SCOR
involving questionnaires and blood / fluid samples . SCOR has therefore listened to the feedback received from its clients to make the process increasingly resilient and seamless .
Utilising publicly available information , such as records of pharmaceutical usage , driving records , criminal records and basic demographic information , SCOR ’ s underwriting platform , named Velogica , has now gained the ability to automate underwriting and risk assessment in up to 85 % of policy applications .
“ Where we get a match , we can typically form a risk assessment in about 90 seconds , removing the needs for customers to go through this historic , cumbersome process . In fact , the risk assessment using our underwriting algorithm is more accurate in many cases than through traditional methods ,” notes Ford . “ It was designed and built to satisfy the requirements of today ’ s users – be they consumer , adviser or underwriter , and is a much more effective way of profiling customers for our clients . It provides a much better customer experience through all of the pathways to purchase .”
However , differences between the US and other markets mean
FACT SCOR Global Life ’ s subsidiary ReMark has established Digital Marketing Lab , ezTakaful in Malaysia , which looks at areas such as accelerated underwriting and alternative distribution models
260 March 2018