Welcome to the seventh edition of our Underwriting Expert Series. Missed the previous articles in the series? View them here! This week, we are excited to share Senior Underwriting Specialist and Claims Manager, Mervyn Gillson’s, perspective on the driving risk of the millennial generation.
In the first installment of this blog, we broke down the basics of Critical Illness (CI) insurance and what you need to know to successfully write CI business. Knowing the basics of CI is also the starting point for a claims professional. It is important to understand the challenges you might come across when dealing with Critical Illness. This principal is something that is beneficial to any role – know the barriers so that you have a plan to overcome them.
How does big data truly relate to life insurance? In Part I of this series, I defined Big Data, the difference between structured and unstructured data, data analytics vs predictive analytics and briefly shed light on the current buzz big data is having in the life insurance industry. Now it’s time to expand more on that last note, and really understand the role big data has in life insurance and how it affects the profession of life underwriting. So let’s dive in:
Big Data is a term that has gained momentum in recent years but the cause of it has been around for much, much longer. Industries have been collecting data for as long as they have been around but in recent years, more and more of it has been streaming in at incredibly fast speeds and volumes due to the facilitated process we know today. Additionally, the type of data coming in is far more different in format: numerical, text, video, email, plus many more. The industries in which we operate, life insurance and reinsurance specifically, we can certainly attest to the fact that big data is on the rise.
So Big Data = extremely large volumes of data which can be analyzed to detect patterns... But how is the data classified, and how does it relate to the life insurance industry?
Underwriting training and advanced underwriting education can come in many forms, but what better way to learn than to share knowledge in the form of discussions with peers? This is a tried and tested method for our underwriting team, and we call them Case Clinics! They can take the form of a discussion around either specific cases or generalities, and each will work.
The main goal is to share thoughts and experiences on cases or impairments and generate discussion from different perspectives. During the process, note-taking is encouraged so that at the end of the day you have a useful resource your underwriters can use to recall for future cases. A full circle experience that benefits all parties involved during and after its complete. Wondering how you can introduce Case Clinics to your team of underwriting? Get my advice below!
Mentoring has been around a long time. In fact, it is said to have originated when Odysseus went to fight in the Trojan War and he put his trusted friend, Mentor, in charge of his son, Telemachus. The term mentor has generally come to define someone with more experience being able to help someone with less experience by sharing their wisdom and knowledge.
Mentoring is different than coaching in that a mentor supplements the coaching provided by the person’s boss/supervisor/manager. In fact a person can, and should, have more than one mentor so that a breadth of knowledge and experience can be learned. A mentee can definitely learn from more than one mentor because it gives them different perspectives.
So, in order to find out if you have what it takes to be a mentor, take a shot at answering the 10 questions we’ve crafted for you here in this Mentorship 101 Quiz!