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Interpreting New Data & Insights to Assist with Product Pricing and Underwriting
Helping life insurers understand the key trends that might be on the horizon, including areas of worsening mortality, mortality improvement, socioeconomic gaps, and potential life saving enhancements in cancer and cardiovascular diagnosis.
The future of mortality over the next 50 years is uncertain. Once a policy is sold, the carrier is committed to fulfilling it, yet the industry must continuously monitor their experiences and adapt their strategies. This process is akin to looking through a rearview mirror while making informed adjustments based on expert opinions.
Between 2020 and 2024, the world experienced significant increases in mortality rates, not solely due to COVID-19, and more recent data reveals further negative trends. Certain mortality aspects are stagnating or worsening, leading to greater uncertainty, volatility, and variability. Premature deaths among working-age individuals could present financial risks for life insurance carriers. The industry must assess whether volatility in mortality trends is increasing and how this may impact insurers. Incorrect mortality estimates, which are integral to pricing models, can create substantial issues for carriers.
Obesity, diabetes, microplastics, certain cancers are all creating a lot of headwinds in the life mortality area. What can the life insurance and assurance industry do to create some tailwinds to offset these? Multi cancer early detection testing was a real game changer for the life insurance industry, but what other tailwinds can the industry create to make an impact on addressing diabetes, coronary artery disease and obesity, for example.
What role can the industry take on influencing the wellness of their insured populations?
The most impactful influence on mortality is the effect of longevity, so we will also consider the developments in that area, including medical developments, and other improving contributory factors which very often can have very material effect on the financials.
There's a lot of noise in the data. This conference will help tap into industry knowledge around the world and organize new insights in a digestible way.
How can the industry apply longevity improvements for commercial benefit?
Not all products, or all populations will be affected by the changes we are observing, while some will be affected very much. And those things need to be captured accurately.
