The platform uses artificial intelligence (AI) to help insurers ingest and interpret electronic health record data for automated medical underwriting
Image: Verisk’s headquarters in Liberty Towers, New York City. (Credit: Wikipedia.org/Derek Jensen.)
US-based Verisk Analytics has partnered with SCOR to launch a new analytics platform for automate underwriting of life insurance.
As per Verisk, the new analytics platform has been designed to improve buying experience of life insurance for customers and also to support digital transformation of the insurer.
The artificial intelligence-based platform can help life insurers take in and interpret electronic health records (EHRs) for real-time underwriting decisions, once consent from a consumer has been taken.
The analytics platform can pull records from HER providers and apply machine learning and natural language processing algorithms to analyse both the structured and unstructured data from the records.
The analysis will return a score based on Verisk’s medically researched underwriting model. Insurers can modify the score based on their proprietary underwriting insights.
The new platform reduces time required to obtain an attending physician statement
The analytics platform helps in substantially reducing the time required to obtain an attending physician statement and facilitates speedy underwriting.
Verisk intends to include the new solution into SCOR Global Life’s Velogica underwriting system as well as make it available through a stand-alone API.
SCOR Global Life US CEO J.C. Brueckner said: “Our collaboration with Verisk demonstrates our investment in underwriting innovation in order to make life insurance more readily available and more relevant.
“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.”
In October last year, Verisk partnered with reinsurance provider PartnerRe to develop new life insurance solutions to transform underwriting and improve customer experience.