Clinical Laboratory and Biometrics Measures Used to Assess Risk
There was over $20.8 trillion of life insurance in force in the United States in 2015 (American Council of Life Insurers, 2016). Many of these policies were issued by insurance carriers whose medical directors, actuaries, and underwriters are experienced in evaluating, underwriting, and managing risk.
Applicant Medical and Smoking History Nondisclosure in the Life Insurance Marketplace
An applicant’s self-disclosed medical and smoking history continues to be critically scrutinized during the life insurance application process for simplified, accelerated, and full underwriting. Increased mortality risks are known for many diseases and practices, including hypertension, diabetes, kidney disorders, heart disorders, and tobacco use.
Cystatin C: Transforming cognitive and frailty screening
Our clients tell us that controlling costs during the decision-making process and reducing application-to-issue cycle time are priorities within their new business teams. As older-aged individuals apply for life insurance, requirements designed for this market can become more time-consuming and cumbersome.
Many of today’s older-age evaluations include additional screenings to measure cognitive and frailty risks: clock drawing, delayed word recall and walking speed. These assessments may add time to the application process and increased cost for the insurer. However, recent studies indicate they could be replaced with a simple blood test: Cystatin C.
This white paper shows the correlation of Cystatin C levels and the impact it has on cognitive function and physical frailty. Learn more about how uncovering high levels of Cystatin C is helping insurers identify potential areas of concern for the proposed insured.
To fast or not to fast
Is fasting still recommended prior to a paramedical exam? Preparing applicants for a health exam usually includes instructions similar to those given prior to a physician checkup. They are advised to follow their normal routine, take medications as usual and not partake in unusual heavy, physical activity just before the exam. They are also advised to fast when blood will be drawn for analysis. However, the majority of health exams are not done early in the morning, but rather fit into a schedule that is convenient for applicants. So, how often does the length of time of fasting before a blood draw actually influence the test results used in insurance risk assessment?
Simplified Issue Conundrum
What implications does a simplified issue product have and how will it affect your applicant? While we want to make the life insurance process as easy as possible for applicants, eliminating the exam may not be the [right] answer.