Verisk Developing New Life Insurance Solutions in Collaboration with PartnerRe
October 24 2019 - 10:00AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, is
developing its new life insurance solutions in collaboration with
PartnerRe, a leading global reinsurer. Verisk’s new solutions use
advanced voice analytics and artificial intelligence to transform
underwriting and the customer experience.
As part of the effort, PartnerRe will test new technology that
can flag potential tobacco usage among life insurance applicants
through an analysis of telephone interviews and applicant data. The
solution will help identify individuals who may need further review
or lab testing while enabling the majority of applicants to benefit
from accelerated underwriting.
“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,” said Nick Irwin, director of life
insurance solutions at Verisk. “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.”
“This is a time of unprecedented change in the life insurance
market,” said Karen Phelan, vice president of underwriting strategy
and innovation at PartnerRe North America Life. “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.”
PartnerRe will also collaborate on Verisk’s solution that
leverages licensing and marketing data to help uncover life
insurance applicants with risky avocations, such as scuba diving
and skydiving.
About Verisk Verisk (Nasdaq:VRSK) is a
leading data analytics provider serving customers in insurance,
energy and specialized markets, and financial services. Using
advanced technologies to collect and analyze billions of records,
Verisk draws on unique data assets and deep domain expertise to
provide first-to-market innovations that are integrated into
customer workflows. Verisk offers predictive analytics and decision
support solutions to customers in rating, underwriting, claims,
catastrophe and weather risk, global risk analytics, natural
resources intelligence, economic forecasting, and many other
fields. Around the world, Verisk helps customers protect people,
property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30
countries and is a member of Standard & Poor’s S&P
500® Index. In 2018, Forbes magazine named Verisk to
its World’s Best Employers list. For more information, please
visit www.verisk.com.
About PartnerRePartnerRe Ltd. is a leading
global reinsurer that helps insurance companies reduce their
earnings volatility, strengthen their capital, and grow their
businesses through reinsurance solutions. Risks are underwritten on
a worldwide basis through the Company’s three segments: P&C,
Specialty, and Life and Health. For the year ended
December 31, 2018, total revenues were $5.6 billion. At June
30, 2019, total assets were $25.9 billion, total capital was $9.2
billion, and total shareholders’ equity was $7.3 billion. PartnerRe
enjoys strong financial strength ratings as follows: A.M. Best A+ /
Moody’s A1 / Standard & Poor’s A+.
Contacts:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com
PartnerRe Ltd.
441-292-0888
Media contact: Elizabeth Deacon
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