AXA Tianping uses Verisk’s health risk assessment tool to assess risks posed by pre-existing medical conditions
SHANGHAI, China, April 06, 2022 (GLOBE NEWSWIRE) — Verisk (Nasdaq: VRSK), a leading global data analytics provider, is pleased to announce that medical (re)insurance provider AXA Life & Health Reinsurance Solutions uses the Verisk Health Risk Rating Tool solution to provide its insurance partners in China with the ability to offer automated health insurance underwriting decisions that better consider pre-existing medical conditions.
The health risk assessment tool will be marketed as AXA’s Intelligent Medical Acceptance Tool (IMPACT), an underwriting platform available in China for insurers and brokers working with AXA Life & Health Reinsurance Solutions. IMPACT and Verisk’s Health Risk Assessment Tool automates the assessment of pre-existing medical conditions, allowing users to make underwriting decisions such as premium loads and exclusions in real time. Shanghai-based AXA Tianping is the first insurance partner to use IMPACT in the North Asian market.
“Providing coverage for pre-existing medical conditions has always been challenging due to reliance on slow, manual underwriting processes,” says Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions. “With the introduction of the health risk assessment tool through IMPACT, our insurance partners are able to offer a fully digitized customer journey to distributors and policyholders with more efficient underwriting decisions and sophisticated in the Chinese market.”
Through the IMPACT platform, customers will be able to report the specifics of their medical conditions using the Health Risk Assessment Tool’s dynamic question set, which uses advanced algorithms to generate relative risk representing their total medical exposure. Scores are based on over ten years of claims and medical data and are recalibrated with the latest developments in treatments and technologies.
“Many (re)insurers recognize a clear gap in the health insurance markets to sell real-time policies to customers who represent substandard but otherwise manageable risk,” says Rachel Edwards, Deputy Global Managing Director, Verisk Life, Health and Travel. “This is an important step for us in the Chinese market, and we hope this development will encourage more insurers to make healthcare more accessible to customers with pre-existing conditions.”
Verisk’s Life, Health and Travel solutions help insurers accelerate underwriting and expand their portfolios by automating the assessment of pre-existing conditions. The solutions, which have been integrated into the workflows of insurers, brokers and distributors around the world, analyze medical claims in insurance applications and provide critical analytics to help insurers underwrite health, travel and pet insurance of company.
The Health Risk Assessment Tool is available in many languages, including Simple and Traditional Chinese and Vietnamese. For more information, email riskrating@verisk.com.
About AXA Life & Health Reinsurance Solutions
We are your gateway to the L&H reinsurance capabilities of the AXA Group. We focus on low and middle income markets around the world through our unique combination of reinsurance, advice and service, which we call 360° reinsurance. Whether you are an insurer, an MGA/MGU, an insurtech or their reinsurance broker, we have the solutions to help you achieve your ambitions.
AXA Life and Health Reinsurance Solutions Pte. ltd. is registered in Singapore with the unique entity number 201112696E. Our registered address is 138 Market Street #10-01 Capita Green, Singapore 048946. We are a registered reinsurance broker regulated by the Monetary Authority of Singapore.
We are a member of the AXA Group and will only advise you on AXA Group reinsurance products. If you would like to receive product advice on the whole market, please appoint an independent reinsurance broker to whom we can provide information on AXA Group reinsurance products.
For all inquiries, please email us at Inquiries.ALHRS@axa.com.
About Verisk
Verisk (Nasdaq: VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialty markets, and financial services industries. More than 70% of FORTUNE 100 companies rely on industry-leading enterprise technologies to manage risk, make better decisions and improve operational efficiency. The Company’s analytical solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, disasters, economic forecasting, geopolitical risk, as well as environmental, social and governance (ESG). Celebrating its 50th anniversary, the company continues to make the world a better, safer and stronger place, and fosters an inclusive and diverse society. culture or all team members feel like they belong. With more than 100 offices in nearly 35 countries, Verisk regularly achieves certification by Great place to work. For more: Verisk.com, LinkedIn, Twitter, Facebookand Youtube.
CONTACT: Media Contact: Michelle Pantina Verisk 551-500-7327 michelle.pantina@verisk.com
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