Life insurers and reinsurers tell us that failure to disclose tobacco use is a top underwriting concern. As accelerated underwriting gains traction, how do you balance thoroughness with the need for speed?
$10.2 billion
Estimated total premium lost over the next three years due to non-disclosure of tobacco use*
*Verisk research
A new weapon in the fight against tobacco non-disclosure
What’s in a voice? If you’re a life insurer, a short snippet of an applicant’s voice can reveal hidden tobacco use, providing invaluable information during the underwriting process without the cost and intrusion of a lab test.
Download this whitepaper to learn how machine learning and audio analytics can provide life insurers an entirely new and seamless way to help fight tobacco non-disclosure.
You have only one chance to get life underwriting right
Your customers want a fast quote.
You need accurate information to assess and price risk.
Can you improve your underwriting workflow to ensure that only individuals with a high tobacco usage propensity are sent for cotinine testing?
Verisk’s Tobacco Usage Propensity Model can help
Our Tobacco Usage Propensity Model combines cutting-edge audio analytics with traditional and non-traditional data sources to indicate—with a high degree of accuracy—the likelihood that an applicant is a smoker.
Benefits
- Increased underwriting speed and accuracy
- Better customer experience
- Streamlined workflow and lower costs
- Increased straight-through processing at point of sale
- Improved risk segmentation
Why Verisk?
With its long history of delivering analytic and workflow solutions to the property/casualty industry, Verisk is now delivering these capabilities value to life insurers.