Simplified issue life insurance products have always been sold in the U.S. and have always aroused the keen interest of the industry. Because of their ease of issue and speed of sale, they form an important part of the industry's efforts to reach out to the middle class market. Furthermore, there are many marketing situations (e.g., many types of group sales) where full underwriting is simply not an option. Thus, it is generally recognized that simplified issue products will remain a salient part of the life insurance environment.
What is less generally recognized is the extent to which the relative lack of underwriting transforms the entire product cycle. From new types of pricing assumptions to retraining of the claims staff, from new mathematical models to fraud detection units, qualitatively different approaches are required for a properly managed simplified issue line of business. That this fact is not always appreciated is proved by the revolving door nature of many simplified issue markets. Companies enter hopefully, lose lots of money, and then exit; sadder, but unfortunately, often not much wiser. Frequently, the cause of the debacle is a failure to employ fundamental risk management tools customized to the simplified issue market.
Actuarial Strategies, Inc. (ASI) will help your company design, price, and manage simplified issue products so as to maximize your chances of success. Heading up ASI's team is Cary Lakenbach, who brings a wealth of experience in virtually every aspect of simplified issue management. Some of the products with which Cary has been deeply involved have been among the leaders in their respective markets. Cary is one reason ASI is confident that we can help your company improve its results with its simplified issue products.
For further information, please call Cary Lakenbach at 860 726-9292.
