Lack of innovation investment in the UK insurance market has been highlighted by recognition of RGA's work in the US.
The reinsurer has had a new application of prescription mortality reports and an automated underwriting process named in Innovators Showcase, a peer reviewed collection of outstanding research published by US insurance industry publication Best's Review.
RGA's Prescription History Mortality Research was used to develop underwriting rules based on individual use of more than 50,000 prescription drugs, with risk assessment variations by gender, age, mode of delivery and frequency of drug fills.
These risk assessments reduce underwriting times spent researching drugs.
RGA's Automatic Selection & Assessment Program is a web-based underwriting process providing automatic facultative assessment for common impairments.
It streamlines the process so underwriters receive a decision for impairment cases in minutes rather than days.
However it has been noted that similar is unlikely in this country.
Kevin Carr, chief executive of The Protection Review, said: "Basically RGA has been recognised overseas for its insurance innovation, but the story here is perhaps more a call for the UK market to catch up as this innovation wouldn't currently work here."
Jason Hurley, head of sales and marketing, agreed: "Insurers should be able to use technology to use other data sources to underwrite the risk, make life quicker and easier for the customer and the IFA.
"This is one example of doing that, ie where the insurer accesses the prescription history.
"However, it can't work here because the pharmacy records are not all linked in together.
"The UK would first need to have a central database and then insurers would need to invest and build the software to communicate directly and automatically apply the results to give the premium rate.
"In theory, it is very possible but it needs a lot of investment at a time when companies may have other priorities."
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