Verisk has announced that medical reinsurance provider & member of the AXA Group, AXA Life & Health Reinsurance is now using Verisk’s Health Risk Rating Tool.
AXA Life & Health Reinsurance are using the tool to provide its insurance partners in China the ability to offer automated health insurance underwriting decisions, that are more inclusive of pre-existing medical conditions.
The Health Risk Rating Tool will be marketed as AXA’s Intelligent Medical Acceptance Tool (IMPACT) – an underwriting platform that will be available in China to insurers and brokers working with AXA Life & Health Reinsurance Solutions.
Verisk’s Health Risk Rating Tool and IMPACT automate the assessment of pre-existing medical conditions, which allows for users to make underwriting decisions such as premium loadings and exclusions in real time.
AXA Tianping – based in Shanghai, is the first insurance partner to use IMPACT in the North Asian market.
Furthermore, through the IMPACT platform, customers will be able to declare the specifics of their medical conditions by using the Health Risk Rating Tool’s widened question set, which uses advanced algorithms to generate relative risk scores representing their total medical exposure.
The scores however, are based on more than ten years of medical claims and data, and are recalibrated with the latest developments in treatments and technologies.
CEO of AXA Life & Health Reinsurance Solutions, Laurent Pochat-Cottilloux, said: “Providing cover for pre-existing medical conditions has traditionally been challenging due to a reliance on slow, manual underwriting processes.
“Through the introduction of the Health Risk Rating Tool via IMPACT, our insurance partners are able to offer a full digitalised customer journey for distributors and insureds with more efficient and sophisticated underwriting decisions in the China market.”
Deputy global managing director, Verisk Life, Health and Travel, Rachel Edwards, added: “Many (re)insurers recognise a clear gap in health insurance markets to sell policies in real time to customers who represent substandard but otherwise manageable risk.
“This is an important milestone for us in the Chinese market, and we hope this development encourages more insurers to make healthcare more accessible to customers with pre-existing conditions.”
