Innovations Potentially Affecting Underwriting: An Initial Review with a Focus on Epigenetics, Medical Tests, and Wearables
May 2023
Authors
James Timmins, MBA, Breakthrough Development
Zack Moore, FSA, MAAA, FOXO Technologies
Description
The global doubling of information content has been estimated to occur at a rate of every 12 hours, and conceivably faster. This ‘infowhelm’ is a double-edged sword for insurers. While maximization of the global knowledge base can fuel innovation, it can occur only in the context of reasonable cost for a higher benefit. The insurance industry – underwriters and actuaries in particular – are challenged to constantly examine new innovations that promise to raise confidence and protective value for insurability, within legal limits. This report aims to be the first of several to alert the SOA of promising innovations for the profession.
Materials
Acknowledgments
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group for their diligent work overseeing, reviewing, and editing this report for accuracy and relevance. Their wisdom, insights, advice, guidance, and arm’s-length review of this study prior to publication were invaluable in guidance. Any opinions expressed in this report may not reflect their opinions nor those of their employers. Any errors belong to the authors alone.
Project Oversight Group members:
Carlos Brioso, FSA, CERA
Aneesha Deshpande, FSA, MAAA, CERA
Manisha Dias, FSA, CERA, FCIA
Jean-Marc Fix, FSA, MAAA
Karen Jiang, FSA, CERA
Hezhong (Mark) Ma, FSA, MAAA
Kevin Pledge, FSA, FIA
Maria Thomson, FSA
Laura Wiland, FSA, MAAA
At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
David Schraub, FSA, CERA, MAAA, AQ, Senior Practice Research Actuary
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