Abstract:

The health and lifestyle have always been analyzed in the underwriting process in life insurance. The classic approach, however, was based on an interview with the party seeking the protection (insured). The digitalization, social media and the use of mobile devices and applications give new opportunities for risk assessment in life insurance. Researches show, however, that the use of new technologies - in general and, for example, in retail online purchases depends on the characteristics and attitudes of the generations. At work, the authors initiate the study of these features and attitudes in the context of the possibility of using the new technologies in the underwriting process in life insurance. The aim of the paper is to evaluate the possibility of the use of new technologies in underwriting in life insurance depending on the acceptance and attitudes of potential buyers. We hypothesize that buyers’ approach depend on generation (age). To achieve the aim of the paper the preliminary surveys were conducted in a group of 304 Poles in the period of June - August 2019. The results of the survey were analyzed using appropriate statistical methods, including the tests of independence. In the article, first, the 'pay as you live' model using mobile applications in life products was presented. Next - based on literature, industrial reports and surveys the authors examine differences between identified generation groups, regarding the use of new technologies in the life insurance underwriting process, such as: lifestyle behaviors, application usage and readiness to share information with the insurer. However, due to the scope of the article, the study analyzed extreme generations - the younger ones, which are considered most open to new technologies, and the oldest ones seen as being more conservative but at the other hand with rapidly growing number of using internet and mobile devices every year.