Life insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the Life insurance market.

Improved results from predictive analytics for Life Insurers

The survey of European life insurers showed that over 80% of companies that already use predictive analytics report a positive business impact – with none reporting negative outcomes. In competitive markets, these techniques can provide insurers with a price advantage; in less competitive markets, they can lead to material cost savings. With the help of predictive analytics, historical and real-time data can also be mined to anticipate industry trends and customer needs, enabling insurers to exceed customer expectations.

The impact of predictive analytics on top and bottom line performance has been greatest in relation to revenue generation, with 68% of insurers agreeing that it has had a positive impact on increased sales and cross selling.

Four out of ten companies (41%) reported that predictive analytics helped reduce issue/underwriting expenses and claims costs.

The survey finds, however, that while some life insurers are making progress with their predictive analytics capabilities, most companies still have significant challenges to overcome, including a number of strategic capacity issues:
• 30% of respondents believe that their analytics and/or actuarial teams lack the capacity to accomplish their predictive analytic goals.

• Data quality and reliability issues (58%), as well as infrastructure and data warehouse constraints (42%), with m...Read More

The link between location and life insurance costs

Whilst money can never replace someone, it can be a huge help for the family left behind.

To find out if your postcode can impact your premium, the UK’s biggest life insurance broker Reassured has analysed 5 years of internal data, made up of over 130,000 life insurance policies.

The data reveals that the average life insurance premium in the UK costs just under £25 a month (£24.95). This works out as approximately half of the average monthly mobile phone bill. Considering the difference it could make to your loved ones, life insurance doesn’t really seem that expensive.

Similar to car and home insurance, life insurance underwriting is based on a number of complex calculations, meaning people can pay different premiums depending ...Read More

Millions delay seeing a doctor so as not to waste their time

As the Covid-19 pandemic continues to take hold, people across the country are worried about putting additional pressure on health services. In fact, over 11.5 million people (22 per cent) didn’t see their doctor because they were worried about wasting their time.

However, GPs urge patients to continue seeking help for health concerns and believe virtual appointments may be the answer.

Additional research among GPs by the insurer found they estimate around three quarters of the consultations they carry out every week could be conducted virtually with 35 per cent possible over the phone and 40 per cent via video call. On average, GPs are able to see 20 patients a day, however, with virtual appointments this could rise to 27, an increase of 35 per cent.

The health is...Read More

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