Reinsurance News

SCOR partners with Verisk to help streamline US life underwriting process

11th August 2020 - Author: Charlie Wood

SCOR has partnered with Verisk, a leading data analytics provider, to develop a new tool designed to help life insurers fast track applications, by using data from consumer-authorized electronic health records (EHRs).

SCORThe EHR Triage Engine streamlines the manual underwriting workflow – reducing decision time from weeks to minutes.

The tool bypasses manual workflows, leveraging  predictive analytics and automation to digitally ingest and analyse EHRs.

It can evaluate 95,000 impairments in five minutes or less, so Life insurers can qualify as much as 85 percent of applicants for coverage with minimal or no underwriter review.

With automated processing of low-risk cases, carriers can provide a streamlined customer experience for the vast majority of their applications and enable underwriters to focus their energy on complex risks.

“Our team collaborated with Verisk to help expediate the development and introduction of this new innovative solution within the U.S. to leverage advanced predictive analytics and automation to digitally ingest and analyze EHRs, during a knowledge-share and validation process,” explained Richard De Sousa, Senior Vice President of Strategic Partnerships – SCOR Global Life U.S.

“This partnership is one of several broader initiatives that SCOR is managing to support U.S. Life market insurers in their digital underwriting transformation.”

SCOR plans to integrate Verisk’s EHR Triage Engine into its Global Life Velogica underwriting system.

The Verisk solution can also be easily delivered via a standalone API or integrated into technology from FAST, a Verisk business and leading provider of end-to-end software for the Life insurance and annuity markets.

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