Life Insurance Underwriting (R)evolution in the Age of the Internet of Things

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24 November 2014


Life insurers have underwritten prospective insureds using the same information and methodology for generations. In this report, Celent looks at an approach called Post-Issue Underwriting. The question is whether information available from new sources, including wearables and implantable sensors, would enable an insurer to perform continuous underwriting after the issuance of the policy.

Respondents to our survey weigh in on the validity of the concept and the level of acceptance and benefit available in the industry and to the customer.

In addition the respondents shared their beliefs on what data would be appropriate and the level of trust they would place in various sources of data.

“Our research shows that insurers are interested, but perhaps not ready for the concept,” says Tom Scales, research director of Celent’s Life, Annuity, and Health Insurance practice and author of the report. “As wearables and sensors become more common, as Internet users age, it will be interesting to see if this changes.”

This 22-page report contains nine figures.