ForMotiv

Last chance! Should be a great session with Allison Albrecht and Woody Klemmer as they discuss the little discussed but growing problem that is "soft fraud" for insurance carriers. Clearspeed and ForMotiv will offer unique insights into what they see and how leading carriers solve this pervasive issue. Verisk

Heading to Verisk's IFM next week? Let me know, I'd love to connect while we're there. You can find me in the app or shoot me a note. And be sure to grab a coffee and watch Allison Albrecht and I discuss the $50 billion "Soft Fraud" problem plaguing carriers today. Session starts at 8:30am on Wednesday, don't miss it! ForMotiv Clearspeed #IFM2025

Happening tomorrow at 2 pm ET! Don't miss our on our upcoming webinar with ForMotiv, Jason Kozlowski and Woody Klemmer, to learn how to harness the power of behavorial insights for advanced fraud protection in life insurance. There's still time to reserve your spot here: https://lnkd.in/dnkrydaS #lifeinsurance #underwriting #fraud

Join us next week as we discuss the latest advancements in underwriting fraud detection in life insurance! Learn how leading carriers are improving fraud prevention and enhancing AUW and FUW workflows by harnessing the power of behavioral data. Join Woody Klemmer, ForMotiv and Jason Kozlowski, Sapiens for an insightful look at?how cutting-edge behavioral analytics can revolutionize your operations. Click on the event to save your spot! https://lnkd.in/e9qVSKcQ #lifeinsurance #underwriting #fraud #AI

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 surfaced a critical challenge:?increasing mortality slippage.? ? Mortality slippage—when carriers unintentionally allow high-risk applicants to bypass rigorous vetting and place them in a better risk class than had they gone through full underwriting—seriously threatens profitability and long-term sustainability. ? Historically, the challenge for carriers is simply the lack of data on AUW programs. The first AUW program launched in 2012, with most coming online within the last decade, compared with traditional underwriting, which has been around for far longer. ? The good news—the early data is now in. The bad news—mortality slippage is worse than initially predicted. ? Several leading reinsurers such as Munich Re, Swiss Re, and Gen Re, have published their latest analysis, which we will synthesize in this report.?We will also discuss a new ForMotiv Solution available to help carriers identify tobacco, alcohol, weight, medical history, and other types of nondisclosure to reduce mortality slippage during the AUW process. Read our full analysis - link below and in comments. https://lnkd.in/e9uvG2Hs #mortalityslippage #lifeinsurance

Check out our latest article in collaboration with?Kate Baldry, Underwriting Research & Systems Developer at?Hannover Re?UK, and Woody Klemmer, Head of Growth at ForMotiv. How customers behave as they fill out an online insurance application form provides carriers valuable and actionable insights based on the applicant's intent. “Similar to how body language, tone of voice, eye contact, and other non-verbal cues are important in understanding someone’s intent in person, digital body language provides a similar level of insight during online insurance applications." - Woody Klemmer, ForMotiv “For the past decade, insurers have been considering behavioural science techniques to better understand customers’ actions. Why is a customer doing what they are doing? For example, are they hesitating when they complete a question on the application form because they are recalling information; deciding how to answer it; is the question too complicated; or is it something else?” Baldry says.?Gathering these types of insight means that the insurer can continuously improve their processes to ensure the smoothest journey for the customer. Read more in the latest hr | equarium blog here: https://lnkd.in/ergDm7Sh

Thanks again to Coalition Against Insurance Fraud for all the great work you do! We were honored to have our CEO Bill Conners represent ForMotiv on the panel: "Navigating Agent Accountability: Trends, Risk Management Strategies, and Collaboration." ForMotiv has spent a tremendous amount of time working on our Agent Solutions over the past few years to help carriers understand captive and independent agent behavior (both good and bad). As agent distribution is still far and away the most prevalent insurance distribution channel, having insight into how agents act and behave to improve their experience and cut down on gaming and fraud is critical. If you're curious to learn how we're helping some of the largest insurance carriers in the US accomplish this - please reach out. Michelle Rafeld, Nicole Stokes, Nationwide Insurance, @Juan Rodriguez, Virginia Department of Insurance, Tony Ofstead, Minnesota Commerce Fraud Bureau, Bill Conners, ForMotiv, Wesley Bissett, Independent Insurance Agents & Brokers of America

Awesome article from TransUnion on first-party fraud and falsifying information - topics we discuss often. Here are some of the stats mentioned: ·??????16% say they would open an account with a different email address for a new customer rate or offer ·??????11% don’t see an issue with putting yourself as a named driver on a vehicle for someone else, even though you don’t drive it ·??????7% say it’s acceptable to exaggerate or downplay your income in an application ·??????Gen Z and Millennial consumers are more likely to consider giving false information with 44% of 18–24-year-olds and 38% of 25-34-year-olds indicating so. https://lnkd.in/e9H6p9EN Chad Reimers

Thanks for having us Sapiens and Janet Sachs!

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 Reinsurance Group of America, Incorporated and MIB. As the life insurance industry shifts toward accelerated underwriting (AUW) models to meet consumer demand for a streamlined process, the risks associated with fraud and nondisclosure have increased. According to the study, 96% of carriers offering accelerated underwriting limit face amounts, issue ages, or the number of policies issued to manage fraud risk.?ForMotiv’s Nondisclosure Solution?provides a strategic advantage by identifying patterns of nondisclosure and anti-selection early in the application process. Carriers are increasingly integrating behavioral analysis into their protective value requirements in the AUW triage process. These actionable insights form the first line of defense in the life insurance fraud detection battle. Read our latest article to learn how leading carriers are leveraging behavioral data to identify nondisclosure. #lifeinsurance #nondisclosure #acceleratedunderwriting https://lnkd.in/e3xTfXRW