SCOR | Velogica
Every day, we face risks. A natural catastrophe or personal tragedy could strike us at any time.
Unforeseen circumstances are a part of life.
In 2022…
natural hazards and disasters worldwide
individuals affected by natural disasters
“Having to start a GoFundMe account to care for loved ones after a loss just compounds tragedies. We want to expand coverage while driving down the costs, so everyone can get affordable insurance.”
Jeremy Campbell, VP of Technology at Velogica US
The Situation
Handling sensitive data is a necessary risk to increase protection
SCOR and Velogica are committed to protecting their customers – and their customer’s customers – from risk, but sensitive personal data is required in underwriting for its high predictive value and impact on insurance affordability. A commitment to protecting customers means Velogica must meet the highest security standards to safeguard personal information.
“Security and compliance are extremely important to us. We handle a tremendous amount of personal health information, and that is a big deal.” Jeremy Campbell, VP of Technology at Velogica US
SCOR’s new strategic plan
SCOR believes that making insurance affordable and accessible is a societal good, extending protection from risks to more people.
Leveraging automation and scale increases speed and lowers the cost of policy evaluation, allowing direct insurers to craft offerings to meet all market segments, including those previously underserved. SCOR’s Velogica rapidly and accurately automates underwriting decisions for insurers, ultimately impacting the experience of everyone involved in the insurance process: from the insurers to the underwriters to the end individual applicant.
"Half of the world lacks coverage for essential health services." - WHO
The Solution
Embracing emerging technologies to achieve the highest security standards
SCOR’s Velogica is a digital-first company and understands the need to be agile and customer-centric in a rapidly changing environment.
SCOR identified data security as paramount to its business strategy earlier than many competitors. Underwriting with applicant personal information is the heart of insurance; therefore, it was a top priority that Velogica demonstrated Service Organization Control (SOC) 2 Type II compliance, adhering to the strictest information security standards in the industry.
Recently, Velogica’s technology team has been understanding the power and intricacies of artificial intelligence (AI) and machine learning (ML) models to assist with underwriting decisions.
“We are an agile team and work collaboratively with our customers. We’re always looking for ways to innovate.” Jeremy Campbell, VP of Technology at Velogica US
Insurance model compliance
It’s a very complex and rapidly evolving space because there are the confines of regulatory agencies. As daunting as the changing landscape is, these are very valuable models for making life insurance decisions. The big focus is, ‘How can we use these models correctly?’ From a compliance perspective, you have to make sure it is free from bias.
The Results
Driving down costs to provide coverage for more people
Velogica applies the information it discovers along with information supplied by the applicant to its risk factors to lower the cost of insurance for the end applicant.
Secure and compliant
As a SOC 2 Type II-compliant platform operating 100% in an AWS environment, Velogica can manage a huge data library of risk factors with predictive value for life insurance underwriting and mortality predictability.
Shorten the data cycle
Velogica leverages existing information to remove manual touches, reduce human resources, and increase speed. In one minute, the platform can conduct the whole underwriting process that used to take three to four weeks.
Drive down data orders
Data orders are a significant source of expenses in the underwriting process and can affect the cost of insurance. Velogica optimizes evidence requirements, so it can avoid unnecessary data orders for its customers to reduce their underwriting costs.
Spot more errors
Misrepresentation of data is common, and Velogica’s software can identify and flag or correct these errors. The technology team is learning how to harness AI and ML models to spot errors that might be missed by traditional underwriting.
By the numbers
of underwriting decisions within 1 minute with Velogica
of underwriting of applications require human underwriting with Velogica
SCOR clients
“Nothing drives down the cost of insurance like the accuracy of your predictions.”
Jeremy Campbell, VP of Technology at Velogica US