Income Protection Risk Rating Tool
Transform your income protection insurance underwriting with the automated assessment of medical conditions
Pre-existing medical conditions can make it difficult for workers to find insurance coverage to protect their monthly income if they cannot work due to illness. But insurers are potentially losing out by excluding customers who otherwise present manageable risks. What if you could expand your market and make cover decisions easier with precise and reliable underwriting data?
Inform underwriting decisions with the Income Protection Risk Rating Tool
Inform underwriting decisions with the Income Protection Risk Rating Tool
Verisk’s Income Protection Risk Rating Tool automates the medical risk assessment process and helps quantify the risk of an insured being unable to work based on their declared pre-existing medical conditions. The Income Protection Risk Rating Tool can be seamlessly integrated into the sales process. Customers’ responses to simple, carefully worded questions result in a relative risk score that can be used for underwriting and pricing decisions.
Benefits of using the Income Protection Risk Rating Tool
Granular risk analysis
The Risk Rating Tool provides a breakdown of the different risk exposures presented by the customer, generating a risk score of how likely a customer is to be absent from work and for how long based on their declared pre-existing conditions.
Easy to implement
The Risk Rating Tool is easy to implement through an application program interface (API) or widget plugin solution.
Robust analytics
The analytics in the Risk Rating Tool have been developed and refined by experts in medical risk assessment, based on an understanding of the natural progression of medical conditions and claim costs. The data set and algorithms are updated regularly.
A strong history of innovation
We’ve worked with insurers to automate the assessment of pre-existing conditions since 2000. The Risk Rating Tool has carried out millions of risk assessments each year across the different markets it operates in.