New technology, available in parts of Canada, Europe, Australasia, and Asia, to provide greater insight for medical underwriting decisions at point of sale
Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched Black Box 3 (BB3), a new solution available in parts of Canada, Europe, Australasia, and Asia, that helps insurers make smarter underwriting decisions for risks posed by travellers with preexisting medical conditions.
Customers complete a simple, intuitive declaration of their medical conditions, and the Black Box analyses the answers using a bespoke algorithm. A risk score is quickly generated that can then be used to complement an existing underwriting strategy. The latest development of its proven Black Box series (first launched in 2000), BB3 has a range of improvements for insurers, underwriters, and customers alike.
For example, BB3 can now generate a score reflecting the likelihood of a cancellation claim arising, in addition to the scoring output reflecting medical expenses and repatriation risk.
The tool also includes a new feature called “Screening Lite,” which, subject to insurer-determined criteria, reduces the number of questions a customer is asked when traveling to lower-risk destinations for a shorter period with a reduced lead time (for example, traveling within the next couple of days for a weekend break).
Source: Verisk Press Release