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:
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 451, 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.
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.
The reinsurance industry relies on processing accurate treaty data. Yet, in many cases, treaty information is misfiled, misunderstood, or even missing. Which is a huge risk because if your organization is processing erroneous data, it can lead to large financial adjustments.
Reviewing treaties allows you to validate that reinsurance is being processed accurately and identify errors that could be causing financial issues. So when is it the right time to conduct a treaty review? Like many things in life, there is never a 'right' time. It really depends on a reinsurance company's current state, business strategy, operations and processes to name a few.
Based on our experience, we've identified the most common scenarios reinsurance companies approach us to conduct treaty reviews below.
For any buyer in today’s economy, before you make a purchase, you're likely going to Google "how much does it cost?". This of course, is no different in the Life Insurance Industry or in our Reinsurance Administration line of business. When a company is considering outsourcing any of their ceded or assumed reinsurance functions, one of the first questions asked is, well, “How much is it going to cost?”
The answer to that question isn’t as easy as Googling ‘how much is an iPhone?’. We consider several factors when pricing an outsourced reinsurance administration solution a lot of which depend on the current state of the client.
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?
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.