Description: A high-level summary of the results of Munich Re's recent Accelerated Underwriting Survey

Description: Underwriting specialty risks in life insurance can be challenging, but due diligence is at the core of what allows us to make the best and most informed decision.

Description: In this video Jenna Fariss, ASA MAAA, delves into the nuanced relationship between actuaries and underwriters. She highlights the fundamental differences in their approaches to risk assessment. The discussion dives into the challenge of predicting individual mortality accurately, addressing concerns like anti-selection and the integration of predictive models and machine learning into underwriting practices. Ultimately, the session underscores the evolving landscape of mortality risk assessment, blending traditional methods with innovative techniques for a dynamic future in the insurance industry. Contributors: Jenna Fariss, ASA, MAAA, Anthony Champi, ASA, MAAA; Jon Forster ASA, MAAA, Mark Gardiner

Description: The Society of Actuaries Research Institute, in collaboration with Reinsurance Group of America, Incorporated, a leading global life and health reinsurer, announced findings from new research on behavioral science for the life insurance sector. This research simulated online term life insurance purchasing to test behavioral science techniques.

Description: This research report discusses simplified issue underwriting in life insurance. It examines recent developments, characteristics, challenges, current practices, assumptions and data elements.

Description: The limited availability of life and protection cover for people living with certain serious health conditions is starting to become a critical issue for insurers. The public perception is that insurers simply don’t offer cover, or that it is difficult to source affordable, tailored cover. This article discusses the considerations when trying to improve access to insurance.

Description: The following video features Jenna Fariss, ASA MAAA. Jenna has over 25 years experience as an actuary and is now a Director and Actuary at Milliman IntelliScript. Jenna served in a volunteer capacity for the Society of Actuaries as an author, presenter, and council member. In this video, Jenna delves into the historical roots and contemporary practices of underwriting in the insurance industry, particularly focusing on life insurance. From its origins to its modern applications in assessing mortality risk, the narrative follows the evolution of underwriting techniques, including the use of various tools and technologies to evaluate applicant’s health status. It explores the trade-offs between comprehensive underwriting processes and expedited, simplified approaches, shedding light on industry regulations like HIPAA, and their impact on information accessibility and underwriting practices. Ultimately, it sets the stage for further exploration of how emerging technologies are shaping the future of underwriting. Contributors: Jenna Farris, ASA, MAAA; Sam Behrend, FSA, MAAA; Jon Forster ASA, MAAA, Mark Gardner, Anthony Champi, FSA, MAAA

Description: The SOA Research Institute engaged Milliman to perform a study examining life insurer practices on accelerated underwriting and how COVID-19 has impacted them. This effort included a separate outreach to actuaries working for twelve different state insurance departments. At the time of this report, three responses to our regulatory survey had been received. Therefore, the results of the three-question survey are discussed in broad terms, rather than using numerical measurements.

Description: The article summarizes results of a Milliman survey per the title. These products comprise about 40% of the total individual life market, and the survey covers a range of topics on these plans, which should be of interest to a large portion of the life industry.

Description: New digital data known as alternative data is everywhere. Our industry has seen the financial, and hi-tech industries leverage new digital data to expand their key offerings and core services. From the lens of the global life and health industry, new digital data is still searching to be further understood. Risk assessment is a current focus area for using alternative data. A key question is even though risk assessment has always been data-driven, can it now move to the next level with the arrival of this alternative data. Can we use alternative data to make the risk assessment process quicker, cheaper, or faster thereby driving more sales and better conversion rates. It is an exciting time! With the increased adoption of health and well-being apps, data such as physical activity, nutrition, sleep, and mental wellness is now readily available. Expanded data such as digital biomarkers, IoT data, electronic health records and many more can also be accessed. However, how to effectively implement alternative data remains a challenge across the industry. We firmly believe it is, and will continue to be, imperative to take a structured approach to alternative data through a set of key considerations and a framework of principles.