Data analytics firm Verisk is partnering with SCOR on an automated life insurance underwriting platform.
The new platform leverages artificial intelligence to help life insurers process electronic health records faster.
It’s hoped this will reduce the time needed to obtain an attending physician statement and enable accelerated underwriting.
“Electronic medical records have the potential to become a critical source of data for life insurers looking to streamline underwriting and transform the customer experience,” said Maroun Mourad, president of global underwriting at Verisk.
“But it’s been difficult for many insurers to extract and interpret unstructured EHR data, such as doctor’s notes, and make decisions based on the available data.
“Our new analytics platform—which we’re developing in collaboration with SCOR Global Life—uses advanced AI to automate the process: ingesting EHRs, analyzing their structured and unstructured data, and applying the insurer’s underwriting guidelines.”
The new platform will pull records from EHR providers and apply machine learning and natural language processing algorithms to analyze both the structured and unstructured data in those records.
It will return a score based on Verisk’s medically researched underwriting model. That score can then be modified by insurers based on their proprietary underwriting insights.
Scores will be validated against SCOR Global Life’s underwriting manual and vetted by its medical research and data science teams.
“Our collaboration with Verisk demonstrates our investment in underwriting innovation in order to make life insurance more readily available and more relevant,” said J.C. Brueckner, Chief Executive Officer of SCOR Global Life – US.
“Access to electronic medical information is essential for life insurers using rules-based decision models for accelerated underwriting. Over time, implementation of EHRs will boost process optimization, lower costs, and reduce application time.
“By working with Verisk on its new platform, we’ll be helping develop a solution that our clients can use to improve the customer journey and extend protection and peace of mind, which is central to our purpose as a reinsurer.”
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