Updated: Verisk Launches EHR Triage Engine to Help Speed Approval of Life Insurance Applications
August 10 2020 - 12:57PM
Verisk Launches EHR Triage Engine to Help Speed Approval of
Life Insurance ApplicationsPowered by Consumer-Authorized
Electronic Health Records, Verisk’s Innovative Solution Can Help
Streamline Underwriting Decisions
JERSEY CITY, N.J., August 10, 2020 — Verisk (Nasdaq:VRSK), a
leading data analytics provider, announced today the launch of its
new EHR Triage Engine, a tool that uses data from
consumer-authorized electronic health records (EHRs) to help life
insurers fast-track many applications for coverage—potentially
cutting decision time from weeks to minutes.
The EHR Triage Engine bypasses manual workflows, leveraging
advanced predictive analytics and automation to digitally ingest
and analyze EHRs. The tool can evaluate 95,000 impairments in five
minutes or less, so life insurers can qualify as much as 85 percent
of applicants for coverage with minimal or no underwriter review.
With automated processing of low-risk cases, carriers can provide a
streamlined customer experience for the vast majority of their
applications and enable underwriters to focus their energy on
complex risks.
“Many life insurers are looking to implement digital strategies
to modernize and streamline their business for a competitive
advantage,” said Maroun Mourad, president of global underwriting at
Verisk. “Verisk is at the forefront of a revolution in analyzing
structured digital health data for insurers that’s shared by their
applicants, and is indispensable for automating real-time, low-, or
no-touch decision making. This can help insurers deliver a quick
purchase process for the vast majority of applicants who are
relatively low risk.”
Research shows that it takes four weeks to underwrite the
average life policy, but half of all life insurance shoppers are
more likely to buy if they can forego the most intrusive and
time-consuming element—a required physical exam. The EHR Triage
Engine helps respond to those customer expectations, an effort
supported by a team of Verisk experts in biostatistics, data
science, medical research, regulatory compliance, and data
privacy.
Verisk developed the EHR Triage Engine in collaboration with
SCOR, a global Tier 1 reinsurer. SCOR plans to integrate Verisk’s
EHR Triage Engine into SCOR Global Life’s Velogica underwriting
system. The Verisk solution can also be easily delivered via a
stand-alone API or integrated into technology from FAST, a Verisk
business and leading provider of end-to-end software for the life
insurance and annuity markets.
For more information, visit: For more information, visit the EHR
Triage Web page.
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 and part of the Nasdaq 100 Index. For more
information, please visit www.verisk.com.
About SCOR, a Global Tier 1 Reinsurer
SCOR, the world’s fourth largest reinsurer,
offers its clients a diversified and innovative range of solutions
and services to control and manage risk. Applying the “The Art
& Science of Risk”, SCOR uses its industry-recognized expertise
and cutting-edge financial solutions to serve its clients and
contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of
security with its AA- rating from S&P and Fitch. The Group
generated premiums of more than EUR 16 billion in 2019, and serves
clients in more than 160 countries from its 38 offices
worldwide.
For more information, visit: www.scor.com
Contact:
Joe Madden for Verisk Joseph.Madden@verisk.com 201-232-4486
Brett GarrisonEdelman (for Verisk)Brett.Garrison@edelman.com
917-639-4903
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