Product rating reviews are occasionally undertaken by SelectX where insurers or reinsurers wish to reassess the medical and underwriting assumptions supporting a particular product.
One established reinsurer engaged SelectX to review its underwriting philosophy for critical illness and to update the associated rating guidance as a one-off bespoke project.
The reinsurer’s critical illness ratings had remained unchanged for a number of years and, with advances in product devlopment, certain areas of the guidance required review to ensure they remained fit for purpose.
SelectX carried out targeted research into a number of relevant medical conditions to ensure that the rating approach remained appropriate for conditions that had more recently been added to the product.
