(Image source: Verisk EHR Triage Engine page.)
Verisk (Jersey City, N.J.), a provider of data analytics to the insurance industry, has launched 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. The vendor says the application can cut decision time from weeks to minutes in many cases.
The EHR Triage Engine is designed to bypass manual workflows, leveraging advanced predictive analytics and automation to digitally ingest and analyze EHRs. Verisk says 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, the vendor asserts.
“Many life insurers are looking to implement digital strategies to modernize and streamline their business for a competitive advantage,” comments Maroun Mourad, president, global underwriting, 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.”
Verisk cites research showing 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 vendor says 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.
Integration with SCOR’s Velogica, FAST
Verisk developed the EHR Triage Engine in collaboration with SCOR, a Paris-based 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 (Edison, N.J.), a Verisk business and provider of end-to-end software for the life insurance and annuity markets, Verisk says.