Medical advances and effective investment in data has meant Gen Re has been able to cover conditions it traditionally could never consider previously, such as Huntingdon’s and cystic fibrosis.
Speaking at Health & Protection’s recent Protection Forum the reinsurer’s chief underwriting officer, Lynn Timmons, (pictured) told delegates investing in data has been a key underlying factor in covering these conditions.
“To do this we need to invest in data, so it’s not just about finding a partner and coming up with all of these things – a lot of it is data,” Timmons said.
“With that data, we are able to look at our underwriting decisions and underwriting philosophy and we’re able to make changes where we’re taking something that was previously uninsurable into taking something that’s now on standard rates.
“That comes with looking at medical studies. It comes with working in collaboration and also working parties,” she added.
“We’re able to now look at conditions that we would typically never be able to cover. We’re offering terms for people that have got Huntingdon’s which would always be a straight decline.”
And Timmons added that in some instances cystic fibrosis can also now be covered.
“And the reason is advances in medicine and the data that is coming through to us to help support that,” she added.