Verisk Announces Plans to Integrate its Life Insurance Solutions with WOMBA’s Electronic Health Record Platform
November 11 2020 - 9:06AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, and WOMBA,
nationally recognized as a leader in the medical data aggregation
and interoperability sector, announced plans to commence
development efforts to use consumer authorized, electronic health
record (EHR) data aggregated by WOMBA to help power Verisk’s EHR
Triage Engine, a new tool underwriters can use to fast-track many
life insurance applications.
Verisk’s EHR Triage Engine Triage Engine can help cut decision
time from weeks to one minute by automating previously manual
workflows and using advanced predictive analytics and automation to
digitally ingest and analyze EHRs. Development of the tool comes at
a time when many life insurers are pursuing digital solutions to
support fast, no-touch underwriting that meets consumer
expectations for privacy and convenience.
“The pandemic has added urgency to the digital transformation
long sought by many in the life industry,” said Maroun Mourad,
president of global underwriting at Verisk. “Our plans to integrate
Verisk’s EHR Triage Engine with WOMBA’s platform will help insurers
make significant progress towards their goals.”
As part of the effort, Verisk’s EHR Triage Engine would also be
integrated with WOMBA’s EHR Platform, which sources consumer
authorized EHRs through various vendor partnerships and displays
the EHRs on the platform in an easy-to-read format. Life insurers
that subscribe to Verisk’s EHR Triage Engine would be able to view
Verisk’s advanced analytics on WOMBA’s platform.
“We’ve worked for years toward seamless, secure exchange of
medical records that uses the newest technology while keeping the
individual in control,” said Eli Rowe, CEO at WOMBA. “With the
opportunity to integrate Verisk’s solution into the WOMBA EHR
Platform, Verisk shares our dedication to secure data stewardship
and the innovative use of medical information to better serve
consumers.”
Using consumer-authorized EHR data, the EHR Triage Engine can
evaluate 95,000 impairments in five minutes or less, helping life
insurers to qualify as much as 85 percent of applicants with little
or no review by underwriters. This can streamline the customer
experience for the majority of applications and help underwriters
remain focused on the most complex risks.
Planned enhancements to the tool include capture of unstructured
data—through natural language processing of medical notes—to handle
complex risks.
To support life insurers across the policy life cycle, Verisk
has developed a suite of interconnected solutions that apply
advanced analytics, automation, and machine learning to existing
and emerging data sources. These robust data, analytic, and
modeling solutions are seamlessly integrated with Verisk’s FAST
platform or can connect with other policy administration systems.
They are designed to transform legacy workflows in life insurance
underwriting, life and pension analytics, claim insights,
compliance and fraud detection, and actuarial and portfolio
modeling. For more information, visit Verisk.com/life.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider
serving customers in insurance, energy and specialized markets, and
financial services. Using advanced technologies to collect and
analyze billions of records, Verisk draws on unique data assets and
deep domain expertise to provide first-to-market innovations that
are integrated into customer workflows. Verisk offers predictive
analytics and decision support solutions to customers in rating,
underwriting, claims, catastrophe and weather risk, global risk
analytics, natural resources intelligence, economic forecasting,
and many other fields. Around the world, Verisk helps customers
protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30
countries and is a member of Standard & Poor's S&P 500®
Index and part of the Nasdaq 100 Index. For more information,
please visit www.verisk.com.
About WOMBA
WOMBA is a cutting-edge consumer friendly data aggregation
platform that provides next-generation, easy-to-use medical data
aggregation. WOMBA seamlessly collects medical data information
across a host of medical data sources into one secure platform.
WOMBA’s cutting-edge environment empowers patients and consumers to
easily manage their health data and share it with whom they want
for as long as they want. WOMBA allows users to retrieve their data
as well as to share their medical records on their behalf. To learn
more about Womba please visit www.WOMBA.com.
Media Contact: Joseph Madden Verisk Public
Relations 401-965-4284Joseph.Madden@verisk.com
Brett Garrison Edelman (for Verisk)
212-639-4903Brett.Garrison@edelman.com
Ben Schlager (CCO)WOMBA917-495-5790Ben.s@WOMBA.com
Moti Mitteldorf (CTO)WOMBA718-419-1348Moti.M@WOMBA.com
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