Our thoughts

By Jason Bowman, Founder & CEO, CumPane Solutions LLC On 19 January 2019, the New York State Department for Financial Services (DFS) issued a circular letter1 concerning the use of external consumer data and information sources for life insurance underwriting. This followed a prior notice sent to insurers that the Department was investigating the use of such data for potentially unfair or discriminatory practices. In the US the deployment of predictive models for life insurance has grown exponentially over the past five years, providing carriers with an opportunity to break out of the preferred underwriting ‘strait-jacket’ that has required anyone…

When does personalisation go a step too far? We live in an era of mass customisation or mass personalisation, which is essentially a good thing – except, maybe, when your favourite baristas offer 30-odd permutations of coffee and you agonise over which to choose. In the world of insurance, personalisation must be right to the fore at claim time. The process must be about understanding the individual circumstances and the claimant’s needs, and addressing them accordingly. Maturities excepted, claims involve problems, and the aim of the insurer should be to minimise their impact as much as it can; if it…