Verisk Analytics has collaborated with SCOR to introduce an AI-powered analytics platform for automating life insurance underwriting.
The new platform helps insurers underwrite medical insurance by interpreting electronic health records (EHRs).
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The platform is tailor-made for consumers and insurers to help improve life insurance buying experience.
The solution is designed to extract records from EHR providers and analyse both the structured and unstructured data in those records.
It will apply machine learning (ML) and natural language processing algorithms to analyse the data.
The analysis will return a score based on Verisk’s medically researched underwriting model, which can then be modified by insurers based on their proprietary underwriting insights.
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By GlobalDataThe scores generated will be validated against SCOR Global Life’s underwriting manual and evaluated by its medical research teams and data scientists.
The solution is aimed at reducing the time required to obtain a statement from an attending physician and accelerate the underwriting process.
Verisk global underwriting president Maroun Mourad said: “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.”
Verisk plans to make the new solution available via a stand-alone API and incorporate it into SCOR Global Life’s Velogica underwriting system.
The company is seeking carrier development partners to help develop, test, and validate the solution.
SCOR Global Life US CEO J.C. Brueckner said: “Access to electronic medical information is essential for life insurers using rules-based decision models for accelerated underwriting.
“Over time, the 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.”
