OBEN

Presse

Gen Re Releases 2023 U.S. Individual Life Accelerated Underwriting Survey Results

Ausgabe: Oktober 2023 | Life/Health North America

Accelerated Underwriting Continues to Evolve in 2023.

Portland, Maine, October 27, 2023 – Gen Re has released results of the 2023 U.S. Individual Life Accelerated Underwriting Survey. This comprehensive survey covers topics including throughput rates, sources of underwriting evidence, mortality experience, and pre‑/post-issue auditing tools.

Fifty-three Individual Life insurance carriers participated in this study. Gen Re recognizes that carriers may be at varying stages of implementation with their Accelerated Underwriting (AU) workflow.

Key observations of the survey include:

  • Seventy-eight percent of companies have either a fully implemented or partially implemented workflow.
  • Reducing time to issue (58%) remains the top AU workflow goal for most companies. Meeting consumer expectations (36%), managing mortality slippage (33%), and reducing costs (33%) all continue to rank highly as well.
  • Almost all (95%) companies offer a Term Life product through their AU workflow. Other Individual Life products eligible for AU include Whole Life (63%) and Universal Life (63%).
  • Sixty-three percent of companies use random holdouts as a control measure throughout their AU workflow. Other common controls in place include recissions (51%), post-issue APS (44%), and post-issue auditing (39%).
  • Fifty-nine percent of companies estimate mortality slippage associated with their AU program through random holdouts. Thirty-seven percent are monitoring early claims experience, 32% utilize post-issue APS, and 10% utilize retrospective studies.

The U.S. Individual Life Accelerated Underwriting Survey is an annual survey produced by Gen Re, with the full results available only to participating companies. A summary report is available here.

Gen Re, a Berkshire Hathaway Company, is one of the leading Life & Health and Property & Casualty reinsurers in the world. Our North American Life & Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights.

Kontakt