MRS Selects Verisk’s Voice Analytics to Help Life Insurers Accelerate Underwriting
19 August 2021 - 11:00PM
Many consumers may soon be able to buy life insurance more quickly
without undergoing inconvenient at-home medical tests. Management
Research Services (MRS), a cutting-edge technology and data
provider for the life insurance industry, is integrating Verisk’s
groundbreaking proprietary voice analytics into its telephone
medical interviews to help flag potential tobacco users early and
streamline the underwriting workflow.
MRS is implementing Verisk’s Tobacco Usage Propensity Model,
which uses artificial intelligence and machine learning to analyze
audio interviews. Recorded with the customer’s consent, the
cutting-edge audio analysis can flag probable tobacco users. MRS
will then apply the rules it has developed, based on Verisk’s model
output, to identify a small percentage of applicants who may
require lab testing to verify their tobacco usage status, while
enabling the vast majority of applicants to bypass lab testing.
“Verisk will add tremendous value for our customers,” said Tim
Dineen, CEO of MRS. “This technological integration will amplify
the power of a service they’re already using without slowing down
the process or degrading the buying experience.”
Verisk’s use of predictive analytics on emerging data assets
such as voice analysis is poised to enhance underwriting accuracy
as well as customer experiences while also helping insurers achieve
greater straight-through processing at the point of sale.
“This integration illustrates how life insurers can quickly and
easily pull voice analytics into their underwriting workflows for
an immediate, positive and measurable impact,” said Maroun Mourad,
president of global underwriting at Verisk. “Our model supports
more straight-through processing, enabling the majority of
applicants to avoid traditional testing and help obtain coverage
more quickly. It’s truly a win-win situation, since insurers can
reduce premium leakage related to tobacco nondisclosure, which may
cost the industry more than $10 billion in lost premiums over the
next three years.”
The model is part of Verisk’s suite of interconnected solutions
that apply advanced analytics, automation and machine learning to
existing and emerging data sources. The solutions are designed to
transform current workflows in life insurance underwriting, life
and pension analytics, claim insights, compliance and fraud
detection, and actuarial and portfolio modeling.
To learn more about Verisk’s life insurance solutions,
visit verisk.com/life.
About VeriskVerisk (Nasdaq:VRSK) provides predictive
analytics and decision-support solutions to customers in the
insurance, energy and specialized markets, and financial services
industries. More than 70 percent of the FORTUNE 100 relies on the
company’s advanced technologies to manage risks, make better
decisions, and improve operating efficiency. The company’s analytic
solutions address insurance underwriting and claims, fraud,
regulatory compliance, natural resources, catastrophes, economic
forecasting, geopolitical risks, and environmental, social, and
governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger and
fosters an inclusive and diverse culture where all team members
feel they belong. With more than 100 offices in nearly 35
countries, Verisk consistently earns certification by Great Place
to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and
YouTube.
About MRSMRS provides a high-end technology product to
the life, health, and annuity insurance industries. In today’s
world where “the only thing constant is change,” that original
vision has been expanded to include more services and technology
capabilities designed to help clients adapt quickly and in a
cost-effective way. MRS has invested heavily in its technology
platform to create a foundation for the next revolution in life
insurance. MRS’s No-Code platform provides all the tools needed to
build a highly secure, complex application that efficiently
collects voice and electronic data without writing a single line of
code. The result is a vastly reduced time to market with no initial
or ongoing maintenance costs making the total cost of ownership
substantially lower than status quo solutions. The platform’s
ability to support powerful reflexive logic makes the MRS rules
engine extremely efficient in collecting all information needed to
make a point-of-sale decision. The capabilities and flexibility of
the platform allow customers to use the MRS technology platform as
their single solution or as a tool to support and enhance current
technology solutions they already have in place.
Media Contacts:
Ali Krueger Herbert (for Verisk)
551-204-6592
ali.krueger@verisk.com
Dave Racine (for MRS)
414-534-6948
dracine@punch-pr.com
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