Verisk, a fintech specializing in predictive analysis and decision support, notably in risk pricing, plans to develop life-insurance tools based on data that MIB Group transmits through its Electronic Health Records Service (MIB EHR).
MIB, formerly called the Medical Information Bureau, is a membership corporation that compiles medical information entered in the insurance applications that it receives from its members, a group of North American insurers.
Client-authorized access
Under this partnership, Verisk will analyze structured and unstructured electronic health data gathered by MIB EHR. The two partners will pool Verisk’s analytical capacities with the data from MIB’s applicant-authorized e-health records. The resulting solutions will be offered to life insurers.
“Consumers understand how sharing electronic health records can make it easier to buy life insurance,” says Stacy Gill, Executive Vice-President of MIB Group. "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,” she adds.
Biostatistics and natural language
Verisk will use the proprietary underwriting model built by its biostatisticians and medical professionals to analyze the structured data that MIB EHR sends its 400 members.
The fintech will also deploy its natural language processing abilities to glean information from complex and unstructured EHR data such as doctors’ notes.
Accelerated pricing
These analyses will allow Verisk to develop new comparative analysis solutions and risk scoring that can help life insurers underwrite policies and manage portfolio risk with increased speed and precision, the partners say.
“To develop high-performing models for assessing risks, you need robust and reliable data,” said Nick Irwin, director of life insurance solutions at Verisk. He adds that “MIB’s deep expertise in providing real-time underwriting information to insurers and its growing access to electronic health files will help Verisk develop solutions that can enhance insurers’ accelerated underwriting and improve portfolio management efforts.”
