ST. LOUIS--(BUSINESS WIRE)--
Reinsurance
Group of America, Incorporated (NYSE: RGA), a leading global life
reinsurer, today released its 2017 Global Life and Health Underwriting
Survey. The survey was conducted among 25 leading life and health
insurers from large global, regional, and single-market companies. The
findings demonstrate that the practice of underwriting is being
challenged to play a leading role in the transformation of business
processes and the deployment of business development strategies.

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RGA Five Dimensions of Underwriting Transformation (Graphic: Business Wire)

Respondents indicated that enhanced customer experience, emerging
consumer demand, the ability to use more data-driven approaches, and
cost efficiency are driving the shift towards less reliance on
traditional underwriting. As many insurers shift towards a
consumer-centric approach, a globally emerging trend is for less
reliance on “one-size-fits-all” products and a renewed focus on more
segment-specific strategies.

“Based on the 2017 survey results, it is apparent that transformations
in underwriting are actively accelerating across the globe,” said Nic
Lempriere-Hogg, Senior Vice President, Global Underwriting Solutions,
RGA. “These transformations may vary by company and region, but key
aspects of change, such as predictive underwriting, electronic
underwriting, assimilation of disruptors, and segment-specific
strategies, are being addressed by multinational and large insurers
alike.”

Key findings from the survey include:

• 
  Most survey participants (96%) indicate a significant or moderate need
  to improve performance overall, and 68% expect their organizations to
  make significant or very significant investment in improving
  efficiency and effectiveness of current underwriting processes over
  the next three to five years.
  


• 
  When asked which innovations would have the most significant impact on
  the life and health underwriting function over the next three to five
  years:
  
  
  
  
  • 
    Electronic underwriting topped the list with 84% indicating that
    the innovation would have a significant or very significant impact.
    
  
  
  • 
    Followed by Big Data at 76%,
    
  
  
  • 
    Dynamic or reflexive underwriting at 68%,
    
  
  
  • 
    New evidence sources at 68%, and
    
  
  
  • 
    Predictive underwriting at 64%.
    
  
  
  
  


• 
  Most survey respondents (71%) predicted the percentage of new business
  premium that is traditionally underwritten would decrease or
  significantly decrease within the next five years.
  

RGA conducts global surveys on various industry topics to provide
clients with the knowledge and tools to increase efficiency,
effectiveness, and profitability. RGA provided a full analysis of this
survey’s results to survey participants. To view a summary report, visit www.rgare.com.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company,
is among the leading global providers of life reinsurance and financial
solutions, with approximately $3.3 trillion of life reinsurance in force
and assets of $58.7 billion as of September 30, 2017. Founded in 1973,
RGA today is recognized for its deep technical expertise in risk and
capital management, innovative solutions, and commitment to serving its
clients. With headquarters in St. Louis, Missouri and operations in 26
countries, RGA delivers expert solutions in individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, facultative underwriting, product development, and
financial solutions. To learn more about RGA and its businesses, visit
the company’s website at www.rgare.com.

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