Better Life Insurance Risk Assessment – Cognizant

Article Synopsis :

Digitisation is changing customer expectations at a rapid pace and these dramatic enhancements in digital connectivity and technology adoption require insurers to challenge traditional boundaries and unlock the potential of innovation to improve consistency and accuracy across the insurance value chain.

Medical technology innovations have the potential to transform insurance

In the insurance insight paper,”Better Life Insurance Risk Assessment by Leveraging Medical Innovations”, the Cognizant team highlight that insurance underwriting efficiency and accuracy can be improved if insurers successfully tap the potential of medical technology innovations such as wearable fitness devices, smart phone apps, gene tests and bio-monitor/ risk-assessment techniques such as evidence-based underwriting (EBU). The paper identifies the following application of underwriting innovations that will help insurers address the challenges related to risk mitigation and pricing:

• EBU for Precise and Systematic Underwriting
• Wearable Fitness Device Data for Health Monitoring
• Genetic Data to Boost Premium Setting, New Product Development

We like the way the paper simply maps out the EBU process:

In addition, the paper summarises very well how wearables can aid risk assessment and what insurers can do with genetic information:

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