Verisk secures AXA deal to enter new market
Global insurance data analytics and technology provider Verisk has secured a deal with re/insurer AXA that will enable it to service Egypt’s insurance market.
AXA 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.
Verisk’s Health Risk Rating Tool, which will be marketed as AXA’s Intelligent Medical Acceptance Tool (IMPACT), enables insurers to 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 partnership 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.
Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions, said: “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. Customers with pre-existing medical conditions should now have a much better experience finding cover that suits them.”
Rachel Edwards, managing director of Verisk Life, Health & Travel, said: “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. 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.”
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