Verisk Announces Plans to Integrate its Life Insurance Solutions with WOMBA’s Electronic Health Record Platform

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has partnered with WOMBA to develop an EHR Triage Engine utilizing consumer-authorized electronic health record data. This innovation aims to enhance life insurance underwriting by reducing decision time from weeks to one minute through advanced predictive analytics. The EHR Triage Engine can evaluate 95,000 impairments in under five minutes, potentially qualifying up to 85% of applicants with minimal underwriter review. This initiative responds to the growing demand for quick, secure, and convenient digital solutions in underwriting, particularly in the post-pandemic landscape.

Positive

• Partnership with WOMBA enhances Verisk's capabilities in life insurance underwriting.
• EHR Triage Engine can drastically reduce decision time from weeks to one minute.
• Ability to evaluate 95,000 impairments in under five minutes.
• Potential to qualify up to 85% of applicants with minimal underwriter involvement.

Negative

• None.

Jersey City, NJ, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, and WOMBA, nationally recognized as a leader in the medical data aggregation and interoperability sector, announced plans to commence development efforts to use consumer authorized, electronic health record (EHR) data aggregated by WOMBA to help power Verisk’s EHR Triage Engine, a new tool underwriters can use to fast-track many life insurance applications.

Verisk’s EHR Triage Engine Triage Engine can help cut decision time from weeks to one minute by automating previously manual workflows and using advanced predictive analytics and automation to digitally ingest and analyze EHRs. Development of the tool comes at a time when many life insurers are pursuing digital solutions to support fast, no-touch underwriting that meets consumer expectations for privacy and convenience.

“The pandemic has added urgency to the digital transformation long sought by many in the life industry,” said Maroun Mourad, president of global underwriting at Verisk. “Our plans to integrate Verisk’s EHR Triage Engine with WOMBA’s platform will help insurers make significant progress towards their goals.”

As part of the effort, Verisk’s EHR Triage Engine would also be integrated with WOMBA’s EHR Platform, which sources consumer authorized EHRs through various vendor partnerships and displays the EHRs on the platform in an easy-to-read format. Life insurers that subscribe to Verisk’s EHR Triage Engine would be able to view Verisk’s advanced analytics on WOMBA’s platform.

“We’ve worked for years toward seamless, secure exchange of medical records that uses the newest technology while keeping the individual in control,” said Eli Rowe, CEO at WOMBA. “With the opportunity to integrate Verisk’s solution into the WOMBA EHR Platform, Verisk shares our dedication to secure data stewardship and the innovative use of medical information to better serve consumers.”

Using consumer-authorized EHR data, the EHR Triage Engine can evaluate 95,000 impairments in five minutes or less, helping life insurers to qualify as much as 85 percent of applicants with little or no review by underwriters. This can streamline the customer experience for the majority of applications and help underwriters remain focused on the most complex risks.

Planned enhancements to the tool include capture of unstructured data—through natural language processing of medical notes—to handle complex risks.

To support 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. These robust data, analytic, and modeling solutions are seamlessly integrated with Verisk’s FAST platform or can connect with other policy administration systems. They are designed to transform legacy workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling. For more information, visit Verisk.com/life.

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 WOMBA

WOMBA is a cutting-edge consumer friendly data aggregation platform that provides next-generation, easy-to-use medical data aggregation. WOMBA seamlessly collects medical data information across a host of medical data sources into one secure platform. WOMBA’s cutting-edge environment empowers patients and consumers to easily manage their health data and share it with whom they want for as long as they want. WOMBA allows users to retrieve their data as well as to share their medical records on their behalf. To learn more about Womba please visit www.WOMBA.com.

Media Contact:
Joseph Madden
Verisk Public Relations
401-965-4284
Joseph.Madden@verisk.com

Brett Garrison
Edelman (for Verisk)
212-639-4903
Brett.Garrison@edelman.com

Ben Schlager (CCO)
WOMBA
917-495-5790
Ben.s@WOMBA.com

Moti Mitteldorf (CTO)
WOMBA
718-419-1348
Moti.M@WOMBA.com

FAQ

What is Verisk's EHR Triage Engine?

Verisk's EHR Triage Engine is a new tool designed to streamline life insurance underwriting by automating the assessment of electronic health records.

How does the partnership with WOMBA benefit Verisk?

The partnership allows Verisk to integrate advanced medical data aggregation capabilities into its underwriting processes, enhancing efficiency and accuracy.

What is the expected impact of the EHR Triage Engine on life insurance applications?

The EHR Triage Engine is expected to reduce decision time significantly and enable insurers to quickly process a large volume of applications.

When was the partnership between Verisk and WOMBA announced?

The partnership was announced on November 11, 2020.

What is the stock symbol for Verisk?

The stock symbol for Verisk is VRSK.