A new survey suggests an opportunity to apply cutting-edge science to life insurance
When Bill S-201, also known as the Genetic Non-Discrimination Act, was passed into law, it bolstered Canadians’ right to keep their genetic information private. The life and health insurance industry has warned that if they could not access people’s genetic information, the costs and premiums associated with their policies would increase. But a new study suggests a way for them to obtain that much-needed information.
US-based insurtech company Life Epigenetics recently conducted a survey of financial advisors and insurance agents. When asked how likely their clients would be to submit saliva samples if they could get a better price for their life insurance, more than 97% of respondents said it was likely or very likely. In addition, 82% said clients would do so to automate and streamline the underwriting process.
The survey was conducted as part of a webinar about the use of epigenetics in life-insurance underwriting. A bourgeoning field that’s closely linked to genetics, epigenetic science has revealed insights into health and wellness that were unimaginable five years ago.
“We believe there is an enormous opportunity for applying cutting-edge science into financial planning tools such as life insurance,” Life Epigenetics CEO Jon Sabes said in a statement. “This survey is a strong indication of how open minded and interested consumers are in learning more about what science can tell them about their own biology to help them improve their lives.”
To measure health and wellness for the life-insurance industry, Life Epigenetics has been collecting epigenetic information from life-insurance policy owners for a year. It’s the first insurtech company to apply what it calls “DNA methylation-based predictor of mortality technology (M-Panel technology).” Last October, the company announced that it was working to introduce pilot programs with two major life insurers to test its M-Panel technology stacks against traditional underwriting methods.
“The application of predictive technology to financial planning is a natural next step,” Sabes said. “Knowing more about your health and wellness can help people make important decisions about their future that should include the means to pay for it.”
