Winners – life insurance innovation award – the Life Insurance International awards – 2016
The Life Insurance International awards were announced on 17 November 2016 at a gala dinner in London. MorganAsh won the ‘Most Innovative Actuarial/Risk Consultancy Services Provider of the Year’ category – for the use of big data in MUMS and MUBA service.
The awards celebrate the best in life and health insurance innovation from around the world and act as a benchmark for excellence.
MorganAsh won the award for its impressive use of medical data in the new services in the defined benefit (DB) pension market. Both use medical underwriting to improve the valuation of pension schemes. The service comes in two disciplines: MUBA – medically underwritten bulk annuities and MUMS – medically underwritten mortality studies. Both services use data on the health of individuals to improve the granularity of data to estimate the mortality of individuals, and hence the overall longevity predictions of the scheme.
MorganAsh commenced the services in 2013 with a few small schemes and only two pension consultants. To date, the services have improved the valuation of over 3 billion of pension liabilities from over 50 pension schemes, saving up to 10% for each scheme.
Ronan McCaughey, editor of Life Insurance International, said: “Any laggards in the global life and health insurance market who fail to fully embrace the digital revolution will quickly find themselves left behind as the market leaders invest in new technology from wearables to blockchain and big data.”
Andrew Gething, managing director of MorganAsh, said: “The pension industry does take time to change, and we are delighted to be part of this change. I would like to thank all the MorganAsh staff and the many pension consultants who have worked with us to introduce these services. We are delighted to win this award.”
Royal London scooped the ‘Most Innovative Life Insurer of the Year’ and iPipeline won the ‘Digital Innovation of the Year – Technology Firms’.
