Verisk has launched a new solution designed to help insurers make smarter underwriting decisions for risks posed by travellers with pre-existing medical conditions.
Black Box 3 (BB3) will initially launch in parts of Canada, Europe, Australasia, and Asia. Through the solution, customers will complete a declaration of their medical conditions, which a bespoke algorithm will analyse. A risk score is then generated that can then be used to complement an existing underwriting strategy.
The latest development of Verisk’s Black Box series (first launched in 2000), BB3 has a range of improvements for insurers, underwriters, and customers alike.
For example, 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.
The tool also includes a new feature called Screening Lite, which, subject to insurer-determined criteria, reduces the number of questions a customer is asked when traveling to lower-risk destinations for a shorter period with a reduced lead time (for example, traveling within the next couple of days for a weekend break).
“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.”
Chris Price, Europe, Middle East and Africa head of travel insurance at Zurich General Insurance, who has worked with the risk rating division of Verisk for 15 years across a range of different roles within the industry, added: “I’ve become very familiar with the Verisk technology, and our most recent integration of the BB into the Nordic insurance platform at Zurich has allowed us to cover pre-existing medical conditions with confidence.”
“Our alliance with Verisk also allows Zurich to participate on the price comparison websites, which remain an important channel of distribution for our business unit.”