What’s causing changes in the landscape of life and health insurance?

The life and health (re)insurance sector has witnessed a rapid transformation over the past decade, primarily driven by technological advancements. Leading experts have identified groundbreaking innovations such as artificial intelligence (AI) and machine learning as pivotal game-changers in this industry.

Senan O’Loughlin, Executive Vice President of US Mortality Markets at Reinsurance Group of America, Incorporated (RGA), emphasized the most influential trend, stating, “The most impactful development in life and health insurance is the digital transformation and the seamless integration of technology throughout the entire value chain.”

He further elaborated on this, mentioning, “With the continuous progress in digital technologies, including optical character recognition, natural language processing, artificial intelligence, machine learning, automation, and others, there exist numerous opportunities to enhance insurance products, streamline underwriting processes, and ultimately elevate the purchasing experience. These advancements will expand the reach, desirability, and accessibility of insurance.”

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According to O’Loughlin, who leads RGA’s traditional mortality functions in the US, encompassing business development, pricing, underwriting, medical services, claims, and operations, AI stands out as the technology making substantial waves in his field. He affirmed, “AI opens up numerous opportunities within the insurance industry. While it may not be a panacea, the responsible utilization of AI can greatly assist insurers in serving a broader clientele and enhancing the overall customer experience.”

By harnessing customer data and AI/ML technologies, insurance companies can craft tailored solutions that cater to individuals’ unique coverage requirements and encourage the adoption of healthy lifestyle choices to reduce risk. O’Loughlin observed, “Many processes within the life and health insurance value chain are labor and resource-intensive, often marked by friction. AI holds the potential to ameliorate various aspects, from the insurance transaction process to underwriting, servicing, and claims management. Ultimately, this will enhance the customer experience and contribute to the personalization and accessibility of insurance products.”

Before joining RGA in 2021, O’Loughlin accumulated three decades of senior management experience in insurance and reinsurance companies across three continents. He held key positions at Swiss Re, including Head of Sales and Client Engagement for the life and health division, as well as Regional Head of Strategy and Operations for the Americas. Earlier in his career, he served at AIG-AIA in Hong Kong as the Regional Head of Actuarial under Asia-Pacific life operations.

O’Loughlin embarked on his professional journey as a trainee actuary at Hibernian Group in Ireland (now Aviva). Over the years, he diversified his roles to encompass strategy, life and retirement product development, marketing, valuation, and project management.

Throughout his extensive experience in the insurance sector, O’Loughlin has maintained a deep-seated passion for the life and health reinsurance space, primarily driven by the inspiring individuals within the industry. He shared his enthusiasm, stating, “I must say that the insurance field comprises some of the most remarkable people one could hope to collaborate with, and I’ve had the privilege of working alongside truly exceptional and motivational individuals throughout my career and in my present role. What truly excites and motivates me is recognizing the profound impact that protection products have on customers’ lives, and witnessing my colleagues’ unwavering dedication and commitment to enhancing insurance for our clients, ultimately expanding access to financial protection for an ever-increasing number of individuals.”