StoneRiver Inc., an insurance technology company, and SCOR Global Life Americas, have partnered in an attempt to offer a solution for the underwriting of simplified issue products. The solution integrates Velogica, SCOR’s automated underwriting engine, and LifeSuite Results Manager, StoneRiver’s case management solution.
StoneRiver says LifeSuite Results Manager is designed to provide carriers with case management capabilities for stronger market growth. The product also provides the electronic capture and submission of application data to Velogica, and the presentation of underwriting evidence and results in a dashboard.
Velogica’s underwriting engine interprets details from multiple sources—MVR, MIB reports and prescription drug histories—and correlates the data with information collected on the application, says StoneRiver. Velogica’s algorithm enables an underwriting recommendation in real time. In 95 percent of all cases, Velogica has made an underwriting recommendation without the involvement of an underwriter, and 90 percent of the time, it delivered the result in less than one minute, according to a release.
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