Data analytics provider Verisk has collaborated with Bermudian reinsurer PartnerRe on the development of its new life insurance solutions, which, use advanced voice analytics and artificial intelligence (AI) to transform both underwriting and the customer experience.
Under the new partnership, PartnerRe is set to test new tech that is able to highlight potential tobacco users among life insurance applicants via an analysis of telephone interviews and applicant data.
Essentially, explain the pair, this will help identify those applicants that might need further review or lab testing while enabling the majority of applicants to experience the benefits from accelerated underwriting.
Nick Irwin, director of life insurance solutions at Verisk, said: “Providing a fast and easy purchase experience for life insurance in the long term requires a commitment to exploring new data and technology while maintaining the protective value that traditional underwriting brings.
“The deep experience that PartnerRe has developed in this market will help us develop cutting-
edge tools that insurers can use to meet the need for speed with precision and reliability.”
Karen Phelan, vice president of underwriting strategy and innovation at PartnerRe North America Life, added: “This is a time of unprecedented change in the life insurance market. That’s why it’s critical to identify leading-edge solutions that can effectively mitigate risk as the industry moves away from fluid-based testing to more data-driven underwriting tools. Uncovering fraud and nondisclosure, in areas such as smoking, will help position our carriers for long-term success.
“Verisk’s long history of managing insurance data and its innovative analytics will help us gain new insights into policyholders and deliver a better experience for our customers.”
Furthermore, PartnerRe is also set to work with Verisk on its solution that leverages licensing and marketing data to help find life insurance applicants with risky hobbies, such as scuba diving or sky diving.