GROUP LIFE MEDICAL UNDERWRITING SURVEY & GROUP HEALTHCARE INSURANCE PERSPECTIVE
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1 GROUP LIFE MEDICAL UNDERWRITING SURVEY & GROUP HEALTHCARE INSURANCE PERSPECTIVE GUAA Conference Tuesday, May 17, 2011 Tim Moran & Ron Ragan
2 Agenda group life medical underwriting survey results 2. Healthcare reform impact on group non-medical coverage
3 2010 Group life medical underwriting survey Medical Underwriting - an important risk management tool for group life insurance Munich Re s first U.S. group life medical underwriting survey Expanded Munich Re s medical underwriting survey 47 companies responded Medical underwriting operations and practices Medical underwriting teams Medical underwriting tools and services 2010 Munich American Reassurance Company 3
4 Group life medical underwriting staff Performs medical underwriting Carriers Percentage Dedicated unit 28 60% Outsourced 9 19% Group underwriters 7 15% Ordinary Life underwriters 5 11% 2011 Munich American Reassurance Company 4
5 Number of employees involved in group life medical underwriting Employees Top 10 group life carriers: average 38 employees Number of Carriers 2011 Munich American Reassurance Company 5
6 Group life medical underwriting application volumes Applications Per Month Average 4,131 Median 1,600 Highest 36,000 Lowest Munich American Reassurance Company 6
7 Average days from original receipt to first response Turnaround time All respondents Top 10 Average Shortest Longest 10 to Median Munich American Reassurance Company 7
8 Average days from original receipt to final decision Turnaround time All respondents Top 10 Average Shortest Longest 30 to Median Munich American Reassurance Company 8
9 Polling question: frequently used group life medical underwriting tools What is the most common tool/service used in the group life medical underwriting process? a.) b.) c.) MIB (Medical Information Bureau) Attending Physician Statement (APS) Paramed Exam 2010 Munich American Reassurance Company 9
10 Most frequently used medical underwriting tools & services Paramed Blood APS Long Form HOS Short Form Health Stmt. Med Records MIB EKG Number of Carriers 2011 Munich American Reassurance Company 10
11 Less frequently used underwriting tools & services Underwriting tool / service Number of carriers Physician exam 11 Motor Vehicle Record (MVR) 10 Tele-underwriting 6 Script check 6 Outsourced APS summaries 3 Oral fluids Munich American Reassurance Company 11
12 Who pays to obtain medical underwriting information? Carrier Applicant Paramed exam 34 3 Blood profile 34 2 Home office specimen 31 2 APS EKG 24 3 Medical records Script check 11 1 MVR 11 1 Oral fluids Munich American Reassurance Company 12
13 New tools or services under consideration Online applications Script checks Automated rules engines Medical Information Bureau (MIB) Tele-underwriting Laptop enrollments Interactive Voice Response (IVR) 2011 Munich American Reassurance Company 13
14 Polling question: applicant group life medical underwriting ages What is the most common youngest age at which insurers will medically underwriting for group life coverage? a.) b.) c.) 10 years old 18 years old Minimum age to issue dependent coverage (underwrite all ages) 2010 Munich American Reassurance Company 14
15 Group life medical underwriting applicant ages What is the youngest applicant age for which you collect medical evidence of insurability? % of carriers Ages Age 18 > Age 18 All ages 2010 Munich American Reassurance Company 15
16 Determinants of group life GI limits Basic Life Supp Life VGTL Lives Volume Lives & Volume Lives & Participation Lives, Volume & Participation 2010 Munich American Reassurance Company 16
17 Group life GI limits Different set of limits for Basic Life, Supplemental Life and Voluntary Life: 21 carriers One set of limits for Basic / Supp Life, and a different set of limits for Voluntary Life: 8 carriers One set of limits for all products: 7 carriers 2011 Munich American Reassurance Company 17
18 Polling question: basic group life GI limits increases What percentage of carriers have increased their basic group life GI limits in the last three years? a.) 50% b.) 70% c.) 85% 2010 Munich American Reassurance Company 18
19 GI limits increases (last three years) Coverage Carriers Employee basic life 15 Employee voluntary life 9 Spouse voluntary life 7 None Munich American Reassurance Company 19
20 Polling question: grandfathering on takeover cases What percentage of carriers limit the group life amount they will grandfather when taking over amounts in excess of the GI limits during the new business process? a.) 25% b.) 44% c.) 63% 2010 Munich American Reassurance Company 20
21 Grandfathering on takeover cases Coverage Routinely grandfather Employee basic life Employee supplemental life Employee voluntary life 17 9 Spouse voluntary life 17 9 Limit amount grandfathered 2011 Munich American Reassurance Company 21
22 Industry trends and observations Wide variety of underwriting tools and services available Wide variance in carriers average medical underwriting turnaround times Medical underwriting continues to evolve Increasing automation and efficiency Reducing turnaround time Controlling the cost of medical underwriting Online medical underwriting Automated rules engines 2011 Munich American Reassurance Company 22
23 Industry trends and observations Variety of methods to determine the GI limits Employee basic and voluntary GI limits have increased in the last three years for a significant number of carriers Munich Re expects that medical underwriting will continue to be an important risk management tool for group insurers 2011 Munich American Reassurance Company 23
24 Healthcare reform impact survey 24
25 2011 Survey: Impact of healthcare reform on nonmedical group products Munich Re conducted a survey to better understand the impact to group insurance coverages from PPACA Dependent coverage age limit Pre-ex, benefit maximums Minimum loss ratio and broker commissions Critical illness and LTC riders 25
26 Impact on the definition of dependent child Extending dependent child coverage to age 26? 25% Yes No 75% 26
27 Impact on the definition of dependent child Dependent child age limit Student Maximum Age All Other Maximum Age
28 Impact on the definition of dependent child Extending age limit for... 10% 5% 85% All dependent children Full time students only Other 28
29 Pricing for re-defining dependent child age limit Incorporate pricing load? 16% 21% 63% No - we believe the additional mortality to be minimal No - we believe the market will not allow an additional load Yes, we plan to charge for the additional mortality 29
30 Changing other policy definitions Changing the definitions in policy language for... Life AD&D LTD Dental Vision Dependent Waiting period Pre-existing conditions Other No changes to waiting period or pre-existing condition language (non-life) 30
31 Impact of minimum loss ratio requirements Shift in expenses? 14% 32% Yes No Don't know 54% 31
32 Impact of minimum loss ratio requirements Increase in broker commissions? 25% 43% Yes No Don't know 32% 32
33 Adding riders to group life Planning to add a Critical Illness or Long Term Care rider? Critical Illness Long Term Care Yes 15% 0% No, we already offer a rider 7% 0% No, we do not currently offer a rider 78% 100% 33
34 Thank you! 2011 Munich American Reassurance Company 34
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