The THiNK Blog

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How does our North American Underwriting Expertise Apply to the European Market?

Sep 27, 2016 4:50:59 PM / by Miguel Ceron posted in Underwriting

In the first part of this series I explored the European Life Underwriting market and the must know health trends in this region. Now it's time to apply our knowledge of the North American underwriting market to this region. 

One thing we’ve learned from our experience in the North American underwriting market is the importance of building a strong team of underwriters. While there are several factors involved in this, the one I’ll touch on in this blog is education. This will ensure your team of underwriters has both the rudimentary knowledge of medical impairments plus an expert understanding of your market. So how do you set up your team for success,  equip them with the right knowledge and develop their ability to effectively manage risk?

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[Underwriting] Education in the Evolving World of Risk Assessment

Sep 22, 2016 5:07:16 PM / by Miguel Ceron posted in Underwriting

Continuous education is something we champion at LOGiQ3, not only as one of the 11 Maxims that drive the way we do business, but as a way to ensure our team of experts remain just that – experts. This is especially important for Life Underwriters as modern medicine is constantly evolving and new information about medical impairments is more readily available. The near constant stream of new information and advancements in medicine have an effect on the mortality rates of a population, making this knowledge a must-have in order for Underwriters to effectively assess a client’s risk profile.

There are, of course, numerous factors that contribute to an insured’s overall risk classification. Some are uncontrollable (family history, genetic predisposition, etc.) and others are controllable external factors (diet, lifestyle, etc.) – even Geographic Location can have an effect on the types of medical impairments that a life insured may be at risk for. Regardless, being aware of what your market is at risk for will be key to your success as an underwriter.

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How the switch from TAI Mainframe to .NET is like moving from the city to the suburbs

Sep 19, 2016 11:27:21 AM / by Robert Bouchard posted in Reinsurance

Sounds a little odd comparing a software upgrade to real estate right? Probably, but for those of you who will be going through a migration to the new system in the next few years – I think it will help you get a better feel for what to expect. To give some background for those who aren’t familiar with TAI – it is a powerful Reinsurance administration system that has been around for quite some time. However, with Microsoft ending its support for Windows Server 2003 (which is necessary for Mainframe), TAI introduced .NET to address this change.  I am one of the lucky ones that had the opportunity over the years to work with both TAI Mainframe and TAI.NET versions.  Older versions still exist but most of these are slowly upgrading to the latest and greatest versions.  When the time comes to upgrade, there is a lot to consider.

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4 Questions and Answers Revealing the Behind the Scenes of LOGiQ3 Underwriting

Sep 16, 2016 11:07:23 AM / by Seema Samad posted in Underwriting, LOGiQ3, Life Insurance

As a longer-standing member of LOGiQ3’s team of underwriters, I often get asked a lot of questions, both from an internal coaching perspective, as well as an external interested stakeholder perspective. On the external side, the number one question I get asked is, “HOW do you pronounce the name of your company!?” And I tell them, just exactly how you would think ;).

Once they get over that hurdle and blush from the fact that it is actually an easy name to pronounce, they move onto things like: “What is your workflow like?” or “What types of life insurance products do you handle?” “What resources do you have access to?” All very logical questions if you ask me! Below is actually a direct quote from a current colleague of mine who, prior to joining, was interested in working for us. And this is just a short snippet from the 21 questions game we played about the company in what was a very long (re: humorous & enjoyable) email chain indeed.

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7 Major Trends In Online Learning: How Does Our Program Stack Up?

Sep 15, 2016 1:55:04 PM / by Nick Durie posted in Training, E-Learning / Training

In a recent article posted on HRM Canada, Koreen Pagano, the Product Management Director at D2L identified “seven major trends dictating the online learning space”.  Naturally, we were intrigued not only to learn, but to shamelessly see how our Underwriting Training Program  stacked up !

Before we delve into the seven online learning trends and rate ourselves (shamelessly, remember), it’s important to consider what type of learning we are discussing. Usually when we think of learning, we harken back to grade school (awkward), high school (totally not awkward acid-washed jeans), or post-secondary (Frisbee in the quad!!).

This type of learning is fundamentally the same as it’s been for 3000 years - the “sage on the stage” model. One expert/teacher/professor lecturing to students. The benefits of this style are well documented (it’s been around for over 3000 years for a reason!!), but it’s important to note how vastly different learning experiences have become with the advent of modern technology. In fact, most would argue we don’t even truly know how we all learn online given how relatively new we are to it.

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3 Common Issues That Cause Premium-Related Treaty Errors

Sep 1, 2016 9:15:24 AM / by Mindy Epstein-Hinshaw posted in Reinsurance

Have you ever thought to yourself, “How did I possibly miss this?” You find yourself working on a process or project at work (or even in your personal life) for an extended period of time and realize one day that there is an error. An error that you’ve overlooked for months, maybe even years! Once the anomaly has been pointed out, it is impossible to forget. But the nagging question remains, “How could I miss that for so long?”.

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Aug 30, 2016 9:52:42 AM / by Garen Markarian posted in Underwriting, Life Insurance

Recently I wrote an article on Financial Underwriting and how it relates to Crime Scene Investigations. I loved seeing all of the discussions it sparked on LinkedIn! In that article, I outlined the concepts of underwriting financial life insurance products and thought I’d expand my reach by sharing some of my expertise on a hot topic that is definitely going to be having an impact on the life insurance industry; pharmacogenetics.

I’ve decided to break this out into two parts. In part 1 of this series, I’ll walk you through the definition of pharmacogenetics, various related concepts and dive into the specifics of DNA and Genetic Code. Part 2 will talk explicitly about how pharmacogenetics will have an impact on the life insurance industry, and more specifically, on life underwriting. All of this knowledge is aimed at helping underwriters grow! After all, for underwriters to set themselves apart from the masses, knowledge, expertise and a great attitude are their biggest differentiators.

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What’s so funny about learning to become an Underwriter?

Aug 25, 2016 4:46:23 PM / by Nick Durie posted in Underwriting, E-Learning / Training

I will freely admit; I wrote that title before I even started writing this post. I know, that’s the opposite way of doing things, but I was really excited because I was given the opportunity to try and write a blog post that combines my work with my other passion. By day, I am an E-Learning Product Manager, responsible for ensuring the best, most successful learning experience for students of LOGiQ3’s online Underwriting Training Program. By night, I am an amateur stand-up comic, performing mostly at open mics while I hone that very difficult art, mostly in front of few audience members.

I was excited to try and draw parallels between the two - some quips about the nature of Underwriters; clever puns on the insurance industry (I hate puns); maybe even a self-deprecating take on my job.

But the truth is, there is nothing funny about learning to become an Underwriter. It’s serious work, which demands attention, focus, and energy. 

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4 Checks & Tests to Improve Reinsurance Quality

Aug 23, 2016 9:16:39 AM / by Farzaneh Mashhadian posted in Reinsurance

In my previous post I discussed two reasons why investing in reinsurance quality control processes are necessary. One, being that major decisions in the industry are made based on data and two, reinsurance is heavily dependent on historical data. Charles, my colleague also discussed this by comparing the Rio Olympic Games to the reinsurance industry.

We know why it‘s important but what can you do to ensure utmost data accuracy? What do your quality control processes look like, and how can you implement them effectively to improve your business?

As a reinsurance consultant, my day to day involves assisting both insurers and reinsurers in improving the quality of their data.  For professionals in the industry, here are four essential checks and tests you should consider incorporating into your reinsurance quality control processes.

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6 Ways to Prepare for the Insurance Industry Retirement Gap

Aug 22, 2016 4:42:06 PM / by Megan Gardner posted in Training, Reinsurance

In the coming years, the insurance industry will experience major loss of talent due to retirement. According to one study, about 25% of professionals in the industry will retire by 2018! This concern over such a large loss of talent has been looming over both the life and non-life industry but fortunately, is becoming more and more apparent. It was a hot topic at the TAI User Group we attended in May and will continue to be as the industry makes plans to prepare for a significant talent gap in the next 3-5 years.

So what can you do to prepare for this? I have 5 ideas below to help you get started:

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