Innovation often leads to disruption. History is full of examples – transportation and telecommunications, finance and retail. Now, innovation is disrupting the life insurance business model. This is especially evident in the underwriting arena where data and technology are redefining how carriers select individual risk and market life insurance.
As demonstrated in this edition of SCORviews, SCOR is heavily invested in Research & Development that allows us to provide value beyond traditional reinsurance services. Our purpose is to support our clients’ growth objectives, be that through risk management or innovations that help carriers take advantage of disruption to write more life insurance.
Our R&D staff continuously analyzes our pool of reinsured lives and conducts client-specific experience studies to deepen our knowledge of mortality risks that we share with clients. The team also analyzes new data sources that have the potential to replace traditional underwriting evidence. Understanding the predictive value of these data sources is essential to the transition to accelerated underwriting processes.
R&D Actuary David Wylde and Mary Bahna-Nolan, head of Life R&D, discuss insights from a recent cause of death study. The article compares causes of death data released by the Centers for Disease Control to our own data on insured lives.
Rick Pretty, Deputy Head of Life R&D, reviews R&D initiatives under way at SCOR. Rick also shares our approach to helping individual clients evaluate their mortality risk and explore the viability of accelerated underwriting programs.
Rounding out this issue, Mark Laulainen, Vice President, Group Life & Accident, shares SCOR’s approach to Group Life in the Americas.
For more information on these and all of our reinsurance services, please feel free to contact the authors or your account executive.