Life Insurance for the Digital Age: An End-to-End View

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#1

Reading Source: https://www.soa.org/Library/Newsletters/Product-Development-News/2017/november/pro-2017-iss108-nayak-abrokwah.aspx

Topics Covered in this Reading:

  • Evolution of the Traditional Life Insurance Buying Process
  • Life Insurance for the Middle Market and Millennial Generation Consumers
  • Overview of Innovations for Accelerated Underwriting in Life Insurance
    • Step 1: User Interaction
    • Step 2: Risk Score Prediction
    • Step 3: Smoker Propensity Prediction
    • Step 4: Rule-Driven Application Triage
    • Step 5: Risk Classification Using Risk Score Thresholds
    • Step 6: External Rules Engine
    • Step 7: Mortality-Risk-Based Pricing Algorithms for Quote Generation
    • Step 8: Real-Time Customer Response
    • Step 9: Traditional Underwriting of Selected Applicants
  • Conclusion