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Tuesday, November 17th
Suever spoke Nov. 17 at "Fulfilling the e-Promise," A.M. Best Co.'s 11th Annual Insurance Information Management Conference, held in Boston. By the end of 1999, only the largest and most complex policies will require the underwriting process common for a majority of policies issued today, Suever said. All other policies will go through an automated process that determines if a proposed insured meets the criteria for a specific product. It would then accept or reject the application. Lincoln National Risk Management, Fort Wayne, Ind., is a subsidiary of Lincoln Financial Group. The company has packaged the underwriting expertise of Lincoln National Reinsurance Cos. in a software system that it sells to life insurers or provides as an outsource service. The system has helped other financial service businesses, such as Fidelity Investments, to get into the life insurance industry, Suever said. John Hancock Life Insurance Co., Boston, is using it for products that it distributes through alternative distribution channels, he said. Suever described the evolution of the technology on which the Lincoln underwriting system is based, and how that evolution reflects the sophistication of the business model that is being used to deliver Lincoln's expertise. The latest iteration is a Web-enabled platform designed to "place underwriting at the point of sale in a real-time mode without losing the protective value of a solid risk management program." The system, renamed LincUs, provides components that allow underwriting decision-making to take place anywhere a life insurer wants --at the point of sale or at some point in the home-office process. |
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In the future, life insurers will "tighten
the loop" between product design and underwriting, allowing technology to speed
the process of issuing policies, according to Russell Suever, vice president and
chief operations officer of Lincoln National Risk Management Inc.