Actuaries and underwriters are trained in different skills and approach risk selection from different perspectives. These differences sometimes lead to silos and limited interactions within companies as each one focuses on executing their area of expertise. With new underwriting tools and risk selection processes, the existence of silos between actuaries and underwriters can stagnate an insurer's long-term success. But how do you truly break down these silos when each speaks a different language? Join apanel of actuaries and underwriters as they explore how the two worlds collide and where there can be improved room for collaboration in product development, risk assessment, and innovation. Find out how actuaries and underwriters can best work together to: - Find common understanding. - Align risk selection and pricing. - Ensure mortality and expense assumptions are realized in the course of new business sales.
By attending the session, you will be able to:
- Describe how underwriters approach risk selection in individual life insurance and why this sometimes conflicts with actuarial approaches.
- Learn why collaboration between actuaries and underwriters is even more important today.
- Debunk some common misconceptions actuaries have about underwriters and vice versa.
- Give real examples of how some companies are structured to maximize collaboration between these two disciplines.
- Learn practical steps you as an actuary can take to start driving productive exchanges with your underwriters.
TRACK: Spearheading innovation through change, Protecting long-term economic progress