Predictive analytics

Predictive analytics increases the number of applications approved at the point of sale without human intervention. It also facilitates the underwriting process and helps boost client satisfaction by providing a faster process.

Our predictive analytics models are used for all life insurance products (participating, permanent, term and universal) and critical illness insurance products for all people who complete the insurability questionnaire with you.

To find out the coverage amounts for which the insurability questionnaire is required based on the age of the proposed insured, see the underwriting requirements grids for life insurance and for critical illness insurance.

Predictive analytics does not currently apply to disability insurance products.

The amount of life insurance must be calculated in the same illustration. It must be between $500,000 and $1,000,000.

Example of a situation where predictive analytics doesn't apply

If the individual chooses $300,000 of permanent life insurance and $400,000 of universal life insurance, predictive analytics cannot be used, even if the total insurance amount is $700,000.

For life and critical illness insurance, the predictive analysis applies to all people who complete the insurability questionnaire with you.

Details for clients ages 18 to 50 who take out $500,000 to $1,000,000 in life insurance: After the application is locked, a page will appear onscreen. The proposed insured can choose between the insurability questionnaire and the teleinterview. Note that once a choice is made, it cannot be reversed.

If the proposed insured opts for the insurability questionnaire, they'll be eligible for predictive analytics, meaning they'll be able to benefit from a faster process.

Yes, as long as the person chooses the insurability questionnaire when offered a choice between completing the form and the teleinterview.

It's always more advantageous to complete the insurability questionnaire, regardless of the person's health because an automated underwriting system is built into the electronic application. This means the person gets a response sooner. However, you can ask the individual what would be best for them (questionnaire or teleinterview) to make sure you meet their needs.

No, data used for predictive analysis is not shared between insurers.

If the individual has applied for insurance with another insurer, only their test results can be shared, and only with the person's authorization. However, this has nothing to do with predictive analytics, which uses private models

Yes. This is indicated on the "Authorization to Collect, Use and Communicate Personal Information" form. We rely on you to inform them of this.

7. To use the personal information in my application to assess my insurability and whether or not I will be subject to any requirements based on a defined risk profile. The assessment may be automated to speed up processing. I understand that my personal information may be analyzed to design or refine statistical models and that no insurance denial may be based solely on an automated assessment.

No, predictive analytics does not affect insurance premiums.

In the long run, however, we hope that predictive analytics will increase our efficiency, help reduce unit costs and ultimately lead to lower product costs.

Predictive analytics uses a range of information to assess risk, not just medical conditions.

For an optimal client experience, we recommend that you explain the next steps to your client based on the requirements. This pamphlet answers some frequently asked questions.

No. Predictive analytics helps determine if medical requirements are needed. Only an underwriter can, upon careful analysis, deny an insurance application.