal test.
During the last several years, many new evidence and data sources have become available to the life insurance industry.
Accelerated underwriting has historically been a slow movement within the insurance industry, a panel acknowledged Monday at the 2022 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries and the American Council of Life Insurers.