Data analytics provider Verisk has announced the launch of Black Box 3 in Canada, Europe, Australasia and Asia. The new solution has been designed to aid insurers when making underwriting decisions related to the risks posed by travellers who have pre-existing medical conditions. It is the third iteration of the Black Box series, which was first launched back at the turn of the century.
Customers wishing to take out insurance coverage complete a ‘simple, intuitive declaration’ of their medical condition or conditions, and Verisk’s solution analyses the responses using a bespoke algorithm, generating a risk score that can be incorporated into an existing underwriting strategy. Verisk claims that Black Box 3 can calculate the likelihood of a cancellation claim arising, and score customers based on likely medical expenses and repatriation risk, among other criteria.
In addition, the new version of Black Box includes a ‘Screening Lite’ feature, which offers a reduced questionnaire for customers travelling to low-risk destinations for shorter periods with reduced lead times.
“The integration of the Black Box technology has allowed us to process millions of risk assessments each year,” commented Ian Rogers, Managing Director of CYTI, a website that powers UK-based price comparison site MoneySupermarket’s travel insurance proposition. “It’s an invaluable resource. We’re excited about the new and improved version and how it can help us going forward.”