AXA selects Verisk's Health Risk Rating Tool and Ratings Engine to assess substandard risks posed by pre-existing medical conditions
CAIRO, Egypt, Aug. 28, 2023 (GLOBE NEWSWIRE) -- AXA Life & Health Reinsurance Solutions has selected Verisk's Health Risk Rating Tool and Ratings Engine to help its insurance partners in Egypt automate health insurance underwriting based on the declared pre-existing medical conditions of their customers. This deal marks the first time Verisk, a global data analytics and technology provider for insurers, provides a product or service to Egypt's insurance market.
Verisk's Health Risk Rating Tool, which will be marketed as AXA's Intelligent Medical Acceptance Tool (IMPACT), enables insurers to grow by helping them make more informed underwriting decisions at point of sale. The solution analyses an applicant's responses to a dynamic question set, assesses the applicant's pre-existing medical conditions, and generates risk scores that insurers can use to better understand the cost of maintaining a condition and any potential complications.
Verisk's Health Risk Ratings Engine is an additional module of the solution that streamlines the process by allowing insurers to configure their own rules based on the risk scores and generate real-time automated underwriting decisions.
"The new Ratings Engine feature of the Health Risk Rating Tool has vastly improved IMPACT's accessibility and efficiency in providing bespoke health insurance products to a wider demographic of customers," said Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions. "Customers with pre-existing medical conditions should now have a much better experience finding cover that suits them."
This deal builds on an existing business relationship between Verisk and AXA Life & Health Reinsurance, with AXA using Verisk's Health Risk Rating Tool in China, Vietnam and the Philippines.
"Our entry into Egypt's health market is not only a significant achievement in expanding our global presence in EMEA but it is also a positive step forward in our ongoing relationship with AXA," said Rachel Edwards, Managing Director of Verisk Life, Health & Travel. "The addition of the Ratings Engine to our product suite has expanded the value Verisk can add to our customers' underwriting process and has greatly assisted AXA's launch in Egypt."
The Health Risk Rating Tool is available as a standalone portal or as an integrated API. For more information, e-mail riskrating@verisk.com.
Verisk's Life, Health & Travel business has worked with insurers to automate the assessment of pre-existing conditions with the Risk Rating Tool since 2000. The integration of Verisk's software into the workflows of insurers, brokers, distributors, banks and price comparison websites has established the Risk Rating Tool as a leading solution in the marketplace.
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