Log in / My SOA

Expansion of Insurance Coverage Through Innovative Underwriting

Background and Purpose

Insurance helps individuals, families, and businesses manage financial risk and uncertainty, and society benefits when coverage is widely accessible. In the North American life and health insurance industry, underwriting evolved from largely manual, experience‑based processes to more data‑driven and technology‑enabled approaches, these shifts improve the precision, consistency, and transparency of risk assessment. Those innovations might lead to stricter risk selection but can also make life insurance more accessible to broader population over time.

Research Objective

The Society of Actuaries Research Institute is seeking researchers to conduct a comprehensive study on Expansion of Insurance Coverage Through Innovative Underwriting. This research project will examine why and how Underwriting Innovations have changed and will continue to change insurance landscape. The research will focus on innovations with potentials of increasing market penetration, covering broader populations, and closing the protection gaps. The study should identify and distinguish insured population from general population, address the mechanics of expansion of the insured population related to underwriting through the evolution of the insured population through type of insurance products offering, as well as the challenges the industry is facing to further expand the insurable populations.

The following are examples of proposed topics that may be addressed:

  • Identify and distinguish insured population from general population over time. Research the evolution of the insured population in the past and the drivers of the evolution.
  • Analyze the dynamics between underwriting philosophy / process, and the insured populations distribution channels and product offerings.
  • Explore various practices and challenges that innovative underwriting, such as the use of AI and non-traditional evidence, can help expand insured population through faster or more accurate prediction of mortality and morbidity risks. For example, the practices can include but not be limited to improving risk selection / classification, increasing underwriting capability, innovating underwriting processes, leveraging rich and novel data sources, etc.
  • While insurers are actively working to expand the insured population through innovative underwriting, applicants may exploit technological and medical advances to undermine the effectiveness of current underwriting practices and avoid adverse decisions. For example, applicants can temporarily manipulate key underwriting biomarkers through medication use at the time of application. It is therefore critical to identify ways to strengthen underwriting effectiveness and prevent artificial expansion of coverage that could ultimately harm insurers and, in the long run, society as a whole.
  • Provide insight into future evolution of insured populations in the short term and long term through innovative underwriting.

Note that the list above is not meant to be exhaustive but merely examples of relevant topics that may be researched.

Proposal Requirements

To facilitate the evaluation of proposals, the following information should be submitted:

  1. Resumes of the researcher(s), including any graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources to be used.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.

    As a guide for developing project budgets, please review the Historical Project Cost Guide (see Appendix).

    Please note that as a policy, the SOA Research Institute generally does not provide funding to cover academic institution overhead expenses.

  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions. The SOA is interested in completing this project in a timely manner. Suggestions in the proposal for ensuring timely delivery, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The SOA will appoint a Project Oversight Group (POG) to oversee the project. The POG is responsible for recommending to the Section Research Committee the proposal to be funded, if any. Input from other knowledgeable individuals also may be sought, but the Section Research Committee will make the final recommendation, subject to Society of Actuaries Research Institute (SOA) leadership approval. An SOA staff research actuary will provide staff actuarial support.

Questions

Any questions regarding this RFP should be directed to research-ait@soa.org with the subject line “Expansion of the Insured Population Through Advanced Underwriting.”

Notification of Intent to Submit Proposal

If you intend to submit a proposal, please email written notification by June 30, 2026, to research-ait@soa.org with the subject line “Expansion of the Insured Population Through Advanced Underwriting.”

Submission of Proposal

Please email your proposal to research-ait@soa.org with the subject line “Expansion of the Insured Population Through Advanced Underwriting;” proposals must be received no later than July 15, 2026. It is anticipated that all proposers will be informed of the status of their proposal by the end of September 2026.

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries Research Institute and the researcher.

The Society of Actuaries Research Institute reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The Society of Actuaries Research Institute also reserves the right to redirect the project as is deemed advisable.

The Society of Actuaries Research Institute plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The Society of Actuaries Research Institute may choose to seek public exposure or media attention for the research. By submitting a proposal, you agree to cooperate with the [Society of Actuaries/sponsoring entity] in publicizing or promoting the research and responding to media requests.

The Society of Actuaries may also choose to market and promote research to members, candidates and other interested parties. You agree to perform promotional communication requested by the Society of Actuaries, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.

Conflict of Interest

You agree to disclose any of your material business, financial and organizational interests and affiliations which are or may be construed to be reasonably related to the interest, activities and programs of the Society of Actuaries or the Society of Actuaries Research Institute.

Appendix

The cost ranges below are intended as a guide for budgeting project costs for proposals in response to SOA Research Institute Request for Proposals (RFP). Please note these figures span the 33rd to 66th percentiles for all projects as well as projects that involve a specific approach (lit review, survey, etc.). They are based on historical costs over several recent years. Expected costs for some RFPs may fall outside these ranges depending on the nature of the work and resources required for completion.

All Contracted Projects

This category includes all contracted projects that the Institute has undertaken within the last several years. The 33rd – 66th percentile project costs range is $25,000 – $50,000.

Literature Reviews

This category includes projects that involved only a literature review or the cost for the portion of a larger project that included a literature review. The 33rd – 66th percentile project costs range is $15,000 – $20,000.

Surveys

This category includes all projects that had a survey as their primary component. The 33rd-66th percentile project costs range is $28,000 – $55,000.