Verisk Is Launching New Analytics Platform for Life Insurance Underwriting in Collaboration with SCOR
JERSEY CITY, N.J., Feb. 28, 2020 (GLOBE NEWSWIRE) — Verisk (Nasdaq:VRSK), a leading data analytics provider, is launching its new analytics platform for automated underwriting of life insurance in collaboration with SCOR, a Tier 1 global reinsurer. Verisk’s new analytics platform is designed to help improve the life insurance buying experience for consumers and support insurers’ digital transformation. The solution uses artificial intelligence (AI) to help life insurers ingest and interpret electronic health records (EHRs) for real-time underwriting decisions once the appropriate consumer consents have been obtained.
“Electronic medical records have the potential to become a critical source of data for life insurers looking to streamline underwriting and transform the customer experience,” said Maroun Mourad, president of global underwriting at Verisk. “But it’s been difficult for many insurers to extract and interpret unstructured EHR data, such as doctor’s notes, and make decisions based on the available data. Our new analytics platform—which we’re developing in collaboration with SCOR Global Life—uses advanced AI to automate the process: ingesting EHRs, analyzing their structured and unstructured data, and applying the insurer’s underwriting guidelines.” The new platform will pull records from EHR providers and apply machine learning and natural language processing algorithms to analyze both the structured and unstructured data in those records. The platform will return a score based on Verisk’s medically researched underwriting model. That score can then be modified by insurers based on their proprietary underwriting insights.This solution is ultimately intended to substantially reduce the time needed to obtain an attending physician statement and enable accelerated underwriting. The scores will be validated against SCOR Global Life’s underwriting manual and vetted by its medical research and data science teams. “Our collaboration with Verisk demonstrates our investment in underwriting innovation in order to make life insurance more readily available and more relevant,” said J.C. Brueckner, CEO of SCOR Global Life – U.S. “Access to electronic medical information is essential for life insurers using rules-based decision models for accelerated underwriting. Over time, implementation of EHRs will boost process optimization, lower costs, and reduce application time. By working with Verisk on its new platform, we’ll be helping develop a solution that our clients can use to improve the customer journey and extend protection and peace of mind, which is central to our purpose as a reinsurer.”Verisk plans to incorporate the new solution into SCOR Global Life’s Velogica underwriting system as well as make it available via a stand-alone API. Verisk is actively seeking carrier development partners to help develop, test, and validate the solution. To learn more about how Verisk is bringing data to life, visit www.verisk.com/life.About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.About SCOR SE
SCOR, the fourth largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise (“The Art & Science of Risk”), SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk—in Life & Health insurance (longevity, mortality, LTC, etc.) as well as in P&C insurance (natural catastrophes, agriculture, industry, transport, engineering, etc.). For more information, please visit www.scor.com.
Edelman (for Verisk)