Verisk launches new technology for travel underwriters
Verisk, a data analytics provider, has launched Black Box 3 (BB3), a new solution available in parts of Canada, Europe, Australasia, and Asia, that helps insurers underwrite risks posed by travellers with pre-existing medical conditions.
Customers complete a simple, intuitive declaration of their medical conditions, and the Black Box analyses the answers using a bespoke algorithm. A risk score is quickly generated that can then be used to complement an existing underwriting strategy.
BB3 can now generate a score reflecting the likelihood of a cancellation claim arising, in addition to the scoring output reflecting medical expenses and repatriation risk.
"Black Box is a proven technology that in 2018 will support more than 20 million risk assessments for clients in multiple countries around the world," said Lara Suttie, director of business development for Verisk's Risk Rating division.
"Our ethos is to provide data analytics solutions that help our customers make better and faster decisions that minimise risk and maximise value," added Suttie. "This launch builds on 18 years of underwriting experience and industry knowledge and will keep Black Box at the heart of insurers' policy decisions for many years to come."
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