New data sources remain a top priority as the life insurance industry embraces an age of innovation driven by technology. The underwriting process, in particular, is one where insurers perpetually seek ways to leverage available data. Being a part of this movement is an important component of SCOR’s mission.
The SCOR R&D team in the Americas recently joined the Insurance Alliance Data Delivery program as an Elite Partner with LexisNexis Risk Solutions, a leading provider of data, analytics and technology for the insurance industry. The program represents a robust ecosystem of organizations joining together to better enable the delivery of vast data assets from LexisNexis to clients through their own software and services.
“LexisNexis Risk Solutions is perhaps the biggest name in data aggregation and by continuing to work with them, we will further augment our focus on supporting advances in both accelerated and automated underwriting,” states Rick Pretty, SVP, Deputy Life R&D. “This new alliance will give us a firsthand look at potential solutions to the everyday underwriting challenges our clients face.”
Some of the data solutions the Life R&D team are looking at today include:
- Predictive models as a superior methodology to connect a variety of inputs available at the time of underwriting with outcomes (deaths) to supplement actual measured mortality
- Credit-based mortality risk scores to help define preferred and super preferred risk classes in the future vs. simply looking at risks traditionally assigned to preferred classes by biometric centric selection
- Electronic criminal history checks that match applicant information to national criminal records, including data from court sources and departments of corrections, closing the information gap common in the past
Drew Whitmore, Senior Director of Insurance Global Alliances for LexisNexis Risk Solutions, welcomes SCOR’s involvement in the LexisNexis Insurance Alliance program and looks forward to the mutual benefits of an expanded partnership.
“Both LexisNexis Risk Solutions and SCOR deeply believe in the power of data and analytics to manage risk and uncover opportunity. We have a long history together and the benefits of the Americas life organization now being a part of our new insurance alliance program is a key differentiator for the market.”
For more information about SCOR’s data source initiatives, please contact Rick Pretty.