Reinsurance News

Verisk launches AI-driven, life insurance solution

13th May 2021 - Author: Charlie Wood

Global reinsurer SCOR has provided extensive feedback on a new Verisk-developed life insurance solution designed to distill insights from medical notes in electronic health records.

medical-and-health-claimsEHR Triage Engine Plus leverages natural language processing and artificial intelligence and was developed in a collaborative effort between the two firms.

The solution can be integrated with insurers’ existing underwriting systems, delivered via a stand-alone API, or integrated into technology from FAST, a Verisk business and provider of end-to-end software for the life and annuity markets.

“The value of Electronic Health Records has long been difficult to obtain, because of the challenge in normalizing and processing critical data presented in a wide range of formats,” said J.C. Brueckner, CEO of SCOR Global Life Americas.

“Verisk’s new solution is another competitive advantage that helps us enable carriers to use this information to make faster, informed underwriting decisions without sacrificing accuracy. That means better business outcomes and a superior customer experience.”

“Life insurance underwriters can spend a huge amount of time sifting through electronic health records. And many key risk elements needed for underwriting, such as cancer stage, can only be found within an EHR’s medical notes,” said Maroun Mourad, president of global underwriting at Verisk.

“Our new solution brings automation and advanced analytics to this difficult and time-consuming process, helping insurers accelerate accurate underwriting and the buying experience for consumers.”

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