SCOR develops biometric risk calculator to improve underwriting process

France-based global reinsurer  SCOR has developed a biometric risk calculator using innovative machine learning techniques that it hopes will improve the underwriting process for life insurers.

The reinsurer claims the calculator, called Vitae, addresses key underwriting complexities through the automation of the risk assessment process, which can otherwise be long and complicated for those with pre-existing health conditions.

The automation enables more accurate risk assessment based on a wider array of medical factors and simplifies the underwriting process.

Paolo de Martin, CEO of SCOR Global Life, said: “Improving Life insurance options for people who are not in ‘perfect health’ is at the heart of SCOR’s inclusive approach to underwriting. With Vitae, we reinvent the underwriting approach by leveraging vast amounts of data and Artificial Intelligence, to provide as many people as possible with protection against the risks they face.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.