A year ago in this publication I commented on the growing interest in automated underwriting. Twelve months later, that observation seems like an understatement. Investment in underwriting innovation is speeding up rapidly across the industry. A fundamental shift is underway with intense focus on electronic data, advanced analytics and new sources of evidence for non-fluid underwriting.
SCOR is at the forefront of this movement. For more than a decade now, SCOR Velogica has advanced the use of electronic data and underwriting algorithms to help make the purchase of low face amount life insurance faster and easier. Today, thanks to continuous enhancements to the platform, our clients are using Velogica to accelerate underwriting for both their simplified issue and traditionally underwritten business.
Our Research & Development team is studying a variety of new and developing data sources to determine their application to life insurance risk selection. In this issue of
SCORviews, Ammon Dixon and Peter Komsthoeft address risk score based underwriting and how to integrate risk scoring into an existing underwriting process. They also share SCOR’s view on the effectiveness of Risk Classifier, the risk assessment tool from LexisNexis. As Ammon and Peter point out, legacy underwriting required trial and error to perfect and so will these new approaches.
As a leading life reinsurer, SCOR is committed to sharing our knowledge, especially as it relates to the pricing and selection of mortality risk. Our actuarial and medical experts are involved in a variety of industry support activities. Mary Bahna-Nolan, who heads Life R&D for SCOR, recently spoke to regulators (NAIC LATF) on simplified issue and accelerated underwriting mortality under VM-20. You can
view her presentation on our website. During the annual meeting of the Society of Actuaries in October, SCOR will have a number of presenters on the agenda, including our medical directors. Dr. Richard Braun, Chief Medical Director, will address the role of chronic disease in higher mortality rates, and Dr. Bill Rooney, Medical Director, will participate on a panel on genetics testing.
As a full service reinsurer, SCOR seeks to be our clients’ lead reinsurer, to support new business growth and develop solutions to risk and capital management needs. We are determined to keep improving our performance so that we increasingly add value to your company.