RiskeBusiness (ReB) Articles | RiskeBusiness Editions |
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ReB Articles deliver frequent industry-relevant content, such as technical information and innovations, tools of the trade, and smarter analysis. Earn ALUCA CPD points for reading this content. Read below. To contribute or if you find broken links, contact the ALUCA secretariat: secretariatofficer@aluca.com | RiskeBusiness Editions cover diverse topics relevant to life insurance professionals and service providers. ALUCA members have access to all past editions of RiskeBusiness journals in the members centre. Read in the Members Centre. |
RiskeBusiness (ReB) Articles
RGA: Artificial Intelligence – A New Frontier for Rehabilitation
To complement ALUCA’s recent webinar ‘Towards Tomorrow: Exploring the Use of Artificial Intelligence in Rehabilitation’, this article by Linda Winterbottom, Claims Rehabilitation Consultant at RGA, delves into the potentially transformative impact of AI on the rehabilitation ecosystem.
This fascinating and timely piece explores AI’s demonstrated benefits in diagnostics, mental health, therapeutic care and recovery, AI’s integration into vocational and occupational rehabilitation, the limitations and risks, as well as providing case studies.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ article by Linda Winterbottom, Claims Rehabilitation Consultant at RGA
Harvard Business Review: A Simple Hack to Help You Communicate More Effectively
In our rapidly evolving world, effective communication has never been more critical, with our personal and professional success being potentially influenced by every conversation, negotiation, meeting, or pitch. We are much more likely to achieve our communication goals if we package our messages in a clear, concise, logical manner.
In this article by Matt Abrahams, a lecturer in Organisational Behaviour at Stanford Graduate School of Business, he presents a simple three-question structure that can be leveraged as a tool when making introductions, presentations, answering questions, providing feedback and more.
ALUCA CPD POINTS: 0.5 – CUSTOMER
READ ARTICLE on the Harvard Business Review website
Gen Re: Generative Artificial Intelligence in Insurance – Three Lessons for Transformation from Past Arrivals of General-Purpose Technologies
Past arrivals of general-purpose technologies (GPTs) offer insights into potential implications of the diffusion process of generative artificial intelligence (AI). Among these insights are three lessons for transformation: the benefits of labor augmentation, the velocity of the feedback cycle between ongoing technical improvement and innovation in application sectors, and the possibility of a J‑curve effect in productivity.
ALUCA CPD POINTS: 0.5 – BUSINESS, TECHNICAL AND SPECIALIST
READ article by Gen Re
Deloitte: Mind the Gap – How to Provide the Australian Community with the Life Insurance it Needs
According to Deloitte’s 2023 research, the Australian public is currently up to 60-80% underinsured, presenting a compelling opportunity for life insurers to fill this social need.
In this insightful report, Deloitte estimates the Australian life insurance industry could grow to more than three times its current size by addressing the under-served and underinsured segments of the market, such as the middle-income segment. Life insurers have the opportunity to reach and better serve this middle market through innovation in product, channel, network management and engagement. Success will be achieved when insurers take a system-wide view and place the social good agenda alongside their own growth ambitions.
ALUCA CPD POINTS: 1 – GENERAL
Download and READ Mind the Gap by Deloitte (link is under the social media icons)
The Conversation: Several companies are testing brain implants – why is there so much attention swirling around Neuralink? Two professors unpack the ethical issues
In January 2024, Elon Musk announced his company Neuralink has implanted its first computer chip in a human subject’s brain. In what is usually considered the realm of science fiction, now academic and commercial groups are testing “brain-computer interface” devices to enable people with disabilities to function more independently.
In this fascinating article from The Conversation, a Professor of Bioethics and Assistant Professor of Neurological Surgery address the topics of safety, ethics and neuroscience surrounding this groundbreaking technology.
ALUCA CPD POINTS: ETHICS 0.5
READ article by The Conversation
Risk Info: 2023 Zurich TPD Round Table Parts 1-5
As part of the Risk Info Round Table Series, this industry-wide panel discusses the challenges associated with Total and Permanent Disability Insurance in Australia, such as assessing ‘Permanency’, the rise of mental-illness related TPD Claims and more. Featuring ALUCA Board Member Carmel Twist and ALUCA Life Member (and previous Board Member) Carly Van Den Akker.
ALUCA CPD POINTS: 1.5 – TECHNICAL
READ more and View Risk Info Zurich TPD Roundtable Videos
PWC: Experience is Everything. Get it Right.
Give customers a great experience and they’ll buy more, be more loyal and share their experience with friends. What truly makes for a good experience? Speed. Convenience. Consistency. Friendliness. And one big connector: human touch—that is, creating real connections by making technology feel more human and giving employees what they need to create better customer experiences.
This fascinating report by PWC reveals a number of key customer insights including the price premium of good customer experience, the impact of bad experiences, what people value most in their customer experience, human vs automated interaction in Australia vs overseas and much more.
ALUCA CPD POINTS: 1 – CUSTOMER
READ the Key Findings and READ Full Report by PWC
KPMG’s Life Insurance Insights 2023
Unveiled at ALUCA’s Executive Leader Forum in Canberra in October 2023, KPMG’s Life Insurance Insights provides analysis and key figures for the Australian life insurance market based on financial results up to 30 June 2023. This report details industry size, industry profits, product revenue, customer impact and much more.
ALUCA CPD POINTS: 1 – GENERAL
READ Life Insurance Insights 2023 by KPMG
The Human Technology Institute – Facial Recognition Technology: Towards a model law
In Australia and around the world, facial recognition technology is growing exponentially. Facial recognition technology is used to unlock a smartphone, organise photos of friends and family, in home security systems, at passport control, and in monitoring and surveillance by employers and law enforcement.
While facial recognition is primarily used to identify an individual or to verify that they are who they claim to be, it is increasingly being used also to assess characteristics, such as a person’s age, gender or even emotions. Our law should protect against harmful uses of facial recognition, while also fostering innovation for public benefit.
ALUCA CPD POINTS 0.75 total: – LEGAL 0.25 + ETHICS 0.50
READ Report Overview and READ Exec Summary pages 6-13 of the Report by The Human Technology Institute – Facial Recognition Technology: Towards a Model Law
The Ethics Centre – On saying “sorry” most readily, when we least need to
A word that can mean little can mean much. This article by The Ethics Centre considers the intentions, perceptions and power behind a word so commonly used in society. Even if we haven’t done wrong technically, we might have had a chance to help, and turned away. Using “sorry” to express true regret—to “repent”—could be the rarest use of “sorry” there is.
ALUCA CPD POINTS: ETHICS 0.25
READ article by The Ethics Centre
ATLIS 2023 Paper 2nd Runner-Up, ‘REP760: What can we learn from the Silver Screen?’
This paper, by Stuart Wing – Product Manager at REST, analyses ASIC REP760, the learnings to be gleaned and why now is the time for Super Funds and Insurers alike to be placing value for money and the member journey at the front of their collective minds.
ALUCA CPD POINTS 0.5: GENERAL
READ REP760: What can we Learn from the Silver Screen?
ATLIS 2023 Paper 1st Runner-Up, ‘Redefining the Role of Life Insurance’
This paper, by Vanessa Back – Senior Claims Consultant at RGA, examines the advancements in digital and data capabilities, allowing life insurers to involve themselves in preventative and predictive health solutions for customers in the pursuit of a common goal – to live longer, healthier lives thereby producing a healthier book of business, reducing claims costs and improving industry sustainability.
ALUCA CPD POINTS 0.5: GENERAL
READ Redefining the Role of Life Insurance
ATLIS 2023 Winning Paper, ‘The Rise of Artificial Intelligence – Life Insurance Implications: Is the Risk Worth the Reward?’
This paper, by Matthew Garrett – Claims Technical Specialist at the Australian Retirement Trust, breaks down the complex issues around AI into an easy to digest analysis of how AI has the capacity to revolutionise life insurance for the good of customer and insurer alike.
ALUCA CPD POINTS 0.5 total: – TECHNICAL 0.25 + ETHICS 0.25
The Conversation – Erasing or Replacing Errors in a Patient’s Genetic Code can Treat and Cure Some Genetic Diseases
This recent piece by David Liu, Professor of the Natural Sciences at Harvard University, looks at gene editing as a way to alter sections of a person’s DNA to correct mutations, in the hopes of treating or even curing genetic diseases. The article also discusses the ethical aspects of this new technology.
ALUCA CPD POINTS 0.5 total: – TECHNICAL 0.25 + ETHICS 0.25
READ article on Gene Editing by The Conversation
The Conversation – How do Blood Tests Work? Medical Laboratory Scientists Explain the Pathway from Blood Draw to Diagnosis and Treatment
To complement ALUCA’s webinar ‘Understanding Lab Test Results’, this article from The Conversation by Rodney E. Rohde, Regents’ Professor of Clinical Laboratory Science at Texas State University and Nicholas Moore, Associate Professor of Medical Laboratory Science at Rush University, describes how blood specimens are collected, testing pathways, the challenges faced as well as the evolution of medical laboratory testing.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ article by The Conversation
The Ethics Centre – Who are You? Why Identity Matters to Ethics
A cornerstone of ethics is our fundamental human need to be recognised for who we are and who we want to be. This article from the Ethics Centre discusses the concept of identity crisis and the ethics of recognition.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ Who are You? Why Identity Matters to Ethics by The Ethics Centre
The Ethics Centre – The New Normal: The Ethical Equivalence of Cisgender and Transgender Identities
This article from the Ethics Centre looks at the complex relationship between sex and gender. What drives clashes is divergence over the metaphysics of sex and gender: what is ‘sex’, really? What is ‘gender’, really? The way we answer these questions shapes our estimation of which people can belong to which group, how people can behave, and in what ways society should recognise our identities.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ The New Normal: The Ethical Equivalence of Cisgender and Transgender Identities by The Ethics Centre
Latest Medical Advances in Cancer Detection by Pacific Life Re
This report by ALUCA Gold Sponsor Pacific Life Re focuses on new diagnostic techniques aiming to diagnose cancer at earlier stages.
Cancer is easier to treat if it is diagnosed early. Multi-cancer early detection (MCED) tests are being developed which aim to detect cancers at more treatable stages. These tests seek to identify fragments of DNA circulating in blood which have been released by cancers. The ability to diagnose (or rule out) cancer using a simple, minimally invasive test could be extremely valuable. Data from a recent trial sheds light on how effective the technology currently is and what its major limitations are.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ Latest Medical Advances in Cancer Detection by Pacific Life Re
Capgemini’s Top Trends in Life Insurance 2023
This report by Capgemini looks at the drivers, opportunities, and risks shaping the life insurance industry in 2023, revealing the tactical and strategic initiatives carriers are undertaking to ensure profitable growth and future readiness.
Life insurance reinvention will continue in 2023 as the industry aims to ensure ongoing relevancy. Pushed by current geopolitical and financial challenges, life insurers remain hyper-focused on system modernisation, digital transformation and innovation to boost customer centricity.
Moreover, worldwide risk awareness sparked by the pandemic has encouraged carriers to personalise solutions and focus on bettering customer lives through financial wellness. We also anticipate firms to continue to invest in intelligent automation, omnichannel distribution, and cloud solutions.
ALUCA CPD POINTS: 1 – GENERAL
READ Top Trends in Life Insurance 2023 by Capgemini
The Ethics Centre: ESG is not just about ticking boxes, it’s about earning the public’s trust
This article by The Ethics Centre discusses that in order to earn the public’s trust, businesses need to take Environmental, Social and Governance (ESG) standards seriously, and communicate what they’re doing authentically and transparently.
ESG is a framework used to assess a business’s activities and performance on ethical and sustainable issues. This includes an organisation’s ability to safeguard the environment, manage relationships with employees, supply chains and the community, and how company leadership, shareholder rights and internal controls monitor the outcomes. Importantly, the framework serves as a tool to assess how an organisation manages risks and opportunities in our changing world.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ the article from The Ethics Centre
Australian Institute of Health and Welfare (AIHW): Overweight and Obesity
Based on the latest available data, two in three (67%) of Australian adults are living with overweight or obesity. This is approximately 12.5 million adults. These interactive graphs by the AIHW explores the prevalence of overweight and obesity in Australian children and adults, revealing the variations by population groups, remoteness and socioeconomic areas.
ALUCA CPD POINTS: 1 – TECHNICAL
READ the AIHW’s Overweight and Obesity Report
Bain & Company – Customer Behaviour and Loyalty in Insurance: Global Edition 2023
The traditional premise of insurance—providing capital to cover risk and reimburse claims—doesn’t fully satisfy anymore. Customers increasingly are looking for help from insurers to reduce and even prevent the risks that pervade their lives.
This detailed report by Bain & Company delves into a desire from consumers globally for more convenient digital tools, more risk-prevention services, a greater value on purpose, personalised experiences and much more.
ALUCA CPD POINTS: 1 – CUSTOMER
READ Customer Behaviour and Loyalty in Insurance: Global Edition 2023
The Ethics Centre – Ethics Explainer: Truth and Honesty
How do we know we’re telling the truth? If someone asks you for the time, do you ever consider the accuracy of your response? This article from the Ethics Centre discusses the theories of truth as well as the ethical aspects of truth and honesty.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
The Ethics Centre – Ethics Explainer: Trust
Trust forms the foundation for relationships, cooperation, social interaction and the development of societies, but it is equally important as it is dangerous. This article from The Ethics Centre looks at the distinction between trust and trustworthiness, the ethics of trust, as well as defining interpersonal vs institutional trust.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
World Economic Forum: Global Gender Gap Report
Following ALUCA’s popular International Women’s Day event held last month, we share the World Economic Forum’s Global Gender Gap Report 2022, which benchmarks the current state and evolution of gender parity across four key dimensions (Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment).
After benchmarking 146 countries, the report found it will take another 132 years to close the global gender gap. As crises are compounding, women’s workforce outcomes are suffering and the risk of global gender parity backsliding further intensifies.
So how did Australia and New Zealand rank? Find out:
ALUCA CPD POINTS: 1 – GENERAL
READ the Global Gender Gap Report 2022 by the World Economic Forum
Cutaneous Melanoma: An Underwriting Primer by Hank George, FALU
Did you know that melanomas are gram for gram the deadliest cancer in humans? This insightful paper by Hank George FALU details useful information for underwriters including Melanoma Pathology Report Analysis, the significance of family history as a risk factor, Melanoma staging, additional prognostic factors and much more.
Hank George, FALU, has been in the life insurance industry for over 40 years, specialising in medical underwriting. He has published over 500 articles and addressed most major life industry organisations in North America and in over a dozen other countries.
ALUCA CPD POINTS: 1 – TECHNICAL
READ Cutaneous Melanoma Underwriting Primer by Hank George, FALU
Non-Alcoholic Fatty Liver Disease Burden: Australia 2019 – 2030
This article accompanies ALUCA’s recent webinar ‘Non-Alcoholic Fatty Liver Disease‘, a recording of which is available for ALUCA members to view anytime on demand.
Published by the National Center for Biotechnology Information, this piece takes a deep dive analysis into Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH), which accounts for a large and growing proportion of liver disease burden globally. The burden of NAFLD/NASH manifests in increasing levels of advanced liver disease and primary liver cancer in Australia. A Markov model was used to forecast NAFLD burden in Australia through 2030.
ALUCA CPD POINTS: 1 – TECHNICAL
READ the NCBI’s publication on Nonalcoholic fatty liver disease burden: Australia, 2019-2030
Moray&Agnew Lawyers: A Lesson in Privacy and Changes to Privacy Laws
The recent Optus cyber-attack has brought a renewed focus on the adequacy of Australia’s privacy laws. Is this a matter of non-compliance with the Privacy Act? Or does it highlight the need to implement changes recently proposed?
To accompany ALUCA’s upcoming webinar ‘Privacy Risks and Obligations for Life Insurers‘, this piece by Bill Fragos, Special Counsel at Moray&Agnew Lawyers looks at developments in the area of privacy laws in Australia:
ALUCA CPD POINTS: 0.5 – REGULATORY
READ MORE and READ Handout to Accompany Webinar
Claims 2030: Embracing the Future
The COVID-19 pandemic has spurred innovation and accelerated the pace of technology adoption across industries. It has also expanded our idea of what’s possible, says McKinsey partner Elixabete Larrea—and insurance is no exception.
As technological change accelerates and customer preferences diverge, the future of claims organisations centres on four key trends as outlined in this interesting article from McKinsey:
ALUCA CPD POINTS: 0.5 – TECHNICAL
World Health Organization: Obesity and Overweight
Overweight and obesity are linked to more deaths worldwide than underweight. Globally there are more people who are obese than underweight – this occurs in every region except parts of sub-Saharan Africa and Asia. With increases in BMI, the risk for noncommunicable diseases increases.
ALUCA CPD POINTS: 0.5 – TECHNICAL
Deloitte’s 2023 Insurance Outlook
Insurers are facing a host of macroeconomic and geopolitical challenges likely to inhibit growth and profitability – including the looming threat of global recession, continuing fallout from Russia’s invasion of Ukraine and lingering COVID-19 concerns.
While technology and resulting improvements in risk selection and pricing are likely to remain the primary drivers of improved bottom-line performance, insurers should expect to be increasingly judged by stakeholders on their response to broader sustainability priorities such as climate risk, diversity and inclusion, social equity and transparent governance – all of which could become competitive differentiators in the battle for talent, investors and market share.
ALUCA CPD POINTS: 2 – TECHNICAL
READ the overview and key findings and READ Deloitte’s 2023 Insurance Outlook Report
The Ethics Centre: Finance Businesses Need to Start Using Artificial Intelligence. But it Must Be Done Ethically.
Banking and finance businesses can’t afford to ignore the streamlining and cost reduction benefits offered by Artificial Intelligence (AI).
But AI must be used prudently. Business managers must be meticulous in setting up rules for the algorithms’ decision making to prevent AI, which lacks a human’s inherent moral and ethical guiding force, from targeting ads towards unsuitable or vulnerable customers, or making decisions that exacerbate entrenched racial, gender, age, socio-economic, or other disparities and prejudices.
ALUCA CPD POINTS: 1 – PROFESSIONALISM AND ETHICS
The World Health Organisation: COVID-19 pandemic triggers 25% increase in prevalence of anxiety and depression worldwide
In the first year of the COVID-19 pandemic, global prevalence of anxiety and depression increased by a massive 25%, according to a recent scientific brief released by the World Health Organization (WHO). To accompany ALUCA’s upcoming webinar ‘Mental Health: What We Have Learned From COVID‘, the WHO brief highlights who has been most affected and summarises the effect of the pandemic on the availability of mental health services and how this has changed during the pandemic.
Concerns about potential increases in mental health conditions had already prompted 90% of countries surveyed to include mental health and psychosocial support in their COVID-19 response plans, but major gaps and concerns remain.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ the WHO Media Release and Brief Summary
READ the WHO’s 2022 Scientific Brief on Mental Health and COVID-19
Worth the Risk: LGBTIQA+ Experiences with Insurance Providers
To accompany ALUCA’s upcoming webinar ‘Worth the Risk: LGBTIQA+ Experiences with Insurance Providers‘, the Victorian Pride Lobby’s report of the same name sets out the legal issues that insurers must take account of in relation to LGBTIQA+ consumers, as well as general sentiments from amongst respondents. This includes respondents’ perceptions of insurance and experience of insurance – from applying to updating details through to claiming and, in some cases, complaining. The report sets out recommended actions that insurers can take to improve practices.
ALUCA CPD POINTS: 1 – CUSTOMER
READ Worth the Risk Report by the Victorian Pride Lobby
Mapping Australian Systems of Income Support: Improving Return to Work, Health and the Customer Experience
To accompany the ALUCA Rehab Group’s upcoming webinar ‘Walk in in their Shoes – Claims Experiences from Life Insurance Customers‘, The Cross Sector Project Report prepared by professor Alex Collie, Dr Ross Iles and Michael Di Donato of Monash University compares the good, bad and the ugly of different insurance schemes available in Australia, and based on the research, suggests improvements for the future.
Abstract: ‘The systems that societies construct to support work disability prevention can have powerful effects on both the experiences of people with work disability as well as their health and employment outcomes. Comparative studies between jurisdictions provide an opportunity to gain insights into these system level impacts, by comparing system features, processes and experiences; and by determining if jurisdictional variation affects outcomes. In turn, this can prompt policy and practice reform. Reflecting the diversity of work disability systems globally, there is growing interest in cross-jurisdiction comparative research in the field. This special series presents seven articles addressing important methodological and conceptual aspects of comparative research in work disability prevention, and presents practical examples of how jurisdictions vary and the impact this can have on workers.’
In reviewing this article you will note particular themes that correlate with the experiences you will hear from customers in the webinar – such as information sharing and transparency, early intervention and employer engagement.
ALUCA CPD POINTS: 2 – CUSTOMER
READ The Cross Sector Project Report from Monash University