In the U.S., Velogica has continued to enhance its offering by bringing sophisticated automation to our clients’ accelerated underwriting programs. The Velogica algorithm, which utilizes a patented process to deliver instant underwriting decisions,
is SCOR’s solution for point-of-sale Life insurance, combining reinsurance and product development. The algorithm, which correlates information from Life insurance applications, motor vehicle reports, MIB reports, prescription drug history and criminal history (in some states), was further enhanced in 2017 with clinical lab histories.

In Asia-Pacific, SCOR Global Life’s R&D Centers have developed their own text mining solution. The methodology involved, which combines natural language processing with machine-learning modeling, has been successfully applied to a Chinese client for critical illness claims and to an Australian client for disability. Our Asian teams have also successfully developed a digital offering for a client’s diabetes management product in Hong Kong, partnering with a consumer-engaging app which tracks blood glucose. By collecting and analyzing data for its personalized care service, the client can offer special rates to patients with diabetes, thereby increasing customer engagement. Through integration with insurtech solutions, we can support end-customers as they look to maintain a healthy lifestyle.

Bringing innovative solutions to our clients is also a key focus in Europe. SCOR and ReMark have invested in Umanlife, an innovative wellness platform delivering custom lifestyle coaching tools for consumers. This enables them to interact with their insurer and receive personalized advice. For their part, insurers benefit from better persistency and the ability to actively manage their risk profile. In Ireland, we have partnered with a global insurer to develop and launch a wearable-enabled wellness proposition, offering lower premiums to Life insurance customers meeting certain health goals.

In addition, SCOR and ReMark are expanding their investment in research and development through an “anchor” partnership with Plug and Play Tech Center, a U.S. -based global technology accelerator for startups and investors. This partnership gives SCOR and ReMark access to world-class technology startups and the opportunity to provide input and direction to promising R&D projects. More recently, SCOR partnered with the Canadian Fintech company Vivametrica to develop an exclusive new risk model based on wearables data, benefiting both consumers and Life insurers seeking wellness solutions.