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Susan Keuer, product strategy manager
for Oracle Insurance, shares her experiences and insight from the 2010 Association
of Home Office Underwriters (AHOU) Annual Conference, April 11-14, in San
Antonio, Texas
How can I be
more innovative in underwriting? It's a
common question I hear from insurance carriers, producers and others, so it was
no surprise that it was the key theme at the recent 2010 AHOU Annual
Conference. This year's event drew more
than 900 insurance professionals involved in the underwriting process across
life and annuities, property and casualty and reinsurance from around the
globe, including the U.S., Canada, Australia, Bahamas, and more, to San Antonio
- a Texas city where innovation transformed a series of downtown drainage
canals into its premiere River Walk tourist destination.
CNN's Medical
Correspondent Dr. Sanjay Gupta kicked off the conference with a phenomenal
opening session that drove home the theme of the conference, "Underwriting in a
New Frontier: Spurring Innovation." Drawing from his own experience as a
neurosurgeon treating critically injured medical patients in the field in Iraq, Gupta
inspired audience members to think outside the box during the underwriting
process. He shared a compelling story of operating on a soldier who had
suffered a head-related trauma in a field hospital. With minimal supplies available Gupta used a
Black and Decker saw to operate on the soldier's head and reduce pressure on
his swelling brain. Drawing from this example, Gupta encouraged
underwriters to think creatively, be innovative, and consider new tools and sources
of information, such as social networking sites, during the underwriting
process. So as you are looking at risk take into consideration all resources
you have available.
Gupta also
stressed the concept of IKIGAI - noting that individuals who believe that their
life is worth living are less likely to die than are their counterparts without
this belief. How does one quantify this
approach to life or thought process when evaluating risk? Could this be something to consider as a "category"
in the near future? How can this same belief in your own work spur innovation?
The role of
technology was a hot topic of discussion throughout the conference. Sessions delved into the latest in
underwriting software to the rise of social media and how it is being
increasingly integrated into underwriting process and solutions. In one session a trio of panelists
representing the carrier, producer and vendor communities stressed the
importance to underwriters of leveraging new technology and the plethora of
online information sources, which all could be used to accurately, honestly and
consistently evaluate the risk throughout the underwriting process. Another focused on the explosion of social
media noting:
1.
Social
media is growing exponentially - About eight percent of Americans used social
media five years ago. Today about 46 percent of Americans do so, with 85
percent of financial services professionals using social media in their
work.
2.
It
will impact your business - Underwriters reconfirmed over and over that they
are increasingly using "free" tools that are available in cyberspace in lieu of
more costly solutions, such as inspection reports conducted by individuals in
the field.
3.
Information
is instantly available on the Web, anytime, anywhere - LinkedIn was mentioned
as a way to connect to peers in the underwriting community and producers
alike. Many carriers and agents also are
using Facebook to promote their company to customers - and as a point-of-entry
to allow them to perform some functionality - such as accessing product
marketing information versus directing users to go to the carrier's own proprietary
website. Other carriers have released
their tight brand marketing to allow their producers to drive more business to
their personal Facebook site where they offer innovative tools such as
Application Capture or asking medical information in a more relaxed fashion.
Other key topics
at the conference included the economy, ongoing industry consolidation,
real-estate valuations as an asset and input into the underwriting process, and
producer trends. All stressed a "back to basics" approach for low cost,
term products.
Finally, Connie
Merritt, RN, PHN, entertained the large group of atttendees with audience-engaging
insight on how to "Tame the Lions in Your Life - Dealing with Complainers,
Bullies, Grump and Curmudgeon." Merritt noted "we are too busy for our own good."
She shared how her overachieving personality had impacted her life. Audience
members then were asked to pick red, yellow, blue, or green shapes, without
knowing that each one represented a specific personality trait. For example, those who picked blue were the
peacemakers. Those who choose yellow were social - the hint was to "Be Quiet
Longer." She then offered these "lion
taming" steps:
1.
Admit
It
2.
Accept
It
3.
Let
Go
4.
Be
Present (which paralleled Gupta's IKIGAI concept)
When thinking
about underwriting I encourage you to be present in the moment and think
creatively, but don't be afraid to look ahead to the future and be an innovator. I hope to see you at next year's AHOU Annual
Conference, May 1-4, 2011 at The Mirage in Las Vegas, Nev.
Susan Keuer is the product strategy
manager for new business underwriting.
She brings more than 20 years of insurance industry experience working
with leading insurance carriers and technology companies to her role on the
product strategy team for life/annuities solutions within the Oracle Insurance
Global Business Unit
