Personal lines insurer Corinium Insurance has selected Verisk’s Income Protection Black Box to support its Pre-X Protection, a product that provides more options for customers with pre-existing conditions to protect their monthly income against accidents, illness or unemployment.
The Income Protection Black Box is a medical risk assessment tool that helps quantify the risk of an insured being unable to work based on their declared pre-existing medical conditions.
Jonathan Woodley, managing director of Corinium Insurance Services, explained the decision to choose Verisk’s Income Protection Black Box: “Corinium Insurance Services are delighted to use the Income Protection Black Box to create what we believe is a first in the short-term income protection market.”
“Corinium Pre-X Protection allows applicants to cover some pre-existing medical conditions that would otherwise be excluded by new covers. Corinium Pre-X Protection provides consumers, particularly those with pre-existing medical conditions, far greater choice and security in the protection market, and we are really excited to be coming into the marketplace with this product.”
The Income Protection Black Box presents customers with an interactive questionnaire about their pre-existing conditions, which helps generate a relative risk score for underwriters that represents the likelihood of a claim and potential length of the claim period.
Insurers can use the risk score to help make almost immediate underwriting decisions on exclusions, loadings, co-payments, deductibles, excesses and other cover decisions.
Iain Howie, managing director of life, health and travel in the UK and Europe at Verisk, said: “Income protection insurance plays an important role in ensuring financial stability in the event that someone can’t work due to sickness or disability.”
“Certain conditions are more likely to result in extended periods of time off work. By using our tool, Corinium Insurance Services will have access to a fast, reliable, and cost-effective method of underwriting the relative medical risk.”
The Income Protection Black Box, part of Verisk Risk Rating’s suite of medical risk assessment tools, can be integrated into the point-of-sale systems of insurers, brokers, price comparison websites, and other insurance distributors.
The Black Box performs more than 25 million risk assessments per year and is also available for the travel, health and pet insurance markets.