AXA Life & Health Reinsurance Solutions has selected Verisk’s health risk rating tool and ratings engine to offer automated health insurance underwriting solutions for insurance partners in Egypt.
Verisk’s health risk rating tool will be marketed by AXA in the region as Intelligent Medical Acceptance Tool (IMPACT).
IMPACT evaluates the responses of an applicant to a questionnaire, analyses their already existing medical issues and creates risk scores that can be utilised by insurers to understand the expenses linked to a condition as well as its complications in the future.
This approach aids insurers in adopting informed underwriting decisions at the point of sale.
An added module to the tool, the Health Risk Ratings Engine of Verisk, simplifies the process by facilitating insurers in designing their rules based on the risk scores and creating automated underwriting decisions on a real-time basis.
AXA Life & Health Reinsurance Solutions CEO Laurent Pochat-Cottilloux said: “The new Ratings Engine feature of the Health Risk Rating Tool has vastly improved IMPACT’s accessibility and efficiency in providing bespoke health insurance products to a wider demographic of customers.
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“Customers with pre-existing medical conditions should now have a much better experience finding cover that suits them.”
Verisk Life, Health & Travel managing director Rachel Edwards said: “The addition of the Ratings Engine to our product suite has expanded the value Verisk can add to our customers’ underwriting process and has greatly assisted AXA’s launch in Egypt.”
In April 2022, AXA Life & Health Reinsurance Solutions adopted the Health Risk Rating Tool of Verisk to aid partners in offering automated health insurance underwriting decisions in China apart from Vietnam and the Philippines.