Verisk Announces Plans to Analyze Structured and Unstructured Electronic Health Data from MIB EHR to Develop New Life Insurance Solutions
Jersey City, N.J. and Braintree, MA., September 17, 2019, (GLOBE NEWSWIRE) — Verisk (Nasdaq:VRSK), a leading data analytics provider, and MIB, the life insurance industry's most trusted and secure resource for data-driven risk management services, announced plans today that will leverage analytics and medical research from Verisk and applicant-authorized electronic health record (EHR) data accessed by MIB to develop new Verisk solutions for life insurers.
As part of the effort, Verisk will use a proprietary underwriting model built by Verisk biostatisticians and medical professionals to analyze the structured EHR data MIB passes through to its 400-member life insurers. Verisk will also deploy natural language processing to uncover insights from complex, unstructured EHR data, such as doctors' notes.
These analyses will enable Verisk to develop new benchmarking and risk-scoring solutions that can help life insurers underwrite policies and manage portfolio risk with increased speed and precision.
"Consumers understand how sharing electronic health records can make it easier to buy life insurance,” said Stacy Gill, EVP of MIB Group, Inc. “But to meet their expectations, it's critical that those records—including doctors’ notes—are transformed into actionable insights. Verisk's advanced analytical capabilities will help unlock the full potential of unstructured EHR data and provide insurers with the information they need to assess risk and accelerate the customer experience for acquiring life insurance."
"To develop high-performing models for assessing risks, you need robust and reliable data,” said Nick Irwin, director of life insurance solutions at Verisk. “MIB’s deep expertise providing real-time underwriting information to life insurers—and its growing access to applicant-authorized electronic health records—will help Verisk develop innovative solutions that can enhance insurers’ accelerated underwriting and improve portfolio management efforts."
MIB's EHR Service and Verisk’s EHR analytics solutions are separate and distinct services available from MIB and Verisk, respectively. Customers may subscribe to one or both services. MIB's Electronic Health Records Service is provided by MIB, Inc., a wholly owned subsidiary of MIB Group, Inc., to members of MIB Group, Inc
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze 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® Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
MIB is the life and health insurance industry’s most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its 400 life insurance company members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB EHR services are designed to accelerate policy underwriting using a digital workflow of applicant-authorized electronic medical records to transform the customer experience for purchasing life insurance protection. MIB EHR is provided by MIB, Inc., and offered exclusively to member insurers of the MIB Group, Inc. Visit (www.mibgroup.com).
Edelman (for Verisk)
David O. Aronson
MIB Group, Inc.