The Underwriting on the Wall

TRANSCRIPThttps://actuaries.logicaldoc.cloud/download-ticket?ticketId=d8a41000-795d-40d6-99f7-00eb8f57880cDESCRIPTIONIn this installment of the Actuaries Institute podcast series, Angat Sandhu interviews Peter Tilocca, an executive in the underwriting industry for over 25 years and currently Chief Underwriter at ANZ wealth to discuss the partnership between OnePath and UTS Advanced Analytics Institute, the importance of complex data collection, analysis and how it’s beginning to transform underwriting.Discussion topics include:•The partnership between OnePath with the UTS Advanced Analytics Institute to examine 50 million rows of data•What changes have/have not occurred in the life insurance industry•How has technology helped facilitated change within the insurance industry•The unexpected difficulties of the data collection and data analysis process including filtering out the substance form the noise in data sets, transparency, governance and judgement overlay, particularly in reselection and pricing.•Early results from the collaboration between OnePath and UTS AAi in reducing the number of underwriting questions from 30 – 40 to 13, making the claims process easier for the policy holder.•Changing the thought process of “I want to fix everything” vs. realistic expectations of solving problems with the dataset.•How underwriting may look like in 3-5 years in an Australian context through the power of external data sources, different pricing factors and potentially the open banking environment.Peter Tilocca is the Chief Underwriter at ANZ, responsible for underwriting policy, quality framework, underwriting rules engine tools and transformation/innovation. Prior to joining ANZ, he held a variety of senior roles with The Reinsurance Group of America. He also spent four years working with ING where he was employed as the firm's chief underwriter.Angat is a Partner at Oliver Wyman and leads their Australian Insurance and Wealth Management practice. He is motivated to improve consumer awareness and trust in these sectors. He is an Actuary, and the Chief Editor of Actuaries Digital https://www.actuaries.digitalSHOW NOTESArticle – Reinventing life insurance underwriting by Angat Sandhuhttps://www.actuaries.digital/2017/01/11/7-things-life-insurers-should-be-doing-to-improve-the-underwriting-process/Article – The reinsurance underwriting cycle: a simple supply and demand story by Richard Hartiganhttps://www.actuaries.digital/2018/03/12/the-reinsurance-underwriting-cycle-a-simple-supply-and-demand-story/Keep an eye out for our new Apple/iOS/Android mobile apps dedicated to our Podcast series!ABOUT THE ACTUARIES INSTITUTEAs the sole professional body for Members in Australia and overseas, the Actuaries Institute represents the interests of the profession to government, business and the community. Actuaries assess risks through long-term analyses, modelling and scenario planning across a wide range of business problems. This unrivalled expertise enables the profession to comment on a range of business-related issues including enterprise risk management and prudential regulation, retirement income policy, finance and investment, general insurance, life insurance and health financing.Find out more about actuaries