Introduction

The insurance industry is constantly evolving, with companies seeking innovative ways to improve customer experience and streamline operations. In recent years, advancements in artificial intelligence (AI) have opened up new possibilities for insurers. One such breakthrough is the integration of ChatGPT (Generative Pre-trained Transformer) technology, a cutting-edge natural language processing model developed by OpenAI.

Introduction

Working in insurance for over 20 years, in a claim's role, I see the value of Protection Insurance every day. I have assessed countless claims over the years for young people suffering with life- changing illnesses, many of whom were in excellent health before they became ill.

Whilst I used to cockily think of myself as almost invincible, I have learnt the hard way that I was very wrong, and this was a very big error in my judgment.

In the December 2022 edition of SCORacle, we included an article that detailed the revised Association of British Insurer’s (ABI) Guide to Minimum Standards for Critical Illness Cover document (the Guide), that was released on 15th September 2022.

Soon after the release of the updated Guide, the ABI were alerted to some areas where suggested improvements could be made. This was despite a wide consultation of the draft version of the Guide to many stakeholders, leading up to the release of the final document.

The current situation 

In previous editions of SCORacle, we have covered a number of new developments in healthcare, particularly with regard to vaccines and cancer treatments. It seems there are regular breakthroughs being reported in the treatment of the conditions we see frequently at both underwriting and claims stage. 

The NHS has recently announced that it will be offering more than 150,000 adults and children with type 1 diabetes (T1DM) in England and Wales advanced technological treatment in the form of “artificial pancreas” devices, which experts are hailing as a “gamechanger” that will “save lives and heartbreak”.

The artificial pancreas device, also called a hybrid closed loop (HCL) system, uses a hi-tech algorithm to determine the amount of insulin that should be administered and monitors blood sugar levels to maintain them at safe and appropriate levels.

In November 2023, we shared our research into excess mortality at our “Navigating a Challenging Landscape” seminar, and it attracted a lot of discussion and interest. We have therefore decided to publish a summary in SCORacle.