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Underwriters urged to embrace technology

Life insurers still struggle with the use of technology to evaluate the accuracy of predictive models, according to Gen Re.

Proponents of predictive modelling say it helps underwriters use consumer data more accurately to assess risk.

“One of the many challenges life underwriters and actuaries face in adopting new prediction technology is how to evaluate the accuracy of the model,” US-based Life/Health Chief of Decision Analytics Guizhou Hu said.

Technology has made it easier for life insurers to store medical records and other important data, but they have yet to fully utilise it in predicting mortality, he says.

“The challenge for every industry is how to harness and effectively utilise that data to drive more profitable business. The insurance industry is no exception to that rule.”

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