Description: Accelerated Underwriting – Two Studies (Delphi and SOA Survey)

Description: Welcome and Introduction

Description: SOA Product Development Section Contest Winning Article. Contest was to provide a creative article on future technology for the life insurance industry.

Description: This report presents the results of a survey of the actions companies took on their term products in response to the introduction of the NAIC Valuation of Life Insurance Policies Model Regulation, ‘Regulation XXX,’ and Actuarial Standard of Practice No. 40. The survey also explores the development of companies' X factors, the associated annual X factor certification process and how Regulation XXX impacts the companies' level term pricing. The survey was conducted by the Regulation XXX Survey Subcommittee of the Society of Actuaries Life Insurance Mortality and Underwriting Survey Committee. Common survey responses to Regulation XXX included consideration of reinsurance, changes in product design, the most common changes reported being the length of the guarantee period and the level of the gross premiums, and changing rates on existing products.

Description: The article talks about how Small Insurance Companies can make significant use out of experience studies, not to just to comply with PBR or other regulatory requirements, but also in managing their business.

Description: Results of a company practice survey is presented. Among the areas to be addressed include the structure of accelerated underwriting programs, how programs are monitored, how accelerated underwritten business is performing relative to expectations, and how companies are considering accelerated underwriting cohorts in the context of VM-20 assumption setting.