Description: Businesses across the board have been drastically impacted by the effects of COVID-19 over the course of 2020, and insurance was not immune. Perhaps most relevant to this industry’s current capital and liquidity concern is the prevailing low interest rate environment. This has been a global trend in the last decade, and treasury rates in much of the developed world are at or near zero. Reduced investment returns limit an insurer’s ability to achieve their desired return on equity, eliminating previously profitable strategies that depended on the leverage of life and annuity balance sheets. Focus and activity have instead shifted to other methods to counteract the low interest rate markets and accompanying capital strain. Examples include increased mergers and acquisitions (M&A) activity within the insurance industry and an increasing focus by private equity firms in the insurance market for asset-intensive products, both of which reflect the goal of increasing yield rates on capital.

Description: 2021 ImpACT Conference - Session 3C: Partnering to Build an Accelerated Underwriting Program 10.26.21 Recording

Description: 2021 ImpACT Conference -Session 8B: Combination Product Development and Risk Management 10.27.21 Recording

Description: This document is a summary of a presentation made at the 1975 SOA annual meeting discussing current and future trends with regard to: a Population and mortality, b Family structure, c Forms and role of government, d Economic forces including the saving process, productivity, and inflation., and e Public attitudes. The impact of these items on savings vs protection, individual versus pension, public versus private, pension product design, marketing and distribution and investment policy is discussed.

Description: The Group Life COVID-19 Mortality Survey gathers a high-level view of U.S. Group Term Life Insurance mortality results during the COVID-19 pandemic through September 2021, as compared to prior period baseline mortality results. This new report is an update to the survey report released in July 2021, which contained data through March 2021.

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: Innovation in technology is being leveraged throughout the entire customer journey. The presenters will focus on solutions that affect both the client experience, the productivity of the agent and the efficiency of the life company. Some InsurTech companies that have developed solutions across the value chain - beginning with front-end solutions to improve the productivity and expertise of agents. These include cloud-based product illustration, advanced sales concept systems, financial calculators, e-applications and e-signature technology. Solutions that improve the efficiency of policy underwriting and issue include automated underwriting systems, expert requirement systems and underwriter workbenches. Finally, solutions that automate inforce policy management and compliance include anti-money laundering AI systems, in-force illustration systems to satisfy annual statement compliance and claims processing systems. There is a race to gain competitive advantage by getting to a digitally transformed future first.

Description: Initiated by the Product Development Section, this report examines global product development (PD) practices of life insurance and annuity companies.

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: Eager to learn more about what an InsurTech is, how they operate in the insurance ecosystem and how actuaries can participate in this ecosystem? Join actuaries, InsurTechs and participants in the ecosystem to discuss the recent research report on InsurTechs by the SOA. At the conclusion of the session, attendees will be able to: • Know more about InsurTechs and how they operate • Understand how insurers work with InsurTechs • Discover how actuaries can participate in this ecosystem • Learn practical lessons from both InsurTechs and actuaries This session is presented by the Entrepreneurial & Innovation Section.