SCOR Global Life Americas releases Velogica® 5.0
SCOR Global Life Americas announced the U.S. release of Velogica 5.0, the next iteration of SCOR’s underwriting solution for life insurance. The Velogica system instantly correlates details from electronic databases with information collected on the policy application to provide underwriting recommendations in real-time.
This major revision marks the integration of Velogica with SCOR’s Predictive Analytics capabilities as well as paving the way for the latest advances in data sources to ingest digital Electronic Health Records scores in 2021. It also features powerful data visualization and analytics functions that allow for strong case management and tracking.
Velogica was introduced to the market in 2004 as a technology-driven underwriting solution for companies entering or expanding their presence in the middle market. Companies using Velogica report increased application flow, underwriting decisions in less than a minute, lower acquisition and underwriting costs, consistent underwriting assessments and success across distribution channels.
“With the massive amount of potential data to analyze and act upon, rules-based systems can only take us so far ,” said Al Mele, Senior Vice President (SVP) of Underwriting Innovation at SCOR. “Rules-based systems start with assumptions (the rules) and predict outcomes. This strategy necessitates a limited, cautious approach to change and innovation so we can ensure that the outcomes match expectations. A predictive model-based strategy instead starts with outcomes and uses machine learning techniques to identify data characteristics most likely to produce those outcomes. It is a powerful tool for increasing our understanding and accelerating innovation.”
Velogica® 5.0 is currently used by several large carrier partners in the U.S. marketplace as part of their digital distribution strategies. These enhancements will allow current and new partners dual usage of rules-based underwriting using the most comprehensive data sources in the marketplace along with predictive analytics-based underwriting using advanced data science techniques.
“Velogica’s proven effectiveness as a ‘rules-based safety net’ perfectly complements the precision that can be achieved with a predictive model,” said James Lynch, Head of Americas Data Analytics for SCOR Global Life Americas. “We’re excited about what these capabilities mean, both for us as a reinsurer and more importantly, for our client partners.”