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WelcomeFASANO ASSOCIATES is UNDERWRITING CENTRAL.
Our goal is simply to be the best at what we do.
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WHEN CAN SIMPLIFIED UNDERWRITING BE USED FOR LIFE SETTLEMENTS?
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Why should you consider Fasano Associates for your Life, Annuity, and Life Settlement Underwriting?
For more information about obtaining a Life Expectancy
Report or other Underwriting Services, please
Take A Look At Our Speakers for The 2017 Conference!
Dr. Shavelle has authored over 75 articles in the peer-reviewed medical literature, primarily on life expectancy. The studies involved persons with disabilities due to cerebral palsy, traumatic brain injury, and spinal cord injury. His presentation at the Fasano Conference will focus on the Impact of Functinal Status on Life Expectancy in Cerebral Palsy, Traumatic Brain Injury and Stroke.
Said Mike Fasano, President of Fasano Associate, "Robert Shavelle and his research team have done great work on traumatic brain injury and cerebral palsy mortality that we use all the time. I'm delighted that he has agreed to share his recent research results at the Fasano Conference this year."
The Fasano Conference is a time efficient, one day event that covers the most current and relevant topics affecting the longevity markets it has been favored by the investment and financial community. The $495 registration fee includes cocktails and dinner immediately following the Conference. Attendees can register now at the Early Bird rate of $395.
Simplified Underwriting for Life Settlement - With Appropriate Controls!
2. The size of the transaction: As long as there is no systemic bias, a program of many, small transactions can be underwritten with less risk than one that includes large, jumbo policies.
3. The experience of the underwriters: Simplified underwriting programs require underwriters with an ear for half truths and withheld information; and controls need to be in place to audit the truthfulness of the applicant.
4. Flexibility in pricing: The underwriting accuracy from simplified underwriting programs will not be as precise as with fully underwritten programs. Pricing margins need to take this into account.
Fasano Associates has offered simplified underwriting programs in areas other than life settlements for years. Now with the interest in smaller face life settlement programs, we have extended our simplified underwriting to life settlements as well, but subject to certain constraints. Consistent with the criteria discussed above, we will only use simplified underwriting for smaller face policies (not greater than $250,000). Also, we will not use a simplified approach for advanced cancer cases or other complicated cases that would require clinical judgment - as the potential for error is simply too great in these cases.
If you should have any general questions about simplified underwriting, or specifically about our approach, please feel free to give me a call.
President, Fasano Associates
Presentations at 2016 Fasano Longevity Conference
Fasano Associates - A Diversified Underwriting Organization
Fasano Associates is a diversified underwriting organization serving the life insurance, annuity/structured settlement, life settlement and related industries. We have chosen to diversify within the underwriting domain, which has allowed us to leverage our analytic strengths. We are not affiliated with a Provider, Broker or Third Party Administrator. We are not owned by outside investors. In short, we do not have any conflicts of interest that might adversely affect our client's position. CLICK HERE to view the entire article.
Fasano Discusses New Tools in Risk Analysis
Fasano Associates President, Mike Fasano, discusses the valuable
new medical information that will be available from wearable
devices, as well as possible underwriting applications for Big Data
Contingent Life – Structured Settlements - Fasano Associates Underwriting Methodology
Fasano Associates, a premier life expectancy provider in the life
settlement space, has developed a new proprietary mortality table
and underwriting methodology for the Life Contingent – Structured
Settlement business. View the video below; Fasano Associates
President, Michael Fasano, demonstrates and explains the ground
breaking underwriting enhancements that have improved life
expectancy predictions in the growing structured settlement market.
Continuity in Ownership and Management Supports Consistency and Accuracy in LE Estimates
Continuity in Ownership and Management Supports Consistency and
Accuracy in LE Estimates
New Methodology for Measuring Actual to Expected Accuracy Applied to Fasano Database
Drs. Daniel Bauer (Georgia State University) and Jochen Russ
(Institute for Actuarial Studies) presented a new methodology for
measuring Actual to Expected accuracy at the 9th Annual Fasano Life
Settlement & Longevity Conference. The new methodology, Difference
in Curtate Life Expectancy (DCLE), calculates the average difference
between the actual and expected number of months lived, and is less
biased than other methodologies. When applied to the entire Fasano
life settlement database, Fasano’s average difference
between actual and expected months of survival was less than
Recent Analysis Shows Convergence of AVS to Fasano LEs but Increasing Divergence of 21st LEs
A recent analysis performed by MapleLife Analytics showed AVS LE
extensions resulting in a convergence of AVS and Fasano LEs while
21st LEs are, on average, 30 months shorter than Fasano and AVS.
The Report concludes that LEs reflect “meaningful and consistent
differences” across long time periods and age bands and points out
that “investors who base their purchase and retention decisions on
LE reports without awareness of the differences in the underlying
patterns will not achieve the results they expect”.
Fasano Proposes That Life Expectancy Underwriters Publish Unadjusted Post 2008 A/E Results
At the Spring 2012 LISA (Life Insurance Settlement Association) Meeting, Mike Fasano, President of Fasano Associates, proposed that Life Expectancy underwriters agree to publish their post 2008 Actual to Expected performance on an unadjusted basis – based on actual life expectancy estimates given to clients and based on the mortality tables used in developing their estimates.
In his presentation on a panel of the 4 major life expectancy underwriters, Fasano argued that adjusted or “current basis” Actual to Expected results were inherently misleading and did not reconcile with the large life expectancy spreads that still exist in the market. He noted that the last major changes in life expectancy mortality tables and methodologies were implemented in 2008, almost four years ago, and that therefore there was no need to perform any kind of adjusted A to E analysis for the period subsequent to 2008.
Fasano also proposed that life expectancy underwriters share all their mortality ratings and life expectancy estimates with an independent third party for the purpose of publishing the spreads in life expectancy that exist in the market.
Said Fasano: “These two actions would bring more transparency to the market than any of the proposals that have been put forth thus far.”
Fasano presented Fasano Associates’ Actual to Expected results
for the period July 1, 2008 through March 31, 2012, assuming no IBNR
(incurred but not reported deaths) and based on a 7% IBNR
Poor Underwriting Practices Spark Life Settlement Losses
Rajiv Rebello, a fellow of the Society of Actuaries, a member of the
Academy and a Chartered Enterprise Risk Analyst, has written an article
titled "Poor Underwriting Practices Spark Life Settlement Losses". He is
a principal of Colva Insurance Services in San Diego. His email address
appears at the conclusion of the article. Mr. Rebello's comment
"Discounting historical results in favor of better expectations of
future mortality offer life settlement investors a false sense of
confidence in the accuracy of the underwriting", captures the essence of
today's industry discussion.
Click here to read entire article.
Michael Fasano authors chapter on life settlement underwriting
A Publication for Professional Traders and Institutional Investors.
LIFE MARKETS --- Trading Mortality and Longevity Risk with Life
Settlements and Linked Securities
Michael Fasano Adds Underwriting Expertise to New Book on Reverse Mortgages -- Pens Chapter Four on Underwriting Reverse Mortgages
An Institutional Investors Guide to the Burgeoning Field of Reverse Mortgage Securitization.
REVERSE MORTGAGES and LINKED SECURITIES: The Complete Guide to Risk,
Pricing, and Regulation by Vishaal B. Bhuyan is a collaborative effort
of many of the leading minds in the Home Equity Conversion Mortgages
(HECM) industry, including reverse mortgage lenders, institutional
investors, underwriters, attorneys and regulators.
ALEC - Fasano's Automated Life Expectancy Calculator
Developed to be used as a SCREENING TOOL for life settlement
acquisitions and to assist individuals in financial planning
applications. A "user friendly" tool that does not require the
assistance of underwriters OR other professionals to complete. Not
a replacement for the "real thing" BUT an inexpensive way to assess case
value - easy to use while providing good risk discrimination. To try
"ALEC", click on the link in the left sidebar.