International reinsurer SCOR’s South Korean department has strategically partnered with Lydia AI, a well being AI start-up, to enhance SCOR’s Digital Underwriting Answer (VUS) with point-of-underwriting predictive well being analytics to create holistic end-to-end underwriting options.
Rho Donghyun, Chief Govt Officer, SCOR Korea, commented, “Well being and life insurers are challenged by the growing old inhabitants and the rising prevalence of persistent sicknesses. We consider within the energy of huge information and predictive analytics to intelligently assist us change into extra resilient to those macro modifications.”
This collaboration allows insurers to supply aggressive merchandise to a broader buyer base, with its audience being folks main a wholesome way of life whereas managing persistent sicknesses. The VUS allows insurers to just about simulate future incidence charges and claims throughout varied portfolios, giving insurers insights into future dangers.
The purpose of that is to assist insurers proactively alter underwriting necessities to make insurance coverage merchandise extra accessible and inexpensive for a wider vary of consumers. In collaborating with Lydia AI, which has an intersection of well being AI and actuarial science, these insights will even assist to boost buyer experiences, ship customized product suggestions, and streamline underwriting.
Initially serving clients in Korea and Japan, this partnership plans to broaden into extra international locations, with the joint goal of constructing insurance coverage “extra inclusive and attentive to the evolving wants of people and households worldwide, whereas contributing to the resilience of societies.”
By this strategic partnership, SCOR will improve its VUS by incorporating underwriting automation capabilities on the level of utility submission.
The reinsurer defined, “insurers will achieve a complete understanding of their portfolio’s future danger and translate these insights into actionable underwriting requirements instantly utilizing this built-in resolution.”
Anthony Lee, Chief Govt Officer, Lydia AI, concluded, “This partnership exemplifies how insurers can maximize new buyer consented information to realize extra complete insights into future portfolio dangers. This, in flip, empowers insurers to supply superior insurance coverage merchandise that present inexpensive safety to a bigger demographic.”
