Welcome to the first edition of our new LOGiQ3 Underwriting Expert Series! Each week, one of our life underwriters will provide an in depth look at an important topic for life underwriting professionals.
Remember that super scary moment back in high school when it was time to decide what you wanted to be when you ‘grow up’. AKA choose the path you wanted to take in university or college. You go to school and either stick to the path, take a couple of detours or maybe change directions altogether. Regardless of the path you took, you have now successfully kicked off a career in underwriting...and are reading this blog.
Managing resources on your underwriting team is a tricky balance. In fact, I’ve often heard to it referred to as a game of chess. Like chess, it requires you to always be looking ahead and making the right move at the right time. But even the most skilled chess players encounter challenges. When they are challenged, what do they do?
Instead of hastily making a move, they step back and take a hard look at what’s in front of them. They carefully consider the possible outcome of the chess piece they are about to move. They anticipate what move their opponent may make and the impact their move may have. Then they carefully and methodically move their chess piece.
Winter is here its time to tighten the bootstraps. I mean that both literally and figuratively.
Literally because if you live in the northern hemisphere, you know what’s coming. And figuratively, if you’re a Life Underwriting Manager, the combined pressure to finish year end strong and plan for the following year is always an uber-laid back and relaxing time.
Just kidding, of course. This sprint to the end of the year is always fraught with balancing competing priorities and business pressures including:
What are the risks of having inaccurate treaty data in your reinsurance administration system? Are those risks top of mind for actuaries? While the impact of inaccurate treaty data might not be apparent on a day-to-day basis, over the long term, they present serious risk for insurance companies.
As life reinsurance professionals, we know that reading and interpreting a treaty is no easy task. While treaty language has progressed over the years, to a more standardized language, the older agreements are still relevant in today’s reinsurance eco-system.
On any given day, reinsurance analysts could be working with treaties that look very different from one another. The lack of consistency makes it increasingly harder to accurately interpret the intentions of treaties. When intent and clarity are not clear, misinterpretations occur which can put your company at risk.
Find out what happens when treaty language is misinterpreted, why it occurs, and how to prevent it from happening.
If you couldn't tell from part I of this guide, InsurTech is making its way onto several agendas for the 2017-2018 life insurance conference season. Given the huge impact it is having on the insurance industry, it should be no surprise that InsurTech has taken on a conference life of its own. Part II of my guide explores the top InsurTech conferences happening all over the world and what you can expect from them.
In Part 1 of our Global Trends in Life Insurance series, we looked at product innovations in wearable tech, the offering of coverage to HIV-afflicted clients and the switching to non-smoker class rates for marijuana users. In Part 2 of this series, we will focus on millenials and wearable technnology trends, as well as quicker and simple medical testing that can provide instant results.
When it comes to innovation in the life insurance space, developing products that attract the millennial generation seems to be a major trend in the US. And it is something that will likely expand to other areas of the world as the millennial generation gains more buying power. Nonetheless it is definitely on our radar for global trends in life insurance product innovations.
While our friends at Cookhouse Lab are currently tackling this challenge in an innovation sprint, I am going to look at what is currently happening in the market.
Things change constantly. Plan on it. Flow to the work. This is one of our maxims that I think is particularly relevant to the changing landscape we are experiencing in re/insurance. When business needs change and new products and services come on the market, it is our job as reinsurance professionals to know how to react. AKA learn how changes in underwriting, actuarial pricing and more will trickle down to reinsurance administration. For example, how will new products impact treaty set up or how premiums are paid?
So how can you keep up with it all? Education can play a huge role in not only keeping up with changes but adapting to them as well. Which really applies to professionals in any industry that want to maintain a competitive edge. I decided to lay out a guide of reinsurance designations (both essentials and newer ones) that will help you stay on top of your game. Without further ado, here is: