Advances in technology are rapidly changing customer expectations. Your customers are demanding an increasingly faster and frictionless life insurance experience, from purchase to claims. Inefficient manual processes lead to long, expensive sales and settlement cycles.

6 weeks:

Average time to close a life insurance application

Source: Verisk Research

 

How do you accelerate and improve the customer experience while maintaining the protective value of traditional underwriting and claims processes?

Drive a better customer experience by automating your processes—from pricing to underwriting to claims.

Leveraging robust data and advanced analytics, Verisk is developing solutions to help life insurers make critical underwriting and claims decisions with increased speed and precision.

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Explore Verisk’s life insurance underwriting solutions

Our Tobacco Usage Propensity Model employs predictive analytics on emerging data assets such as lifestyle data as well as voice analysis of telephone interviews to flag potential tobacco users with a high degree of accuracy.

  • Accelerate underwriting for the vast majority of applicants who aren’t flagged as potential tobacco users.
  • Accelerate underwriting for the majority of applicants who don’t engage in high-risk hobbies.

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Our Avocation Model leverages licensing and marketing data to help you identify individuals who participate in extreme sports or high-risk hobbies that can impact life expectancy.

  • Accelerate underwriting for the majority of applicants who don’t engage in high risk hobbies.
  • Quickly identify an applicant’s potential engagement in high-risk hobbies and the associated mortality risk.

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Our Motor Vehicle Reports (MVRs) give you quick and easy access to driving records for use in your underwriting process.

  • Speed up underwriting by reducing the time needed to research violations.
  • Get records from any state in a uniform, easy-to-read format—complete with translations of violation codes.
  • Make faster, more informed underwriting decisions.

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Explore Verisk’s life insurance claims solutions

Our ISO ClaimSearch database uses advanced claims-matching technology to automatically check claims for potential fraud.

  • Find missing beneficiaries.
  • Report claims automatically for child support lien and OFAC compliance.
  • Detect point-of-sale misrepresentation at the point of claim.
  • Identify claims filed by insureds after a death claim.

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