📋 Tender Overview
Verisk a leading data analytics provider is developing its new life insurance solutions in collaboration with PartnerRe a leading global reinsurer. Verisks new solutions use advanced voice analytics and artificial intelligence to transform underwriting and the customer experience. As part of the effort PartnerRe will test new technology that can flag potential tobacco usage among life insurance applicants through an analysis of telephone interviews and applicant data. The solution will help identify individuals who may need further review or lab testing while enabling the majority of applicants to benefit from accelerated underwriting.Providing a fast and easy purchase experience for life insurance in the long term requires a commitment to exploring new data and technology while maintaining the protective value that traditional underwriting brings said Nick Irwin director of life insurance solutions at Verisk. The deep experience that PartnerRe has developed in this market will help us develop cutting-edge tools that insurers can use to meet the need for speed with precision and reliability.This is a time of unprecedented change in the life insurance market said Karen Phelan vice president of underwriting strategy and innovation at PartnerRe North America Life. Thats why its 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. Verisks 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.PartnerRe will also collaborate on Verisks solution that leverages licensing and marketing data to help uncover life insurance applicants with risky avocations such as scuba diving and skydiving.
