The THiNK Blog

grab a coffee and give yourself the freedom to read


Global Trends in Life Insurance [Part 2] How are insurers approaching millennials?

Sep 6, 2017 4:43:17 PM / by Elliott Dickson posted in Underwriting

 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.

Read More

Global Trends in Life Insurance Product Innovations

Aug 25, 2017 1:18:26 PM / by Elliott Dickson posted in Underwriting

The speed of the life insurance industry can be excruciatingly slow. But as new technology emerges, the more agile insurers will move to harness it in the hopes of enhancing existing product lines or constructing new ones altogether. So too is there a need to attract new markets and generations to buy in to life insurance – the baby boomer population is aging, and perhaps that pool of insurance clients has become a bit exhausted.

With the vast majority of the insured population being over the age of 45, the focus must eventually shift to a younger demographic. What are some of the ways that insurers are approaching this? What new products are being employed to appeal to older or substandard risk populations? In this blog I’ll explore what’s making waves in the sea of life insurance ahead.

Read More

19 of the Best Job Interview Questions to Ask Underwriting Candidates (And What to Look for in Their Answers)

Aug 17, 2017 3:02:33 PM / by Seema Samad posted in Underwriting

As a hiring manager, interviews should help you accomplish two things. One, get a better sense of the candidate's knowledge, skills and ability to handle situations specific to their role. Two, get a sense of the candidate's personality. Asking questions to understand both the professional and personal side of a candidate will give you a true sense of who you are. Plus it will help you identify well-rounded, dynamic talent - which is key to developing an all-star team.

Read More

How to Onboard New Underwriters

Aug 8, 2017 5:00:52 PM / by Miguel Ceron posted in Underwriting, underwriting training

Picture this. It is your first day of a new job. You show up bright eyed and bushy tailed ready to seize the day and take on your new role. But to your dismay, you are left sitting at your desk for the first week awkwardly twiddling your thumbs and wondering how to appear to look busy. Maybe thinking, does this company even care that I'm part of the team? Not the greatest start you were hoping for in your newest adventure. And as a manager, probably not how you want your new hire to feel. Not to mention having someone trying to look busy is seriously unproductive. How can you eliminate this and make new hires feel like the made the right choice from day 1?

Read More

The Impact of Artificial Intelligence on Insurance Products [PART 3]

Jul 31, 2017 5:33:09 PM / by Max Kraus posted in Insurance Distribution, InsurTech, Artificial Intelligence

Welcome to Part 3 of the Impact of AI series. To recap, Part 2 of this series looked at the impact of selling and distribution and Part 1 looked at the impact of underwriting and risk.

Part 3 of this series will focus on the impact of the product development phase of an insurance product. 

Read More

How Global Atlantic is Streamlining Reinsurance Administration

Jul 31, 2017 8:33:37 AM / by Miguel Ceron posted in Reinsurance

Read More

How Low Stakes Activities Result in High-Impact Learning for Underwriters

Jun 27, 2017 3:11:29 PM / by Nick Durie posted in Underwriting, E-Learning / Training

At a recent talk I did at the CIU in Ottawa (How’s Bragging Camp? It’s going very well, thank you), my goal was to illustrate that when training is complete for a new underwriting hire, it does not mark the end of learning. Does an existing or seasoned underwriter require less knowledge acquisition or skills training once on the job? Of course not! With changes in medical advances, industry policy changes, and new products on the market, the very nature of the underwriting profession requires learning to be ongoing. Unfortunately there are some challenges and barriers that get in the way. However, as you'll discover by the end of this article, you can create high impact learning experiences by implementing low stakes activities. Let's first explore the challenges... 

Read More

Why Recruiting Dynamic Talent = An All-Star Underwriting Team

Jun 22, 2017 3:41:40 PM / by Miguel Ceron posted in Underwriting, Training, E-Learning / Training

You have a gap on your underwriting team and are recruiting to fill the position. What kind of person are you looking for? What kind of person are you not looking for? While you have a set of skills and knowledge in mind, the recruiting process isn’t always as simple as finding a candidate with x years of experience or y and z qualifications. Plus, qualifications aren’t the ‘be all, end all’.

We are firm believers that hiring for fit is paramount - especially when you are hiring someone into a team environment. To cultivate a high performing team – being able to work collaboratively and demonstrate a thirst for learning are key assets.

Read More

The Impact of Artificial Intelligence on Selling & Distributing Insurance [PART 2]

Jun 13, 2017 2:53:19 PM / by Max Kraus posted in Innovation, InsurTech

In Part 1 of our Artificial Intelligence (AI) Impact on the Insurance Value Chain series, we looked at the impact it has on underwriting and risk. However, before an individual can be underwritten, an insurance product still needs to be sold and distributed, which is what Part 2 of this series will focus on. According to McKinsey, this step of distribution and selling is the most crowded in insurtech, with nearly 40% of startups attempting to change how consumers buy insurance. 

Read More

The Current State of Underwriting and What it Means for Leaders

May 31, 2017 1:01:00 PM / by Miguel Ceron posted in Underwriting, Training, Life Underwriting

The Insurance Industry is changing every day. These changes present themselves in our collective value offerings, in the methods of how we are able to buy and sell insurance, or even in how insurers are able to underwrite and classify risk. Regardless of the change, they all have implications on the evolving roles of Life Underwriters.

Read More