RGA Releases 2017 Global Life and Health Underwriting Survey
Survey results reveal underwriting transformations – from predictive underwriting to segment-specific strategies – are actively accelerating across the globe
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171214005694/en/
RGA Five Dimensions of Underwriting Transformation (Graphic: Business Wire)
Respondents indicated that enhanced customer experience, emerging consumer demand, the ability to use more data-driven approaches, and cost efficiency are driving the shift towards less reliance on traditional underwriting. As many insurers shift towards a consumer-centric approach, a globally emerging trend is for less reliance on “one-size-fits-all” products and a renewed focus on more segment-specific strategies.
“Based on the 2017 survey results, it is apparent that transformations in underwriting are actively accelerating across the globe,” said
Key findings from the survey include:
- Most survey participants (96%) indicate a significant or moderate need to improve performance overall, and 68% expect their organizations to make significant or very significant investment in improving efficiency and effectiveness of current underwriting processes over the next three to five years.
- When asked which innovations would have the most significant impact on the life and health underwriting function over the next three to five years:
- Electronic underwriting topped the list with 84% indicating that the innovation would have a significant or very significant impact.
- Followed by Big Data at 76%,
- Dynamic or reflexive underwriting at 68%,
- New evidence sources at 68%, and
- Predictive underwriting at 64%.
- Most survey respondents (71%) predicted the percentage of new business premium that is traditionally underwritten would decrease or significantly decrease within the next five years.
RGA conducts global surveys on various industry topics to provide clients with the knowledge and tools to increase efficiency, effectiveness, and profitability. RGA provided a full analysis of this survey’s results to survey participants. To view a summary report, visit www.rgare.com.
About RGA
View source version on businesswire.com: http://www.businesswire.com/news/home/20171214005694/en/
Vice President, Corporate Communications
lphillips@rgare.com
or
Public Relations Manager
lizzie.curry@rgare.com
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