Accelerated underwriting and the use of non-traditional data sources are becoming the norm in life insurance underwriting.
Yet Verisk research shows that
only 40 percent
of life insurance applications experience straight-through processing.
Source: Verisk Research
How can you harness new forms of data for accelerated underwriting to gain a competitive edge?
Verisk is at the forefront of underwriting automation.
Leveraging artificial intelligence (AI) and machine learning, Verisk is incorporating new types of data and developing InsurTech tools to help life insurers automate underwriting processes. These tools are designed to help insurers to drive faster, better business decisions and create new opportunities for stable and profitable growth.
Our EHR Triage Engine extracts critical insights from electronic health records (EHRs) to drive straight-through processing for most policies, enabling underwriting decisions for the majority of applications in one minute or less.
Help identify the vast majority of applicants whose health history may not warrant manual underwriter review.
Shorten underwriting cycle time from weeks to minutes for many applications.
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.
Enable speed and straight-through processing (STP) at point of sale.
Allow more customers to go through STP with increased comfort level.