American data analytics provider Verisk has introduced a new platform, called Black Box 3 (BB3), to help insurers underwrite risks posed by travellers with pre-existing medical conditions.
Currently available in parts of Canada, Europe, Australasia and Asia, the new technology gives insurers insight for medical underwriting decisions at point of sale.
Once the users complete a simple, intuitive declaration of their medical conditions; the Black Box evaluates their answers using a bespoke algorithm and creates a risk score which can then be used to complement an existing underwriting strategy.
The latest version of Black Box tool can provide a score that indicates the possibility of a cancellation claim arising, along with scoring output reflecting medical expenses and repatriation risk, the company said.
Verisk has equipped BB3 with a new feature known as “Screening Lite,” which reduces the number of questions a customer is asked when travelling to lower-risk destinations for a shorter period.
Verisk risk rating division director of business development Lara Suttie said: “Black Box is a proven technology that in 2018 will support more than 20 million risk assessments for clients in multiple countries around the world.
“Our ethos is to provide data analytics solutions that help our customers make better and faster decisions that minimise risk and maximise value.”
Zurich General Insurance EMEA head of travel insurance Chris Price said: “I’ve become very familiar with the Verisk technology, and our most recent integration of the BB into the Nordic insurance platform at Zurich has allowed us to cover pre-existing medical conditions with confidence.
“Our alliance with Verisk also allows Zurich to participate on the price comparison websites, which remain an important channel of distribution for our business unit.”
Verisk delivers predictive analytics and decision support solutions for, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, among others.