Insurance Newsletter Issue 9 – Life Insurance Insights: Life Insurance Premium Growths, Gen Re’s AU Developments, Underwriting Bias Discussions, and More
Insurance Newsletter Issue 9
Life Insurance Insights: Life Insurance Premium Growths, Gen Re’s AU Developments, Underwriting Bias Discussions, and More
In the March edition of Sikka’s life underwriting newsletter, we look at trends in life insurance buyers, more encouraging statistics concerning life insurance premium growths, Gen Re’s new underwriting technologies, and the potential pitfalls of AI in life insurance.
Life Buyers Loosen Up in Q4
A stock market rebound pulled U.S. individual life insurance buyers back toward market-linked products in the fourth quarter of 2023, according to survey data from LIMRA and Wink. Wink focuses on nonvariable permanent life products. LIMRA includes term life and variable products. Annualized premiums from sales of variable universal life insurance policies, which give the owners a chance to link cash-value growth to the performance of investment funds, were 11% higher in the latest quarter than they were in the fourth quarter of 2022, LIMRA found.
Released March 14th, 2024:
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Life Insurance premium growth sets another record in 2023, LIMRA finds
For the third consecutive year, total life insurance new annualized premium set a new sales record, rising 1% to $15.7 billion, according to LIMRA’s U.S. Life Insurance Sales Survey. Life insurers have the COVID-19 pandemic to thank for spurring underwriting changes that bolstered sales, said John Carroll senior vice president, head of Life & Annuities, LIMRA and LOMA.
Released March 14th, 2024:
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Gen Re Unveils Digital Underwriting Solution for Life Industry
Gen Re has partnered with a multinational tech firm to launch a digital underwriting solution for the life sector across the MENA and East Mediterranean regions. The reinsurer has joined CME to develop a software application tailored for primary insurers which leverages advanced insurtech tools, including artificial intelligence (AI) and photoplethysmography (PPG) technology, coupled with sophisticated algorithms to analyze vital signs and remote health parameters.
Released March 15th 2024:
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Underwriters must guard against bias and discrimination, speaker says
Data scientists know that artificial intelligence and predictive modeling leads to some bias in underwriting. What they don't always know are the ways and the extent of the negative impact. More studies are needed, said Dorothy L. Andrews, senior behavioral data scientist and actuary with the National Association of Insurance Commissioners. The more data, the better, she added, because insurance underwriting is changing fast.
Released March 12th, 2024:
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Be on the lookout for the latest Sikka webinar in May with leading EHR distributor Clareto, a Munich Re company.
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