Life Insurers Can Now Distill Insights from Unstructured Data in Electronic Health Records, as Authorized by Consumers, with New Verisk Solution
- Verisk’s EHR Triage Engine Plus leverages natural language processing (NLP) and artificial intelligence (AI) to analyze medical notes in lengthy, consumer-authorized health records.
- New medical note analytics can help life insurers to obtain insights and more efficiently rate more complex risks.
- Life insurers can use these automated solutions to distill electronic health records often more than 1,000 pages long into 1- to 2-page summaries with underwriting recommendations.
- These solutions were developed with extensive feedback from SCOR, a leading reinsurer and early adopter of the EHR Triage Engine technology.
JERSEY CITY, N.J., May 12, 2021 — Obtaining life insurance could soon become quicker and easier with the launch of an automated solution from Verisk (Nasdaq:VRSK), a leading global data analytics provider. Verisk’s new EHR Triage Engine Plus leverages natural language processing and artificial intelligence to distill critical insights from medical notes in lengthy, consumer-authorized, electronic health records (EHRs).
The EHR Triage Engine Plus is the latest version of the groundbreaking EHR Triage Engine, which was launched last year. Both solutions can quickly analyze information-rich, electronic health records that can be thousands of pages long and deliver an easy-to-read, 1- to 2-page summary of key risk elements along with a recommended underwriting classification.
“Life insurance underwriters can spend a huge amount of time sifting through electronic health records. And many key risk elements needed for underwriting, such as cancer stage, can only be found within an EHR’s medical notes,” said Maroun Mourad, president of global underwriting at Verisk. “Our new solution brings automation and advanced analytics to this difficult and time-consuming process, helping insurers accelerate accurate underwriting and the buying experience for consumers.”
These solutions were developed with extensive feedback from SCOR, a leading reinsurer and early adopter of the EHR Triage Engine technology.
“The value of Electronic Health Records has long been difficult to obtain, because of the challenge in normalizing and processing critical data presented in a wide range of formats,” said J.C. Brueckner, CEO of SCOR Global Life Americas Reinsurance Company. “Verisk’s new solutions is another competitive advantage that helps us enable carriers to use this information to make faster, informed underwriting decisions without sacrificing accuracy. That means better business outcomes and a superior customer experience.”
The Verisk solution can be integrated with insurers’ existing underwriting systems, 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 and annuity markets. To learn more about how Verisk is unlocking the value in EHRs, register for the Verisk Life Seminar, a complimentary virtual event on May 18-19, 2021.
Supporting life insurers across the policy life cycle, Verisk has developed a suite of interconnected solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions, seamlessly integrated with the FAST platform, 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 explore Verisk’s life insurance solutions online, visit verisk.com/life
About SCOR SE
SCOR, the fourth largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise (“The Art & Science of Risk”), SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk—in Life & Health insurance (longevity, mortality, LTC, etc.) as well as in P&C insurance (natural catastrophes, agriculture, industry, transport, engineering, etc.). For more information, please visit www.scor.com.
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)