Necessity was the mother of invention last year in the life insurance industryas carriers rapidly implemented new underwriting programs to continue writing business in the face of logistical challenges and a global pandemic. In this session, the presenters will recap some of those challenges and the solutions carriers employed, then discuss how we can slow the pace and adopt a more proactive posture as we near the end of the pandemic. Cross-discipline perspectives will be shared on which pandemic solutions hold promise as lasting fixtures of our business along with key considerations to weigh when temporary accommodations become permanent paradigm shifts.
The presenters will also discuss the how the pressure of surge in interest in life insurance during the pandemic, lockdowns and social distancing mandates introduced or fast-track accelerated underwriting (AUW) initiatives to meet higher consumer demand. In additon, the hallmarks of the best AUW programs and what's next in their future development will be covered.
At the conclusion of the session, attendees will be able to:
• Describe how COVID impacted AUW programs and what changes are expected in the future
• Describe how actuarial, underwriting and other functional areas have been impacted by the pandemic and the solutions that have been implemented to address those challenges
• Compare tools, evidences and processes used to facilitate underwriting and continued new business production in 2020 and beyond
• Describe the importance of monitoring new underwriting programs and reacting to leading performance indicators
• Design mechanisms to measure program performance and establish a feedback loop to enable continued refinement
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