Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 8 January 2019, 23:00 HKT/SGT
Share:
    

Source: Verisk Analytics, Inc.
Verisk Launches Black Box 3
New technology, available in parts of Canada, Europe, Australasia, and Asia, to provide greater insight for medical underwriting decisions at point of sale

JERSEY CITY, N.J. and SURREY, U.K., Jan 8, 2019 - (ACN Newswire) - Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched Black Box 3 (BB3), a new solution available in parts of Canada, Europe, Australasia, and Asia, that helps insurers make smarter underwriting decisions for risks posed by travelers with preexisting medical conditions.

Customers complete a simple, intuitive declaration of their medical conditions, and the Black Box analyses the answers using a bespoke algorithm. A risk score is quickly generated that can then be used to complement an existing underwriting strategy.

The latest development of its proven Black Box series (first launched in 2000), BB3 has a range of improvements for insurers, underwriters, and customers alike.

For example, BB3 can now generate a score reflecting the likelihood of a cancellation claim arising, in addition to the scoring output reflecting medical expenses and repatriation risk.

The tool also includes a new feature called "Screening Lite," which, subject to insurer-determined criteria, reduces the number of questions a customer is asked when traveling to lower-risk destinations for a shorter period with a reduced lead time (for example, traveling within the next couple of days for a weekend break).

"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," said Lara Suttie, director of business development for Verisk's Risk Rating division.

"Our ethos is to provide data analytics solutions that help our customers make better and faster decisions that minimise risk and maximise value," added Suttie. "This launch builds on 18 years of underwriting experience and industry knowledge and will keep Black Box at the heart of insurers' policy decisions for many years to come."

"The integration of the Black Box technology has allowed us to process millions of risk assessments each year - an invaluable resource," said Ian Rogers, managing director at CYTI, the site that powers MoneySupermarket's travel insurance proposition. "We're excited about the new and improved version and how it can help us going forward."

"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 preexisting medical conditions with confidence," said Chris Price, EMEA head of travel insurance at Zurich General Insurance, who has worked with the Risk Rating division of Verisk for 15 years across a range of different roles within the industry. "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."

About Verisk

Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialised markets, and financial services. Using advanced technologies to collect and analyse billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500(R) Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.

Contact:
Eboni Thomas
Edelman (for Verisk)
212-642-7784
eboni.thomas@edelman.com

###

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via Globenewswire


Jan 8, 2019 23:00 HKT/SGT
Topic: Press release summary

http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Verisk Analytics, Inc.
June 4, 2019 22:00 HKT/SGT
Verisk Financial Helps Neobank Xinja Ensure APRA Compliance
Mar 20, 2019 08:00 HKT/SGT
Verisk Joins Effort to Fight Patent Trolls
Feb 26, 2019 09:00 HKT/SGT
Verisk and SAP Announce Strategic Partnership to Reimagine Product Compliance
Dec 3, 2018 20:30 HKT/SGT
Verisk to Acquire Rulebook
Sept 11, 2018 21:45 HKT/SGT
PCS Launches Global Cyber Industry Loss Index
June 21, 2018 19:30 HKT/SGT
Verisk Acquires Validus-IVC
May 22, 2018 08:00 HKT/SGT
Argus Launches New Industry-Leading Regulatory and Compliance Solution on Cloud
Apr 17, 2018 20:30 HKT/SGT
Hyundai Joins the Verisk Data Exchange
Feb 2, 2018 07:30 HKT/SGT
Verisk to Announce Fiscal Fourth-Quarter and Full-Year 2017 Results on February 20, 2018
Dec 7, 2017 07:00 HKT/SGT
Verisk to Discuss Revenue Growth Drivers and Strong Capital Allocation Track Record at Investor Day on Thursday, December 7, 2017, in New York City
More news >>
 News Alerts
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: