Taking Credit: The Predictive Power of Credit Data to Accelerate Underwriting for Life Insurers

Dianne Schuetz

In Brief

Contact the RGA client services team to learn more about the predictive power of credit data in risk assessment.

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Results from Limra’s 2017 Insurance Barometer Study found that 70% of Americans who would consider purchasing life insurance are interested in doing so without taking a physical exam.

But how can insurers meet consumer demand for convenience and accurately assess applicant risk?

RGA's Dianne Schuetz suggests an answer in Best's Review: Use big data and do so responsibly. She describes the company's partnership with TransUnion, a global risk and information solutions provider and one of the largest credit bureaus in the United States, to study the predictive power of credit behavior data as it relates to life insurance risk.

See also: A Score for All Seasons: Big Data Bring Big Changes in Underwriting

These findings have been used to create TransUnion TrueRisk® Life, a credit-based insurance score designed specifically for life insurance and that uses select, predictive attributes of a consumer’s credit report. The next step in the evolution of risk assessment has arrived.

For a deeper look at this topic, please see: The Predictive Nature of Credit Data for Mortality

Contact the RGA client services team to learn more about the predictive power of credit data in risk assessment.

Meet the Authors & Experts

Author

Dianne Schuetz

Vice President (ret.), Strategic Underwriting Initiatives, RGA

Taking Credit: The Predictive Power of Credit Data to Accelerate Underwriting for Life Insurers

Results from Limra’s 2017 Insurance Barometer Study found that 70% of Americans who would consider purchasing life insurance are interested in doing so without taking a physical exam.

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Meet the Authors & Experts