Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: Mental health, suppoting policyholders

Description: The article summarizes some of the key changes in modeling, assumptions, underwriting, and design for long term care combo products over the past 30+ years. The objective is to inspire an innovative spirit that adapts to changing market needs, for example, dealing with long COVID

Description: The paper describes a cost-benefit analysis to determine the value of electronic health records (EHRs) in life insurance accelerated underwriting programs. Sample cases from a carrier were underwritten pre-EHR and post-EHR and the mortality savings estimates from risk class changes using EHRs was compared to procurement costs. Results were developed to cover a range of scenarios. Factors to consider for carriers evaluating the cost-effectiveness of using EHRs in their own accelerated underwriting programs are also described.

Description: The limited availability of life and protection cover for people living with certain serious health conditions is starting to become a critical issue for insurers. The public perception is that insurers simply don’t offer cover, or that it is difficult to source affordable, tailored cover. This article discusses the considerations when trying to improve access to insurance.

Description: Read the June 2017 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the June 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the February 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the October 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Recently the interest rates have been slowly trending up from the lowest point in August 2020. The focus of this article is on current market trends for long-duration products —including life insurance, annuities, and long-term care insurance —following an extended period of low interest rates, and lessons carriers can learn from similar historical periods of rising interest rates. Innovative and flexible product features will continue to be essential, as the current interest trend may not substantially increase insurers’ portfolio rates. When designing or modifying product features, insurers should consider profitability in a wide breadth of interest rate scenarios and be particularly mindful of the impact that crediting rates and asset durations will have on earnings.