Disruption in our industry has changed our role as reinsurer. As we formulated our Underwriting Reimagined concept in 2019, we determined that our best way forward would be one with consultative approaches, innovative solutions and mutual understanding with our clients on their needs and challenges. As we look back on 2020 and ahead to 2021, we believe we have four key responsibilities to our clients.
Scout of the Future
In our genuine desire to understand where our clients want to go, their key initiatives and challenges, we spent many hours in virtual meetings to stay close during 2020. When the pandemic cancelled our business trips, we hosted webinars to communicate what we were learning about COVID-19 and what we could offer to assist you through the contactless environment.
We continued to share mortality improvement insights and portfolio analyses and worked together to develop innovative solutions unlike any others in the marketplace. We understand that one size does not fit all and that flexibility is key to successful partnerships.
We will navigate our path forward together as we explore the exciting new developments in artificial intelligence, data digitization, InsurTech ecosystems and whatever comes next.
All the pressures of the pandemic forced companies to innovate and adapt to new technology platforms to communicate, access medical information, underwrite without insurance exams and e-deliver policies. It has been suggested that 10 years of innovation happened during the first 10 months after the arrival of COVID-19 in the US.
As we move into 2021, we are assisting clients with a number of new, innovative products. Our Strategic Partnerships team and our Sales team are engaging customers proactively about health and well-being initiatives. SCOR is helping companies embrace disease prediction and prevention becoming a core value for life insurance. We are expanding our webinar program to share knowledge about precision medicine, data digitization and the use of predictive models.
During 2020, our teams at SCOR pivoted quickly to assist you in new ways so that you could continue the day-to-day processes while making sure everyone remained safe and healthy. We introduced health and wellness initiatives and shared SCOR’s vision of the future of life insurance. Together we learned during virtual meetings as we discussed benchmarking results, reviewed program results and worked through business challenges.
The pace of change has not slowed, and SCOR continues to be at the forefront by helping our clients take advantage of innovations. As lockdowns continue during the pandemic, we expect more clients will be reviewing risk selection services, electronic health records and partnerships to achieve 2021 objectives. Temporary adjustments to exam and lab guidelines that provided flexibility to work under constraints created by COVID-19 are likely to be evaluated for permanency as they provide more opportunities for cases to be underwritten, approved and issued.
We work closely with regulators to monitor industry trends and the impact of regulatory changes on our markets. Our employees are active in several industry organizations that work with regulators, and we use our platform as an industry thought leader to educate our clients on what we learn. We monitor the current regulatory environment concerning emerging issues such as the use of big data and advanced analytics techniques and provide SCOR data-driven insights when requested.
To thrive within the pace of change around us, SCOR will continue to work closely with our clients and ecosystem partners in these four key roles to mitigate risk, develop new solutions and innovate the industry toward a future that we call Underwriting Reimagined. If you’d like discuss these or other ideas, please email me.