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TELEUNDERWRITING 2010. Presented to NAILBA Conference Chicago – May 13, 2010. Hank George, FALU. Essential Definitions. Teleinterview – gathering the risk history over the telephone in lieu of traditional methods Teleunderwriting – the use of teleinterviews in risk appraisal

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Teleunderwriting 2010

TELEUNDERWRITING2010

Presented to

NAILBA Conference

Chicago –May 13, 2010

Hank George, FALU


Essential definitions
Essential Definitions

  • Teleinterview –gathering the risk history over the telephone in lieu of traditional methods

  • Teleunderwriting –the use of teleinterviews in risk appraisal

  • Drilldown –additional questions in response to allYESanswers on teleinterviews…to amplify the specific history acknowledged by the applicant


2009 scor global life re global teleunderwriting survey conducted by selectx and hgi
2009SCOR Global Life ReGLOBALTELEUNDERWRITING SURVEY(conducted by SelectX and HGI)


  • 70Core Questions

  • 6Continents

  • 7Languages

  • 360GlobalRespondents

  • 104 North American Respondents


Why teleunderwriting
Why Teleunderwriting?

Mature Markets

Speed up app-to-issue

Reduce business acquisition costs

Reduce APS dependency

New Markets

Minimize agent involvement

Reduce nondisclosure/antiselection

Improve customer service


Mission accomplished
Mission Accomplished?

USA SCORE CARD

Speed up issue ++

Costs+/-

APS use+/-

Agent involvement -

Nondisclosure/antiselection+++

Customer service++


The rest of this content represents north american responses only
The rest of this contentrepresents North Americanresponses only


Is teleunderwriting being used
Is Teleunderwriting Being Used?

  • YES 64%

  • NO

    Being piloted3%

    Being considered15%

    Not considered yet14%

    Stopped2%

    Rejected 2%


  • 43%have been doing teleunderwriting 6 or more years

  • 12%take ALL histories via teleunderwriting; 27% take MOST; 61% take SOME

  • 57%use teleunderwriting < age 18;83%after age 65;92%between 19 and 65

  • 68%at ALL face amounts

  • 59%REDUCED paramedical use due to teleunderwriting


Aps reduction
APS Reduction?

  • None 18%

  • Increased Use5%

  • Decreased < 10%27%

  • Decreased 11-20%25%

  • Decreased > 20%7%

  • Unknown18%


Why so dismal
Why So Dismal?

#1Underwriters reluctant to

forego APS for concern over

audit outcomes

#2Disconnect between drilldown

content and underwriting

manuals


Cycle time reduction
Cycle Time Reduction?

YES63%

  • > 10 days 8%

  • 4 – 9 days 17%

  • < 4 days 17%

  • Yes – details unknown 21%

    NO 32%

  • No impact 18%

  • Increased time 14%

    UNKNOWN 6%


In house or out house
In-House or “Out-House”?

All outsourced 56%

Most outsourced 8%

All inhouse 27%

Most inhouse 8%

Split 50:501%


How long to completed interview
How Long to Completed Interview?

1 day14%

2 days18%

3 days29%

4 days9%

5 days or longer25%

Unknown 5%


Who does your interviews
Who Does Your Interviews?

Call Center59%

Underwriter 21%

Underwriter Assistant11%

Nurse3%

Other 6%


Off script interviews
“Off-Script” Interviews

  • YES – unscripted5%

  • YES– routinely17%

  • NO 78%

    American outsourced teleinterview providers need to develop

    “off-script” capacity!


  • 72% do NOT seek client feedback on interview experience

  • 89% of companies that get feedback from clients…get positive feedbackClients PREFER teleinterviews as the mode of risk-history taking!

  • 58% of companies now use voice signature

  • Most of the rest still get wet signatures


Where are the best outsourced teleinterviews done
Where are the BESTOutsourced Teleinterviews Done?

United Kingdom

  • 90% done by nurses or underwriters working for outsourcing companies

  • 100% go off script as needed

  • Most advanced use of healthy habit and “healthy-adherer effect” questions


Shortfalls on tobacco questioning
Shortfalls on Tobacco Questioning

  • Bidis

  • Cloves (Kreteks)

  • Hookah (Narghile, water pipe)

  • Betel

  • Amount per day

  • Years of smoking


Assessment of cigarette smokers over age 50 should be augmented by pack yearsof consumption.This is just starting to be doneSee my Pack Year essay atwww.cholhua.org


Do you get more truthful answers on teleinterviews
Do you get more truthful answers on teleinterviews? augmented by

TobaccoEverything Else

YES76% 77%

NO 6% 14%

DON’T KNOW18% 9%


Non medical subjects routinely included
Non-Medical Subjects augmented by Routinely Included

Aviation 79%

Avocations76%

Occupation 73%

Foreign Travel67%

Citizenship Status59%

Military Service35%

Financial 42%


Do your producers decide if a given application is submitted via teleunderwriting vs traditionally
Do your producers decide if a given application is submitted via teleunderwriting vs. traditionally?

YES 46%

NO 54%


Do you permit your producer to be present during the teleinterview
Do you permit your producer via teleunderwriting vs. traditionally?to be present during the teleinterview?

YES 21%

NO 44%

NO POLICY35%


Perceptions of teleunderwriting
Perceptions of Teleunderwriting via teleunderwriting vs. traditionally?

Underwriters Medical Directors

Like 74% 49%

Tolerate 24% 12%

Unknown 2% 39%


Liking teleunderwriting
% Liking Teleunderwriting via teleunderwriting vs. traditionally?

Claims VP58%

Producers 29%*

Marketing VP53%

Chief Actuary56%

Top Management71%

*58% “mox-nix” and 11% hate it


Impact on mortality morbidity
IMPACT on via teleunderwriting vs. traditionally?MORTALITY + MORBIDITY

Improved 20%

No effect9%

Worse 1%

Too soon to say41%

Do not know29%


Rate total teleunderwriting impact in your company
Rate Total Teleunderwriting via teleunderwriting vs. traditionally?Impact in Your Company

Very Successful30%

Moderately Successful56%

Moderately Unsuccessful3%

Very Unsuccessful1%

Too Soon to Know10%


Hgi surveys
HGI Surveys via teleunderwriting vs. traditionally?

  • 2007Underwriting Requirements

  • 2008Preferred Risk

  • 2009 Global Underwriting Management

  • 2010Older Age Underwriting

  • 2010Rx Profile Use

  • 2011 Underwriting Requirements


Resistance is futile

Resistance is Futile! via teleunderwriting vs. traditionally?

NT-proBNP

…will be the

dominant screening tool

for CV Disease risk

at ages 55 and over


The reinsurers won t allow it
“The reinsurers won’t allow it!” via teleunderwriting vs. traditionally?

  • They objected to teleunderwriting…and now give pricing credit for doing it

  • They objected to Rx profiles…and now give pricing credit for doing it

    Any Questions?


See my definitive paper on nt probnp at www insureintell com
See my via teleunderwriting vs. traditionally?definitive paperon NT-proBNPatwww.insureintell.com


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