January 15, 2018 11:30
The underwriting process in the insurance industry of the people is in full transformation, according to a study by the Reinsurance Group of America (RGA). The survey of 25 major insurers shows that 96 % of respondents admit that moderate changes or significant must be made to the underwriting performance.
In addition, 68 % of companies surveyed expect to invest to improve the efficiency of their underwriting process in the next three to five years.
The subscription digital head the list of innovations
Among the innovations regarded as the most important for the next three to five years, insurers have argued that it is the subscription digital 84 %, of data massive 76 per cent, of the subscription and the dynamics of 68 %, new sources of index is 68 percent, and underwriting predictive to 64 %.
However, the RGA states that the genomics and biosensors (such as the Fitbit or the Apple Watch), are at the bottom of the list of the most important innovations, in spite of whether it’s hot topics in the industry. Some survey respondents argue that these technologies «have not advanced enough» to deploy on a large scale.