JERSEY CITY, N.J., August 10, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today the launch of its new EHR Triage Engine, a tool that uses data from consumer-authorized electronic health records (EHRs) to help life insurers fast-track many applications for coverage—potentially cutting decision time from weeks to minutes.
The EHR Triage Engine bypasses manual workflows, leveraging advanced predictive analytics and automation to digitally ingest and analyze EHRs. The tool can evaluate 95,000 impairments in five minutes or less, so life insurers can qualify as much as 85 percent of applicants for coverage with minimal or no underwriter review. With automated processing of low-risk cases, carriers can provide a streamlined customer experience for the vast majority of their applications and enable underwriters to focus their energy on complex risks.
“Many life insurers are looking to implement digital strategies to modernize and streamline their business for a competitive advantage,” said Maroun Mourad, president of global underwriting at Verisk. “Verisk is at the forefront of a revolution in analyzing structured digital health data for insurers that’s shared by their applicants, and is indispensable for automating real-time, low-, or no-touch decision making. This can help insurers deliver a quick purchase process for the vast majority of applicants who are relatively low risk.”
Research shows that it takes four weeks to underwrite the average life policy, but half of all life insurance shoppers are more likely to buy if they can forego the most intrusive and time-consuming element—a required physical exam. The EHR Triage Engine helps respond to those customer expectations, an effort supported by a team of Verisk experts in biostatistics, data science, medical research, regulatory compliance, and data privacy.
Verisk developed the EHR Triage Engine in collaboration with SCOR, a global Tier 1 reinsurer. SCOR plans to integrate Verisk’s EHR Triage Engine into SCOR Global Life’s Velogica underwriting system. The Verisk solution can also be easily delivered via a stand-alone API or integrated into technology from FAST, a Verisk business and leading provider of end-to-end software for the life insurance and annuity markets.
For more information, visit: For more information, visit the EHR Triage Web page.
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.
Edelman (for Verisk)