The tools will help AXA’s Egyptian partners to automate health insurance underwriting based on the declared, pre-existing medical conditions of their customers. The Health Risk Rating Tool will be marketed in Egypt as AXA’s Intelligent Medical Acceptance Tool (IMPACT).
Verisk explained that the solution analyses an application’s response to a ‘dynamic question set, assesses the applicant’s pre-existing medical conditions, and generates risk scores that insurers can use to better understand the cost of maintaining a condition, and any potential complications’.
The Health Risk Ratings Engine is an additional module for the Health Risk Rating Tool that ‘allows insurers to configure their own rules based on the risk scores, and generate real-time automated underwriting decisions’.
The tool is available as both a standalone portal, and as an integrated application program interface (API).
This deal builds on an existing business relationship between Verisk and AXA Life and Health Reinsurance, with AXA already using Verisk’s Health Risk Rating Tool in China, Vietnam and the Philippines.
“Our entry into Egypt’s health market is not only a significant achievement in expanding our global presence in EMEA but it is also a positive step forward in our ongoing relationship with AXA,” said Rachel Edwards, Managing Director of Verisk Life, Health and Travel. “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.”