The long-term impacts of the COVID-19 pandemic on product innovation and development strategies are yet to be determined, but RGA's Dan Lyons suggests that a few major changes may remain and even become more common.
To innovate, insurers must marry a deeper understanding of how consumers make decisions with sophisticated product development based on the principles of behavioral science. RGA's customer research in Asia reveals surprising insights about the most successful insurance-linked wellness programs.
As part of an ongoing series in On the Risk, RGA's Taylor Pickett, an actuary, and Catie Muccigrosso, an underwriter, examine the relationship between their professions and underscore the crucial role underwriters play in the development and implementation of predictive tools and accurate pricing.
Performed by LIMRA and RGA, this project consisted of a survey of North American life insurance and annuity companies and examined current insurer PD processes including the evolution of the current strategy; variation of the strategies by company characteristics (e.g., size, life vs. annuity) and region (e.g., United States vs. Canada vs. Other companies); and identified leading PD practices globally. The results of the research can provide the life insurance industry with a resource to help enhance resource management and current processes to better serve the needs of its stakeholders.
Many companies have or are considering programs that have been referred to as accelerated underwriting. The process by which companies choose to implement this program may not be as accelerated as the name itself. Companies looking to adopt, enhance or evaluate accelerated underwriting should come listen to how some companies think about, evaluate and share lessons learned about designing, implementing and monitoring an accelerated underwriting paradigm, its impact on assumptions and products, and how a reinsurer may review the accelerated program.
Note: The session above (161) can be found in the 8:30-9:45 a.m. time slot
What do life insurance product developers have on their minds? A recent study group gave us some clues.
As we look at a world in flux, it’s important to remember that the only constant is change. Technology is a good example, as it has a far-reaching impact on other industries.
Slides from the presentation by Robert Stout, Laboratory Director at Clinical Reference Laboratory delivered at the 2017 Spring Meeting of the Actuaries’ Club of the Southwest.
As we all know, the cost of most life insurance products is based on the risk of dying: policies for males, older individuals and those having health impairments are priced higher than for younger, healthier individuals.
http://www.brokerworldmag.com/articles/articles.php?articleid=4086
Better addressing the evolving needs of consumers can help incumbents win their loyalty—and protect against new competitors.
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