Data analytics platform Verisk is partnering with global reinsurer PartnerRe to build new solutions to evolve underwriting and customer experiences.
As part of the deal, PartnerRe will test new technology which can flag potential tobacco usage in life insurance applicants via an analysis of telephone interviews and applicant data. The solution will identify consumers which need further review or lab testing, while ensuring most applicants have an accelerated underwriting process.
Additionally, PartnerRe is collaborating on Verisk’s solution which utilises licensing and marketing data to uncover life insurance applicants with risky avocations such as scuba diving or skydiving.
Verisk is a data analytics service for the insurance, energy, and financial services space. Its technology can collate and analyse billions of records to power 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.
PartnerRe vice president Karen Phelan said, “This is a time of unprecedented change in the life insurance market. That’s why it’s critical to identify leading-edge solutions that can effectively mitigate risk as the industry moves away from fluid-based testing to more data-driven underwriting tools.
“Uncovering fraud and nondisclosure, in areas such as smoking, will help position our carriers for long-term success. Verisk’s long history of managing insurance data and its innovative analytics will help us gain new insights into policyholders and deliver a better experience for our customers.”
This is the second partnership Verisk has formed this month. Previously, it signed an agreement with legal analytics solution CourtSide TM to help insurers get access to court decisions.
Copyright © 2019 FinTech Global