Verisk Develop New Life Insurance Solutions

September 17, 2019 / 3 min read

JERSEY CITY, N.J., and BRAINTREE, Mass., September 17, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, and MIB, the life insurance industry's most trusted and secure resource for data-driven risk management services, announced plans today that will leverage analytics and medical research from Verisk and applicant-authorized electronic health record (EHR) data accessed by MIB to develop new Verisk solutions for life insurers.

As part of the effort, Verisk will use a proprietary underwriting model built by Verisk biostatisticians and medical professionals to analyze the structured EHR data MIB passes through to its 400-member life insurers. Verisk will also deploy natural language processing to uncover insights from complex, unstructured EHR data, such as doctors' notes.

These analyses will enable Verisk to develop new benchmarking and risk-scoring solutions that can help life insurers underwrite policies and manage portfolio risk with increased speed and precision.

"Consumers understand how sharing electronic health records can make it easier to buy life insurance," said Stacy Gill, EVP of MIB Group, Inc. "But to meet their expectations, it's critical that those records—including doctors' notes—are transformed into actionable insights. Verisk's advanced analytical capabilities will help unlock the full potential of unstructured EHR data and provide insurers with the information they need to assess risk and accelerate the customer experience for acquiring life insurance."

"To develop high-performing models for assessing risks, you need robust and reliable data," said Nick Irwin, director of life insurance solutions at Verisk. "MIB's deep expertise providing real-time underwriting information to life insurers—and its growing access to applicant-authorized electronic health records—will help Verisk develop innovative solutions that can enhance insurers' accelerated underwriting and improve portfolio management efforts."

MIB's EHR Service and Verisk's EHR analytics solutions are separate and distinct services available from MIB and Verisk, respectively. Customers may subscribe to one or both services. MIB's Electronic Health Records Service is provided by MIB, Inc., a wholly owned subsidiary of MIB Group, Inc., to members of MIB Group, Inc.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

About MIB
MIB is the life and health insurance industry’s most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its 400 life insurance company members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB EHR services are designed to accelerate policy underwriting using a digital workflow of applicant-authorized electronic medical records to transform the customer experience for purchasing life insurance protection. MIB EHR is provided by MIB, Inc., and offered exclusively to member insurers of the MIB Group, Inc. Visit www.mibgroup.com/ehr for more information.

Contact:

Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com

David O. Aronson
MIB Group, Inc.
781-751-6136
daronson@mib.com

Verisk Announces Plans to Analyze Structured and Unstructured Electronic Health Data from MIB EHR to Develop New Life Insurance Solutions