Verisk Developing New Life Insurance Solutions in Collaboration with PartnerRe
PartnerRe to Test Verisk’s Advanced Voice Analytics and Artificial Intelligence to Help Transform Underwriting and Customer Experience
JERSEY CITY, N.J., and Charlotte, N.C., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, is developing its new life insurance solutions in collaboration with PartnerRe, a leading global reinsurer. Verisk’s 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. “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.”
PartnerRe will also collaborate on Verisk’s solution that leverages licensing and marketing data to help uncover life insurance applicants with risky avocations, such as scuba diving and skydiving.
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. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit .
About PartnerRe
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital, and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2018, total revenues were $5.6 billion. At June 30, 2019, total assets were $25.9 billion, total capital was $9.2 billion, and total shareholders’ equity was $7.3 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A+ / Moody’s A1 / Standard & Poor’s A+.
Contacts: Brett Garrison Edelman (for Verisk) 917-639-4903 PartnerRe Ltd. 441-292-0888 Media contact: Elizabeth Deacon
