Updated: Verisk Launches EHR Triage Engine to Help Speed Approval of Life Insurance Applications
Verisk (Nasdaq: VRSK) has launched the EHR Triage Engine, an innovative tool designed to expedite life insurance applications by utilizing consumer-authorized electronic health records. This engine can process data for up to 95,000 impairments in under five minutes, potentially increasing coverage approvals to 85% while significantly reducing manual underwriting time from weeks to minutes. Developed with SCOR, the solution integrates smoothly into existing systems, providing a fast, efficient experience for low-risk applicants. This advancement supports life insurers in meeting consumer expectations for swift policy approvals.
- EHR Triage Engine can reduce decision time from weeks to minutes.
- Potential to qualify up to 85% of applicants with minimal underwriter review.
- Collaboration with SCOR enhances the credibility and integration of the solution.
- Supports life insurers' digital transformation efforts.
- None.
Jersey City, NJ, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Verisk Launches EHR Triage Engine to Help Speed Approval of Life Insurance Applications
Powered by Consumer-Authorized Electronic Health Records, Verisk’s Innovative Solution Can Help Streamline Underwriting Decisions
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.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index and part of the Nasdaq 100 Index. For more information, please visit www.verisk.com.
About SCOR, a Global Tier 1 Reinsurer
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying the “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating from S&P and Fitch. The Group generated premiums of more than EUR 16 billion in 2019, and serves clients in more than 160 countries from its 38 offices worldwide.
For more information, visit: www.scor.com
Contact:
Joe Madden for Verisk
Joseph.Madden@verisk.com
201-232-4486
Brett Garrison
Edelman (for Verisk)
Brett.Garrison@edelman.com
917-639-4903
FAQ
What is the EHR Triage Engine launched by Verisk?
How does the EHR Triage Engine impact life insurance underwriting?
Who collaborated with Verisk on the EHR Triage Engine?
What are the benefits of the EHR Triage Engine for life insurers?
When was the EHR Triage Engine launched?
