Underwriting engines: the new strategic imperative in life and disability business
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1 Underwriting engines: the new strategic imperative in life and disability business by Han with an analysis of North American market Implications by Hank George
2 2 Contents About the authors... 5 SelectX Ltd... 5 Hank George Inc Preface... 6 Glossary of terms... 7 Executive summary... 9 Ten key messages for chief executives...10 Ten key messages for other senior managers...10 Introduction...12 Megatrends...13 Technology...13 Consumer power...13 Service the new core competence...14 World economics...15 Regulation and the new discipline of data governance...16 Life industry trends...16 Rules engines in action...20 Rules engine penetration...20 Motivations for introduction...20 Benefits derived...21 Channels...21 Types of coverage processed...22 Decision types...24 Restrictions on the types of risk or decisions handled...25 Combination risks...26 Data feeds...27 Evidence requirements...28 Improvement in turnaround times...28 Cost reductions...29 Incomplete apps...29 Not taken cases...29 Other benefits...30 Rules engines and strategy...31 Distribution strategies...31 Customer service: it s about the journey...34 Operations and costs...37
3 3 Marketing and portfolio intelligence...37 Technology developments...39 The view from North America...42 In-depth consideration of the issues...43 Turnaround time...44 Rules and the rule set...47 Teleunderwriting...47 Pharmacy records...48 Laboratory tests...49 Preferred risk...50 Making changes in rule sets...50 Staffing issues...51 Business analytics...51 Engines and markets...52 New markets and engines...52 The new age of super-simplified...53 Financial underwriting...54 The older-age market...55 Engines and advisers...55 Engines and underwriters...57 Build or buy?...58 Making a success story...60 To build or to buy?...60 Purchase decisions...62 The business case...65 Critical success factors for implementation...66 Testing...70 Customization and maintenance...72 Auditing...74 Analysis and use of data...75 The future...77 Appendix 1: rules engines The new business automation journey...78 Rules engine what s in a name?...79 Engine functionality...79 The knowledge base...81 The interactive revolution...83 The underwriter workbench...84 Back to front...85
4 4 Multiple methods of deployment...85 Technology...87 Appendix 2: Survey methodology...88 What was surveyed?...88 Who was surveyed?...88 How was the survey conducted?...89 When was the survey carried out?...89 Appendix 3: Survey participants...89 Disclaimer...94
5 5 About the authors SelectX Ltd SelectX specializes in the enhancement of risk management strategies and outcomes for all stakeholders across the underwriting and claims functions - synthesizing technical capabilities, thought leadership and appetite to innovation. SelectX are the foremost designers and developers of underwriting and claims manuals for insurers and reinsurers, and have extensive experience in reshaping new business processes to fit with contemporary demand, including the development of optimized automated underwriting rules engines. SelectX has worked with underwriting rules engines and their users for over 20 years in many different insurance markets and has unparalleled knowledge in this area. SelectX can help its clients decide on which engine to purchase, can assist providers in developing the knowledge base for a system and can help update the rules to work optimally for a company. Whether companies are at the early stages and thinking about the opportunities implementing a rules engine could present, or whether an engine has been in use for some time, SelectX is the ideal partner to take companies to the next level. In 2011 SelectX became a division of NMG consulting Hank George Inc. Hank George, FALU, CLU, FLMI has been involved in life and morbidity risk underwriting for almost 40 years. He launched his own enterprise in 2002, and his five-person firm Hank George Inc specializes in underwriter education, resources for risk appraisal and consulting. Hank is the founder and first editor of On the Risk magazine. He currently publishes a free e- newsletter, Hot Notes, with over 1,500 subscribers in 55 countries and manages a free clearing-house site called Insureintell with 1500 registered members. Hank also founded the International Underwriting Congress and chaired its first four gatherings. He is an ex-president of a US national underwriting association and founded five local underwriting associations. He created and manages two life underwriting study groups with 60 member companies, and his firm conducts surveys on underwriting topics domestically and internationally. Hank has authored/co-authored five books and written over 400 articles and papers. He is a scheduled author in Best's Review, On the Risk, ALUCA's Risk-e-Business and NAILBA Perspectives, and his work also appears in other industry actuarial publications.
6 6 Preface Underwriting rules engines are attracting more and more interest from life and disability insurers looking to address three key issues: Streamlining the new business process for improved service to customers and advisers Improving risk management and consistency of underwriting in the face of a shrinking pool of technical skills Generation of better management information with the twin goals of improved profitability and satisfying increasingly demanding regulation. This report, produced by SelectX Ltd and Hank George Inc., reviews the latest developments in rules engines and defines the critical factors that define successful engine implementation and maintenance. To provide a background the report draws upon a worldwide survey of 179 insurers carried out by SelectX and Hank George Inc. in The survey is described in more detail in Appendix 2.
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