Redesigning the Life Insurance Underwriting Journey with Behavioral Science
May 2024
Authors
SCOR:
Aisling Bradfield
Tiernan Caulfield
Denis Charles
Pamela Granzin
Michelle Lerch
Jenny McDonnell
Katherine McLaughlin
Davy Moore
Caitlyn Parsons
Robyn Wallner
Overview
This study demonstrates that applying the principles of behavioral science to the design of underwriting questions improves disclosure across a range of conditions and behaviors that are relevant to underwriting decisions. In the context of the shift towards accelerated underwriting in the insurance industry, behavioral science question design offers a way to collect better information through the application form.
Report
Redesigning the Life Insurance Underwriting Journey with Behavioral Science
Acknowledgment
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and others for their diligent work overseeing questionnaire development, analyzing and discussing respondent answers, and reviewing and editing this report for accuracy and relevance.
Project Oversight Group members:
Mujtaba Ali Shaikh, MBA
Greg Fann, FSA, MAAA, FCA
Anthony Ferraro, FSA, MAAA
Bruce Friedland, FSA, MAAA
Syed Muhammad Razi Hasnain, ASA, ACIA
Winston He, FSA, MAAA
Blake Hill, FSA, FCIA
Ri Hao Kang, FSA, FCIA
Jahanzeb Meghani, FSA, CERA, FCIA
Zack Moore, FSA, MAAA, CERA
Kevin Pledge, FSA, FIA
Renee West, FSA, MAAA
Tina Yang, FSA, MAAA, CERA
Yifan Zhang, FSA
At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
Donovan Dotson, Market Research Analyst
Dale Hall, FSA, MAAA, CERA, Managing Director of Research
Ritesh Patel, DevOps Specialist
Emily Rafferty, Director of Business Insights
David Schraub, FSA, MAAA, CERA, Senior Practice Research Actuary
Patrick Wiese, ASA, Modeling Researcher
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