PartnerRe will test Verisk’s voice analytics and artificial intelligence to help transform underwriting and customer experience
Image: Verisk to support PartnerRe in the development of life insurance solutions. Photo: Courtesy of Tysto/Wikipedia.org.
Data analytics provider Verisk has partnered with reinsurance provider PartnerRe for developing new life insurance solutions.
The new life insurance solutions developed by Verisk will include voice analytics and artificial intelligence to transform underwriting and improve customer experience.
PartnerRe will test new technology that can flag potential tobacco usage among life insurance applicants by analysing telephone interviews and applicant data. The new solution is expected to help identify individuals who may need further review or lab testing while allowing a majority of applicants to benefit from accelerated underwriting.
Verisk life insurance solutions director Nick Irwin said: “Providing a fast and easy purchase experience for life insurance in the long term requires a commitment to exploring new data and technology while maintaining the protective value that traditional underwriting brings.
“The deep experience that PartnerRe has developed in this market will help us develop cutting-edge tools that insurers can use to meet the need for speed with precision and reliability.”
PartnerRe will test Verisk’s AI-based solution
PartnerRe will also collaborate with Verisk on a solution that uses licensing and marketing data to help uncover life insurance applicants with risky avocations such as scuba diving or skydiving.
PartnerRe North America Life underwriting strategy and innovation vice president Karen Phelan said: “This is a time of unprecedented change in the life insurance market. That’s why it’s critical to identify leading-edge solutions that can effectively mitigate risk as the industry moves away from fluid-based testing to more data-driven underwriting tools.
“Uncovering fraud and nondisclosure, in areas such as smoking, will help position our carriers for long-term success.
“Verisk’s long history of managing insurance data and its innovative analytics will help us gain new insights into policyholders and deliver a better experience for our customers.”
Earlier this month, Verisk had agreed to acquire BuildFax, a property condition and history data provider, from Daily Mail and General Trust (DMGT).
BuildFax uses building permit, contractor and inspection data to provide critical information about the condition of properties to insurance and financial institutions.
After the deal is closed, BuildFax will become part of Verisk’s ISO, enhancing the latter’s property data and analytics.