Open AccessDeveloping the Underwriting Process in Life Insurance
Author(s) -
Yuldashev Obiddin Toshmurzaevich
Publication year - 2020
Publication title -
european journal of business and management research
Language(s) - English
Resource type - Journals
ISSN - 2507-1076
DOI - 10.24018/ejbmr.2020.5.6.657
Subject(s) - underwriting , medical underwriting , life insurance , business , actuarial science , key person insurance , group insurance , insurance policy , casualty insurance , process (computing) , general insurance , finance , income protection insurance , computer science , operating system
Underwriting is the main factor affecting the reliability, stability of the organizational development of the life insurer and determining the quality of financial management, strategic planning, budget management of the life insurer, the economic feasibility of the life insurance process, the adequacy of the life insurer's operational management system. Underwriting is the main business process in insurance organizations and provides for the assessment and management of insurance risk accepted for insurance. This study focuses on the economic nature of underwriting, the approaches of scientists to it, the specifics of life insurance underwriting, types of life insurance underwriting and the process of their implementation, as well as directions and stages of underwriting in life insurance. The article also substantiates that digitalization of the underwriting process in life insurance is an important factor in its development. In concluding life insurance contracts, regardless of the type of insurance product, according to the author, underwriting should be carried out gradually in several directions.