Benzinga | Nov 11, 2020 09:10AM EST

Verisk Announces Plans To Integrate Its Life Insurance Solutions With WOMBA's Electronic Health Record Platform

Jersey City, NJ, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Verisk (NASDAQ:VRSK), a leading data analytics provider, and WOMBA, nationally recognized as a leader in the medical data aggregation and interoperability sector, announced plans to commence development efforts to use consumer authorized, electronic health record (EHR) data aggregated by WOMBA to help power Verisk's EHR Triage Engine, a new tool underwriters can use to fast-track many life insurance applications.

Verisk's EHR Triage Engine Triage Engine can help cut decision time from weeks to one minute by automating previously manual workflows and using advanced predictive analytics and automation to digitally ingest and analyze EHRs. Development of the tool comes at a time when many life insurers are pursuing digital solutions to support fast, no-touch underwriting that meets consumer expectations for privacy and convenience.

"The pandemic has added urgency to the digital transformation long sought by many in the life industry," said Maroun Mourad, president of global underwriting at Verisk. "Our plans to integrate Verisk's EHR Triage Engine with WOMBA's platform will help insurers make significant progress towards their goals."

As part of the effort, Verisk's EHR Triage Engine would also be integrated with WOMBA's EHR Platform, which sources consumer authorized EHRs through various vendor partnerships and displays the EHRs on the platform in an easy-to-read format. Life insurers that subscribe to Verisk's EHR Triage Engine would be able to view Verisk's advanced analytics on WOMBA's platform.

"We've worked for years toward seamless, secure exchange of medical records that uses the newest technology while keeping the individual in control," said Eli Rowe, CEO at WOMBA. "With the opportunity to integrate Verisk's solution into the WOMBA EHR Platform, Verisk shares our dedication to secure data stewardship and the innovative use of medical information to better serve consumers."

Using consumer-authorized EHR data, the EHR Triage Engine can evaluate 95,000 impairments in five minutes or less, helping life insurers to qualify as much as 85 percent of applicants with little or no review by underwriters. This can streamline the customer experience for the majority of applications and help underwriters remain focused on the most complex risks.

Planned enhancements to the tool include capture of unstructured data--through natural language processing of medical notes--to handle complex risks.

To support life insurers across the policy life cycle, Verisk has developed a suite of interconnected solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. These robust data, analytic, and modeling solutions are seamlessly integrated with Verisk's FAST platform or can connect with other policy administration systems. They are designed to transform legacy workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling. For more information, visit Verisk.com/life.