Insurance carriers take on…Google?
“Monetization”: The New Way P&C Carriers Are Driving Profits For decades, insurance carriers have made money in two primary ways—growing premiums and investing their float. The first involves spending a fortune on customer acquisition, especially as customers shop more than ever. Super Bowl ads don’t come cheap, nor do brand mascots like talking lizards and […]
The Data is in on Mortality Slippage
The Data is in on Mortality Slippage As life insurance distribution goes increasingly digital, accelerated underwriting (AUW) has quickly become the standard. AUW is designed to reduce underwriting time and costs while boosting sales by offering a streamlined, consumer-friendly process benefiting customers and carriers. It has largely accomplished this, however, its rapid adoption has also […]
A letter from our CEO…ForMotiv’s 2024 Review, Trends, and Thoughts on 2025
Dear Customers, Partners, and Friends, As we reflect on the milestones achieved in 2024 and extend our thanks to our incredible customers and partners, it’s evident that this past year was one of immense transformation for ForMotiv and the insurance industry at large. The landscape continued to evolve, presenting both challenges and opportunities that have […]
Life Insurance Fraud Detection: Combating the $75 Billion Nondisclosure Challenge
Combating the $75 Billion Nondisclosure Challenge: How Behavioral Analytics Enhances Life Insurance Underwriting and Fraud Detection Life insurance fraud detection needs to improve. As is, fraud, misrepresentation, non-disclosure, and anti-selection pose a significant financial burden for life insurance carriers, contributing to industry losses of around $75 billion annually, according to a recent study by RGA […]
Is Generative AI in Insurance Overhyped?
Generative AI in Insurance: Use Cases, Potential Benefits, and Risks The (Generative) Elephant in the Room – Are We in an AI Bubble? ChatGPT launched on November 20, 2022, and was the fastest product to reach 100 million users in history, doing so in just under two months. Nearly a year later, the hype surrounding […]
And the Mortality Silver Medal Goes To…Body Mass Index
And the Mortality Silver Medal Goes To…Body Mass Index Mortality Risk of Body Mass Index (BMI) Misrepresentation While tobacco nondisclosure consistently takes the Gold in the Mortality Impact Olympics, it’s important not to overlook the other top contenders. Body Mass Index (BMI) misrepresentation and alcohol nondisclosure are also significant factors in mortality risk, both comfortably […]