• Reinsurers and underwriting manuals

    A number of regional and niche reinsurers across four continents decided that a comprehensive underwriting manual should be part of its offering to clients and chose our RiskApps software-as-a-service (SaaS) manual. In all cases the manual was customised to give a user experience aligned with the firm’s brand. For some clients we took customisation further, for example bespoke ratings for some risk factors, and text and ratings in other languages.

    Our clients have a manual that compares favourably with those of the global reinsurers: comprehensive, sound ratings derived from an evidence base, and regular updating of text and ratings as appropriate. Moreover, implementation was simple and quick, and the SaaS approach guaranteed cost-effectiveness without budgetary strain.

  • International risk carrier

    We were asked by this firm to help in the implementation of an underwriting engine for its South-east Asian businesses. After understanding the underwriting philosophy required we created rules for around 400 medical conditions etc together with a dictionary of the disclosures that would trigger individual rules. Phase 1 covered health insurance (medical expenses), and phase 2 life and critical illness products.

    Having drawn on our expert rule-writing experience the firm was able to commence automated underwriting in a relatively short time and with a high-quality rule-set.

  • Leading Canadian insurer

    This large Canadian carrier wanted an independent opinion on how its underwriting engine was performing in relation to best practice. Applying our Strategic Engine Review methodology, we examined the processes in operation and audited a sample of rules to gauge their efficiency and effectiveness.

    We discovered a quality rule-set that was performing well. Nevertheless we were able to make a number of recommendations for improvement. Our client was very pleased with the outcome, having been reassured that its processes were essentially very sound – and ahead of its competitors. Implementing our recommendations, it was able to increase its straight-through processing rate.

  • Country subsidiary of global insurer

    Feeling that its service could be improved and that it was not making best use of its resources, the insurer asked us to conduct an initial review of its underwriting process and report back. Subsequent phases saw us undertaking deeper analyses, as a result of which the company has restructured its underwriting unit, made more effective use of its underwriting engine and improved its gathering and use of management information.

    It is now seeing material benefits, including improvement in its technical underwriting and better service to its customers and intermediaries.

  • Prominent underwriting engine provider

    SelectX contributed significant resource to the creation of a brand-new comprehensive set of rules for this UK-based company. Over a period of about a year we provided medical, occupational and sports rules and helped carry out extensive testing.

    Our client was able to launch a class-leading product in a shorter time than would otherwise have been possible. It is now a major player in the engine market.

  • Third-party service provider

    A long-standing client of SelectX, this UK firm provides, among a variety of services, longevity assessments for use in the valuation of final-salary pension schemes. We created an assessment philosophy, provided input to the design of health questionnaires and tele-interviews, and liaised with the firm’s clients (employee benefit consultants and consulting actuaries) to help explain the philosophy and methodology, and advise on interpreting the assessment outcomes. We also supplied our RiskApps on-line underwriting manual.

    The company successfully pioneered the concept of scientific health assessments for scheme valuation and is the foremost provider of these services.

  • Specialist disability income writer

    This UK insurer’s goal was to streamline its new business process, and an underwriting engine was to be a key element of the new process. We worked with the company to create a detailed underwriting philosophy document and developed a large set of medical rules for this complicated line of business.

    As a result this niche player was able to be ready for automated underwriting in far less time than would otherwise have been possible, and without disrupting its normal, customer-centric service that demands short turn-round times.

  • Major insurer in Turkey

    This insurer wanted to shift its position in the healthcare market by introducing a new design of policy. It commissioned SelectX to review its existing underwriting philosophy and to make substantial revisions to suit the new product. The project also included a re-design of the application form.

  • Major insurer in Ireland

    Faced with a disputed death claim that was going to trial, this insurer asked us to provide an expert witness statement. Our detailed report, delivered promptly, described clearly for the court the underwriting issues of the case, which involved non-disclosure of material facts.

  • Actuarial consulting firm in the UK

    This major consultancy firm contracted SelectX to provide medical underwriting expertise for a project evaluating an impaired annuity portfolio; its client was a major annuity provider. Our specialist input enabled the firm to prepare an authoritative report on likely future trends affecting key medical impairments and their impact on longevity experience in the years ahead.