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The Impact of AI Supported Underwriting

Background and Purpose

The purpose of this RFP is to get a holistic and in-depth understanding of the industry’s current approaches to AI supported underwriting and their relationship to mortality slippage, commonly defined as the additional mortality risk observed under accelerated underwriting (AUW) compared to what would be expected under traditional full underwriting. Specifically, this RFP seeks to understand prevalent methodologies, and their real-world applications, and the associated benefits and risks for the industry, with real examples of how this is being applied currently.

To date there are many applications of AI supported underwriting that may have implications for mortality slippage. These include (but are not limited to):

  • More accurate risk assessments
  • Application triage
  • Improved predictive models
  • Reduction in underwriting errors
  • Real time data-integration
  • Improved fraud detection
  • Dynamic adjustments to risk pools
  • Evaluation of the AI supported program's performance

Given the breadth of potential applications, we are seeking to understand the overall impacts of AI-supported underwriting on mortality slippage and to provide an overview of anticipated trends in AI supported underwriting. While the primary focus could be related to AUW, particularly where traditional evidence such as fluid testing is waived—we are also open to exploring other AI-supported underwriting applications where relevant.

For the purposes of this RFP, we recognize that not all predictive models commonly used in underwriting would be classified as "AI." While the focus is on AI-supported underwriting, we welcome the inclusion of non-AI predictive modeling approaches where they are relevant to the discussion of mortality slippage or serve as comparative baselines. Researchers are encouraged to clearly define terminology used in the proposal and report, and to distinguish between AI, machine learning, and traditional statistical models where appropriate.

Research Objective

The Society of Actuaries Research Institute is seeking researchers to conduct a review and analysis of industry practices on how AI is supporting underwriting and its effect on mortality slippage, with a specific focus on the benefits and potential risks. The objective is to identify key benefits, potential risks, and quantifiable impacts where possible.

Proposals that include practical case studies, quantitative evaluations, or illustrative examples of AI use cases—especially those demonstrating a measurable effect on mortality—are strongly encouraged.

In addition to highlighting benefits and applications, the research should also critically assess challenges and limitations, such as issues with model accuracy, explainability, potential bias, regulatory barriers, or implementation constraints. Insights on how companies are addressing or navigating these challenges will be particularly valuable.

Proposal Requirements

To facilitate the evaluation of proposals, the following information should be submitted:

  1. Resumes of the researcher(s), including any graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.

    Please note that as a policy, the SOA Research Institute generally does not provide funding to cover academic institution overhead expenses. As a guide for developing the project budget, please review the Historical Project Cost Guide (see Appendix)

  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions. The Society of Actuaries Research Institute is interested in completing this project in a timely manner. Suggestions in the proposal for ensuring timely delivery, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The Society of Actuaries Research Institute will appoint a Project Oversight Group (POG) to oversee the project. The POG is responsible for recommending the proposal to be funded. Input from other knowledgeable individuals also may be sought, but the POG will make the final recommendation, subject to Society of Actuaries Research Institute (SOA) leadership approval. An SOA staff research actuary will provide staff actuarial support.

Questions

Any questions regarding this RFP should be directed to Research-AIT@soa.org.

Notification of Intent to Submit Proposal

If you intend to submit a proposal, please email written notification by August 22, 2025, to Research-AIT@soa.org.

Submission of Proposal

Please email your proposal to Research-AIT@soa.org; proposals must be received no later than September 12, 2025. It is anticipated that all proposers will be informed of the status of their proposal by the end of October 2025.

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries Research Institute and the researcher.

The Society of Actuaries Research Institute reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The Society of Actuaries Research Institute also reserves the right to redirect the project as is deemed advisable.

The Society of Actuaries Research Institute plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The Society of Actuaries Research Institute may choose to seek public exposure or media attention for the research. By submitting a proposal, you agree to cooperate with the Society of Actuaries/sponsoring entity in publicizing or promoting the research and responding to media requests.

The Society of Actuaries may also choose to market and promote the research to members, candidates and other interested parties. You agree to perform promotional communication requested by Society of Actuaries Research Institute, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.

Conflict of Interest

You agree to disclose any of your material business, financial and organizational interests and affiliations which are or may be construed to be reasonably related to the interest, activities and programs of the Society of Actuaries Research Institute.

Appendix

The cost ranges below are intended as a guide for budgeting project costs for proposals in response to SOA Research Institute Request for Proposals (RFP). Please note these figures span the 33rd to 66th percentiles for all projects as well as projects that involve a specific approach (lit review, survey, etc.). They are based on historical costs over several recent years. Expected costs for some RFPs may fall outside these ranges depending on the nature of the work and resources required for completion.

  • All Contracted Projects: $25,000 - $50,000
  • Literature Reviews: $15,000 - $20,000
  • Surveys: $28,000 - $55,000