Insurance Newsletter Issue 10 – Life Insurance Insights: Risk Score Implications, Legal Troubles with Genetic Information, IRS Yield Benchmark Slashes, and More
Insurance Newsletter – Issue 10
In the April edition of Sikka’s life underwriting newsletter, we look at the implications involved in utilizing polygenetic risk scores, the various current legal troubles surrounding genetic information, and the US’s strained relationship with mortality.
Future Implications of Polygenetic Risk Scores for Life Insurance Underwriting
The use of genetic risk information in life insurance underwriting is a major ethical, legal, and psychosocial concern. Genetic discrimination (GD) is defined as the “differential treatment of asymptomatic individuals or their relatives on the basis of real or assumed genetic differences or characteristics”. In life insurance underwriting, GD stems from the use of genetic risk information to deny coverage, increase premiums, or place conditions on products such as disability, death, trauma and income protection cover.
Released March 30th, 2024:
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State Genetic Information Bans Not Necessary, Life Insurance Lobbyists Say
Fallout from a 2020 Florida law banning life insurers from using genetic information is a classic good-news, bad-news situation for the industry. The good: no additional states adopted similar laws in the years since. The bad news is that Florida passed a bad bill that mischaracterizes how life insurers use genetic information, said Curt Leonard, regional vice president, state relations, for the American Council of Life Insurers. Leonard spoke Wednesday during the final day of the LIMRA Life Insurance and Annuity Conference in San Antonio.
Released April 22nd, 2024:
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U.S. Mortality is Still High - and It’s Not Just COVID
Drug overdose deaths are combining with COVID-19 to increase mortality in the United States. The U.S. Centers for Disease Control and Prevention recorded 739,429 deaths during the first 12 weeks of the year. That was 0.01% higher than in the first quarter of 2023, and it was 8.9% higher than in the first quarter of 2019, before COVID-19 came to light, according to a comparison of the latest early CDC numbers that come with the weekly Flu View reports and the Flu View numbers released at the same point in 2023 and 2019.
Released April 22nd 2024:
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Electronically Healthy - How Oral Health Records Enhance the EHR Value Proposition
Be on the lookout for the latest Sikka webinar, Electronically Healthy - How Oral Health Records Enhance the EHR Value Proposition, tomorrow on May 1st @ 1:00 p.m. EST with leading EHR distributor Clareto, a Munich Re company. Our expert team of panelists consists of Dan Brown, Chief Underwriting and Claims Officer at Baltimore Life, Stephen Hrinda, Head of Health Data Partnerships at Clareto, a Munich Re Company, Neil Kulkarni, VP & Senior Consulting Actuary at Lewis Ellis, and Manoj Joshi, Senior Data Scientist at Sikka.ai. We’ve gathered a variety of both underwriting, actuarial, and health data subject matter experts to discuss Electronic Health Records (EHRs), AI, and how to use them both individually and in tandem.
Coming to AHOU 2024 in Boston? Meet us there!
Sikka is excited to make another appearance at AHOU 2024! Set up a meeting and discuss how consent-based dental insights can supercharge your life underwriting processes.
You Wouldn't Separate Eye Health From Overall Health… So Why Separate Oral Health?
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Consent-based oral health data is available for the first time in the life underwriting industry through Sikka and has a proven correlational link to mortality.
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