Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life reinsurer, today released its 2017 Global Life and Health Underwriting Survey. The survey was conducted among 25 leading life and health insurers from large global, regional, and single-market companies. The findings demonstrate that the practice of underwriting is being challenged to play a leading role in the transformation of business processes and the deployment of business development strategies.
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RGA Five Dimensions of Underwriting Transformation (Graphic: Business Wire)
Respondents indicated that enhanced customer experience, emerging consumer demand, the ability to use more data-driven approaches, and cost efficiency are driving the shift towards less reliance on traditional underwriting. As many insurers shift towards a consumer-centric approach, a globally emerging trend is for less reliance on “one-size-fits-all” products and a renewed focus on more segment-specific strategies.
“Based on the 2017 survey results, it is apparent that transformations in underwriting are actively accelerating across the globe,” said Nic Lempriere-Hogg, Senior Vice President, Global Underwriting Solutions, RGA. “These transformations may vary by company and region, but key aspects of change, such as predictive underwriting, electronic underwriting, assimilation of disruptors, and segment-specific strategies, are being addressed by multinational and large insurers alike.”
Key findings from the survey include:
RGA conducts global surveys on various industry topics to provide clients with the knowledge and tools to increase efficiency, effectiveness, and profitability. RGA provided a full analysis of this survey’s results to survey participants. To view a summary report, visit www.rgare.com.
About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $58.7 billion as of September 30, 2017. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.
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Reinsurance Group of America, Incorporated
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