US-based data analytics provider Verisk Analytics, Inc. has announced the acquisition of Healix Risk Rating, a UK provider of automated medical risk assessment in the travel insurance market.
Healix Risk Rating will become part of Verisk Analytics’ ISO business, which has provided information about property/casualty insurance risk for more than 45 years.
Via the acquisition, Verisk intends to further expand its risk assessment offerings for the global insurance industry, providing solutions that are embedded with customer workflows and can help underwrite medical coverage for travellers with greater speed, accuracy, and efficiency.
“Travel insurance is part of the global property/casualty insurance market and a line of business where underwriters often need to quickly evaluate and price risks that can vary widely depending on those travelling and where they’re visiting,” said Beth Fitzgerald, president of ISO Solutions. “The powerful tools developed by Healix Risk Rating allow insurers to identify and assess these risks at point of sale and allow us to better serve both the travel insurance market and property/casualty insurers around the world.”
Paul Beven, founder of Healix Risk Rating and managing director, global, said that his company was ‘proud to join Verisk, whose access to a global network, vast industry knowledge, and experience with analytics will help us enhance our products and provide additional value to our clients’.