More and more often, algorithms mediate social processes, business transactions, governmental decisions, and how we perceive, understand, and interact among ourselves and with the environment. Gaps between the design and operation of algorithms and our understanding of their ethical implications can have severe consequences affecting individuals as well as groups and whole societies.
Where is the Insurance Industry on the Learning Curve?
Perspectives magazine checked in with several BGAs, carriers and technology vendors to see how we sit on the learning curve, as well as discovering what lies ahead in technology to help you make the grade.
Next-Gen Underwriting: A Conversation with Neil Sprackling
There was a time in the very early days of life-insurance underwriting, somewhere actually in the 1700s, when the only useful and predictive piece of data recognized was age. And using it affected a simple equation: as the certainty of death approached year by year, so was risk duly assessed. It would take another two hundred years or so before we began to understand that gender also directly impacts the science of mortality. We now utilize a wealth of information to analyze and quantify risk, and yet, it appears, we may have still only scratched the surface. Today, we could be standing at the precipice of a quantum leap in how we understand, interpret and eventually underwrite an ever-expanding inventory of exposures.
The incidence of prostate cancer - especially the early stages - has been increasing steadily for years. This is also due to early detection methods, such as PSA screening or urological prostate exams. If diagnosed in its early stages, prostate cancer can nowadays be treated successfully with innovative methods.
Are cannabis, hemp and marijuana the same thing? What are THC and CBD? Are the medicinal benefits of cannabis true? What are the health risks? And as of now, is there enough data to assess the mortality impact?
Past, Present, Future – Innovations Successfully Adopted in Life Underwriting
Historically, insurance premiums were differentiated only by age, with gender (now removed in some markets) and smoking incorporated later. The introduction of a numerical rating system 100 years ago meant underwriters could immediately better differentiate medical risk. This allowed them to broaden their offers of cover beyond “only healthy individuals”, thereby realising the significant economic potential and much greater inclusion by extending cover to so-called substandard risks.
Data-Driven Innovation in Life and Health Insurance
RGA's Marc Sofer, Head of Data and Strategic Analytics, Asian Markets, discusses how the newest data sets, together with existing data and novel analytics, are impacting the industry’s growth and development.
Have you noticed that the word invasive is being bandied about more and more often in underwriting-related articles and commentaries published online and in various industry publications? This is mainly being done by those advocating radical changes in underwriting practices.
The purpose of this paper is to discuss the insurability implications of low normal/ below normal ALT in the elderly… in the hope that insurers will consider adding appropriate guidelines for this finding at older ages.