Global reinsurer SCOR’s South Korean branch has strategically partnered with Lydia AI, a health AI start-up, to augment SCOR’s Virtual Underwriting Solution (VUS) with point-of-underwriting predictive health analytics to create holistic end-to-end underwriting solutions.
Rho Donghyun, Chief Executive Officer, SCOR Korea, commented, “Health and life insurers are challenged by the aging population and the rising prevalence of chronic illnesses. We believe in the power of big data and predictive analytics to intelligently help us become more resilient to these macro changes.”
This collaboration enables insurers to offer competitive products to a broader customer base, with its target audience being people leading a healthy lifestyle while managing chronic illnesses. The VUS enables insurers to virtually simulate future incidence rates and claims across various portfolios, giving insurers insights into future risks.
The aim of this is to help insurers proactively adjust underwriting requirements to make insurance products more accessible and affordable for a wider range of customers. In collaborating with Lydia AI, which has an intersection of health AI and actuarial science, these insights will also help to enhance customer experiences, deliver personalized product recommendations, and streamline underwriting.
Initially serving customers in Korea and Japan, this partnership plans to expand into additional countries, with the joint objective of making insurance “more inclusive and responsive to the evolving needs of individuals and families worldwide, while contributing to the resilience of societies.”
Through this strategic partnership, SCOR will enhance its VUS by incorporating underwriting automation capabilities at the point of application submission.
The reinsurer explained, “insurers will gain a comprehensive understanding of their portfolio’s future risk and translate these insights into actionable underwriting standards immediately using this integrated solution.”
Anthony Lee, Chief Executive Officer, Lydia AI, concluded, “This partnership exemplifies how insurers can maximize new customer consented data to gain more comprehensive insights into future portfolio risks. This, in turn, empowers insurers to offer superior insurance products that provide affordable protection to a larger demographic.”
