JERSEY CITY, N.J., August 19, 2021 – Many consumers may soon be able to buy life insurance more quickly without undergoing inconvenient at-home medical tests. Management Research Services (MRS), a cutting-edge technology and data provider for the life insurance industry, is integrating Verisk’s groundbreaking proprietary voice analytics into its telephone medical interviews to help flag potential tobacco users early and streamline the underwriting workflow.
MRS is implementing Verisk’s Tobacco Usage Propensity Model, which uses artificial intelligence and machine learning to analyze audio interviews. Recorded with the customer’s consent, the cutting-edge audio analysis can flag probable tobacco users. MRS will then apply the rules it has developed, based on Verisk’s model output, to identify a small percentage of applicants who may require lab testing to verify their tobacco usage status, while enabling the vast majority of applicants to bypass lab testing.
“Verisk will add tremendous value for our customers,” said Tim Dineen, CEO of MRS. “This technological integration will amplify the power of a service they’re already using without slowing down the process or degrading the buying experience.”
Verisk’s use of predictive analytics on emerging data assets such as voice analysis is poised to enhance underwriting accuracy as well as customer experiences while also helping insurers achieve greater straight-through processing at the point of sale.
“This integration illustrates how life insurers can quickly and easily pull voice analytics into their underwriting workflows for an immediate, positive and measurable impact,” said Maroun Mourad, president of global underwriting at Verisk. “Our model supports more straight-through processing, enabling the majority of applicants to avoid traditional testing and help obtain coverage more quickly. It’s truly a win-win situation, since insurers can reduce premium leakage related to tobacco nondisclosure, which may cost the industry more than $10 billion in lost premiums over the next three years.”
The model is part of Verisk’s suite of interconnected solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
To learn more about Verisk’s life insurance solutions, visit verisk.com/life.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
MRS provides a high-end technology product to the life, health, and annuity insurance industries. In today’s world where “the only thing constant is change,” that original vision has been expanded to include more services and technology capabilities designed to help clients adapt quickly and in a cost-effective way. MRS has invested heavily in its technology platform to create a foundation for the next revolution in life insurance. MRS’s No-Code platform provides all the tools needed to build a highly secure, complex application that efficiently collects voice and electronic data without writing a single line of code. The result is a vastly reduced time to market with no initial or ongoing maintenance costs making the total cost of ownership substantially lower than status quo solutions. The platform’s ability to support powerful reflexive logic makes the MRS rules engine extremely efficient in collecting all information needed to make a point-of-sale decision. The capabilities and flexibility of the platform allow customers to use the MRS technology platform as their single solution or as a tool to support and enhance current technology solutions they already have in place.