Tag: Digital Insurance

20 states in search of life insurance

Mary Pat Campbell

Link: https://www.dig-in.com/list/20-states-in-search-of-life-insurance?utm_medium=email&utm_source=rasa_io&utm_campaign=newsletter

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Excerpt:

To determine where residents are most concerned about life insurance, Beca Life ranked them by monthly online searches for terms related to the product, based on data from Google Keyword Planner. The total number of monthly average searches in each state was compared against its population, to determine the average monthly searches per 100,000 people. 

The top five states have  an average of 852.84 people per 100,000 seeking life insurance via search engine each month.

Publication Date: 23 Oct 2024

Publication Site: Digital Insurance

ChatGPT: A conversation about underwriting and life insurance

Mary Pat Campbell

Link: https://www.dig-in.com/opinion/chatgpt-a-conversation-about-underwriting-life-insurance

Excerpt:

RGA decided to put ChatGPT to the test by posing three questions related to underwriting and the future of life insurance. The answers from ChatGPT that follow are entirely AI-generated. Following those responses is a brief FAQ that further explores this emerging topic.

How will COVID-19 affect U.S. long-term mortality?

It is difficult to predict the long-term effects of COVID-19 on mortality in the United States. The pandemic has already had a significant impact on mortality, with over 1.1 million COVID-attributed deaths reported in the country. However, it is possible that the mortality rate from COVID-19 could decline over time as more people become immune to the virus and as effective vaccines are developed and distributed.

There are also other factors that could affect the long-term mortality rate from COVID-19. For example, the effectiveness of public health measures, such as mask-wearing and social distancing, in controlling the spread of the virus could have a significant impact on the number of deaths. In addition, the availability of effective treatments for COVID-19 could also play a role in reducing the mortality rate from the virus.

It is important to continue monitoring the situation and taking steps to control the spread of the virus to minimize the impact on mortality.

Author(s): ChatGPT, Jeff Heaton, Dave Rengachary

Publication Date: 14 Feb 2023

Publication Site: Digital Insurance

5 insurance use cases for machine learning

Mary Pat Campbell

Link: https://www.dig-in.com/opinion/5-use-cases-for-machine-learning-in-the-insurance-industry

Excerpt:

4. Fraud detection

Unfortunately, fraud is rampant in the insurance industry. Property and casualty insurance alone loses about $30 billion to fraud every year, and fraud occurs in nearly 10% of all P&C losses. ML can mitigate this issue by identifying potential claim situations early in the process. Flagging early allows insurers to investigate and correctly identify a fraudulent claim. 

5. Claims processing

Claims processing is notoriously arduous and time-consuming. ML technology is a tool to reduce processing costs and time, from the initial claim submission to reviewing coverages. Moreover, ML supports a great customer experience because it allows the insured to check the status of their claim without having to reach out to their broker/adjuster.

Author(s): Lisa Rosenblate

Publication Date: 9 Sept 2022

Publication Site: Digital Insurance

Allstate, John Hancock partner on safe driving for Vitality points

Mary Pat Campbell

Link: https://www.dig-in.com/news/allstate-and-john-hancock-partner-safe-driving-telematics

Excerpt:

John Hancock and Allstate have announced a partnership to reward John Hancock Vitality members with points for safe driving. The partnership is the first of its kind, and comes in response to an increase in vehicle crash-related injuries. Customers will benefit from understanding how their choices, including driving behavior, impact their overall health, John Hancock believes.

….

The Vitality Program, which combines life insurance with education, incentives and rewards to help members lead healthier, longer lives, will allow members to submit proof of safe driving status in Allstate’s usage-based insurance program through a cashback reward email or by submitting a recent bill to show a safe-driving discount.

Motor vehicle deaths in the U.S. rose 18.4% in the first six months of 2021 over 2020, according to data from the U.S. Department of Transportation’s National Highway Traffic Safety Administration. An estimated 20,160 people died in motor vehicle crashes in the first half of 2021, the largest number of projected fatalities since the same period in 2006. Research into driving behavior from March 2020 through June 2021, shows that speeding and traveling without a seatbelt remain higher than pre-pandemic times, according to findings from NHTSA.

Author(s): Kaitlyn Mattson

Publication Date: 24 January 2022

Publication Site: Digital Insurance

Digital-first life insurance policies see increase in demand, Policygenius

Mary Pat Campbell

Link:https://www.dig-in.com/news/policygenius-life-insurance-policies-no-medical-exams

Excerpt:

The demand for digital-first life insurance products has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

Author(s): Kaitlyn Mattson

Publication Date: 4 Feb 2022

Publication Site: Digital Insurance