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Life Underwriting Reality An Independent

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Life Underwriting Reality An Independent s Assessment Hank George, FALU, CLU, FLMI Educator, Consultant & Curmudgeon Presented at ACLI Reinsurance Executive Forum – PowerPoint PPT presentation

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Title: Life Underwriting Reality An Independent


1
Life Underwriting Reality An Independents
Assessment Hank George, FALU, CLU,
FLMI Educator, Consultant Curmudgeon Presented
at ACLI Reinsurance Executive Forum January 10,
2012 in Naples, Florida
2
Hank who?

  • Lay medical officer/medical manual writer at
    Northwestern Mutual, 1973-1985
  • Senior Vice President/Client Support at
    HORL/LabOne, 1987-2002
  • President of Hank George, Inc., 2002-present
  • 175 medical underwriting courses mean 25 pages
    and 100 literature references
  • 400 books and articles only books ever for
    producers about underwriting
  • Creator of worlds only super-simplified medical
    manual
  • Hanks Rx Guide on-line pharmaceutical
    underwriting resource
  • 50 seminars for Society of Actuaries
  • 150 insurance and medical organizations addressed
    on 5 continents
  • 2-time MDRT main platform speaker
  • Founder and first chair, LOMA International
    Underwriting Congress
  • Author of free 30-page monthly Hot Notes with
    1700 subscribers in 55 countries
  • Free information clearing house site InsureIntel
    with 1500 registered members
  • 2 life underwriting study groups 60 members
  • Columnist in NAILBA Perspectives, Bests Review,
    ALUCA Risk-e-Business, On the Risk
  • Annual Developments in Underwriting lead
    article in LOMA Resource

3
  • This
  • Roadmap
  • is available
  • free
  • on-line

4
Every reinsurance underwriter should spend 3
months working for a brokerage market
insurer. Then, another 3 months working for a
brokerage general agency.
5
Life Insurers and Engines
Revelations from the 2011 Underwriting Engine
Survey
6
Engine Use Status
7
Why are n 1 software firms, service vendors and
reinsurers SALIVATING over the engine market?



8
Where did/will you get your engine?
9
Why do you covet an engine?
  • As ranked by respondents

10
fully-underwritten accepted by engine without
intervention by Homo sapiens
Miles to go
11
(No Transcript)
12
Purchase-to-Operational Interval
Designated as 1 Engine Drawback Time to and
cost of implementation
13
SUPER-SIMPLIFIED LIFE
14
Do you offer or plan to offer within the next 3
years a super-simplified life product for the
middle market?
  • YES!
  • 60.4 of Study Group Member Respondents

15
(No Transcript)
16
What would YOU say to reinsurer CEOs?
Reinsurers need to be on the cutting edge in
partnership with their clients re reaching the
middle market with super-simplified. I think they
will see even more small and middle-sized
companies looking to increase retention without
such support.
Chief Underwriter
17
(No Transcript)
18
Lab/Paramed Risk Scoring
  • Being Piloted
  • In Development

19
Lab/Paramed Scoring in a Nutshell
10
10
80
20
The 5 Horsemen of the Lab/Paramed Scoring
Apocalypse
21
  • If preferred mortality is already profitable,
    why shell out for this?
  • Are the vast majority of the other 80 merely
    redundant?
  • How can I sell standard/rated to a producer
    whose client meets our preferred criteria?
  • How can I avoid hell to pay on reinsurer audits
    if I gave preferred (or better) rates to
    applicants who do not satisfy our treaty
    preferred criteria?
  • and

22
All normal tests are normal, but some
normal tests are less normal than other
normal tests.
(with apologies to George Orwell)
23
Social Media Site Foraging will be Rampant
  • Will antiselection be rampant as well?

24
It would be a HUGE BLUNDER for insurers to
use personal purchase records in life
underwriting! - Hank George
25
  • R.I.P.
  • Treadmills
  • ECGs
  • M.D. Exams

26
Already Using Will Soon
Rx Records 78 22
NT-proBNP 40 44
Preliminary responses to 2011-12 Requirement
Survey and a 25-company Study Group Survey
27
Resistance is futile Either leador get out of
the way!
Take-Home Message
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