Life insurers are leveraging new technology and data analytics to insure more people and help customers live longer, better lives. A variety of data sources make it possible to evaluate an applicant’s risk profile in real-time. Consumers looking for a quick quote and wanting to avoid a paramedical exam may authorize to access public records, motor vehicle records, prescription records and other information. The programs making this possible often use a “rules engine” — similar to a traditional underwriting manual — to identify the right policy for each applicant. Consequently, applicants can now obtain a life insurance quote in a … Continue reading "Technology Helps Close $25 Trillion Financial Protection Gap"
Welcome, consumer-based genetic testers, to Washington, D.C. This town could use a briefing on exactly how you’re handling your customers’ personal information. Please include in your Talking Points a big bullet that says: America’s life insurers have no access to the results of direct-to-consumer genetic tests. And, please add that they don’t want it. Call them old fashioned or traditional, but in the underwriting process, life insurers rely on verified, doctor-ordered information found in an applicant’s medical record. This information will help dispel the myth that our respective industries are in cahoots. Ethnicity tests, for example, provide life insurers no … Continue reading "Life Insurers Rely on Medical Records, Not At-Home Genetic Tests"
It’s a swing and a miss from some big sluggers in the retirement arena. They tried to smack a key feature of the House-passed retirement bill, the SECURE Act, in a new report. They complained employers have little responsibility under SECURE to vet the finances of a life insurance company offering an annuity for a 401(k) plan. In fact, employers still will have to weigh the overall benefits and costs associated with their selection of any annuities they offer under their plans. Annuities can guarantee lifetime income like an old-fashioned pension. What is new in SECURE is that employers would … Continue reading "Report Whiffs on a Key Feature of Pivotal Retirement Bill"