Verisk Brings Health Risk Rating Tool to China with AXA Life & Health Reinsurance
Verisk (Nasdaq: VRSK), a leading global data analytics provider, is pleased to announce that medical (re)insurance provider AXA Life & Health Reinsurance Solutions is using Verisk’s Health Risk Rating Tool to provide its insurance partners in China the ability to offer automated health insurance underwriting decisions that are more inclusive of pre-existing medical conditions.
The Health Risk Rating Tool will be marketed as AXA’s Intelligent Medical Acceptance Tool (IMPACT), an underwriting platform available in China to insurers and brokers working with AXA Life & Health Reinsurance Solutions. IMPACT and Verisk’s Health Risk Rating Tool automate the assessment of pre-existing medical conditions, allowing users to make underwriting decisions such as premium loadings and exclusions in real time. AXA Tianping, which is based in Shanghai, is the first insurance partner to use IMPACT in the North Asian market.
“Providing cover for pre-existing medical conditions has traditionally been challenging due to a reliance on slow, manual underwriting processes,” says Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions. “Through the introduction of the Health Risk Rating Tool via IMPACT, our insurance partners are able to offer a full digitalised customer journey for distributors and insureds with more efficient and sophisticated underwriting decisions in the China market.”
Through the IMPACT platform, customers will be able to declare the specifics of their medical conditions using the Health Risk Rating Tool’s dynamic question set, which uses advanced algorithms to generate relative risk scores representing their total medical exposure. The scores are based on more than ten years of medical claims and data and are recalibrated with the latest developments in treatments and technologies.
“Many (re)insurers recognise a clear gap in health insurance markets to sell policies in real time to customers who represent substandard but otherwise manageable risk,” says Rachel Edwards, deputy global managing director, Verisk Life, Health and Travel. “This is an important milestone for us in the Chinese market, and we hope this development encourages more insurers to make healthcare more accessible to customers with pre-existing conditions.”
Verisk’s Life, Health and Travel solutions help insurers accelerate their underwriting and expand their portfolios by automating the assessment of pre-existing conditions. The solutions, which have been integrated into the workflows of insurers, brokers and distributors around the world, analyze the medical declarations in insurance applications and provide critical analytics to help insurers underwrite health, travel and pet insurance.
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