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Data Solutions

Jul 24, 2018, 09:00 AM
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Risk Solutions

Overview

Streamline your underwriting decisions with a suite of advanced tools developed specifically to help clients navigate the accelerating and ever-changing insurance market. RGA’s portfolio of risk selection solutions combines data science with a foundation of 40+ years of underwriting and mortality experience to help clients uncover applicant insights, assess risks and identify opportunities to drive growth.

Through these solutions, you will gain access to transparent and trusted data sources, making it easier than ever to apply data-driven insights to improve protective value and streamline the underwriting process. This will enable you to transform the customer journey while remaining price competitive. 

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Benefit at every stage of the insurance lifecycle


In today’s fast-paced world, it’s vital that you are able to quickly assess risk with high levels of confidence while creating a more efficient process for you 
– and a streamlined experience for your existing and potential policyholders. 

  • Benefit from new and unique insights to assess the applicant’s risk
  • Leverage RGA’s insights and tools to customize your underwriting program, providing a world-class customer experience by accelerating underwriting and increasing sales 
  • Translate large volumes of data into actionable information expediting underwriting analysis and providing structured data to enable automation 

Access an ecosystem of opportunity

RGA risk selection solutions complement and build upon each other to provide leading-edge insights into medical and behavioral risk.

TrueRisk® Life is a credit-based insurance score that is predictive of mortality and lapse risk. Developed by TransUnion and validated by RGA, TrueRisk® Life uses select attributes on a consumer’s credit report to assess behavioral risk, which, when coupled with medical factors, provides a more holistic view of an applicant’s overall risk. This enables you to:

  • Uncover unique insights into mortality and lapse that can lead to lower retail rates, higher placements and more sales
  • Identify applicants who may qualify for an accelerated underwriting experience
  • Optimize cross- and up-sell opportunities and create long-term relationships with policyholders
  • Harness additional insights into your target market that are beyond response rates

DriverRiskSM is a powerful indicator of prior violation activity and saves money through selective ordering of Motor Vehicle Reports (MVRs), enabling clients to:

  • Control costs by eliminating wasteful and unnecessary Motor Vehicle Reports. MVR costs are on the rise, yet many drivers have clean driving records.
  • Reveal violation activity regardless of name, address or license changes with advanced search logic from TransUnion, a global data services provider
  • Find violations potentially missed by duplicate or historical MVRs

RGA has long been an authority on prescription histories being predictive of mortality, and we continue to conduct research and refine our tools to help clients pinpoint risk amid the many complexities of prescription drugs.

The mind of a good underwriter draws upon short and long-term memory, logic, intuition and creativity. He or she is able to unite stray bits of data and make good decisions based on a solid grasp of the big picture.

Unfortunately, the data gathering itself can be time consuming. And when it comes to pharmaceutical information, the complexity can get cumbersome. With Rx histories, underwriters now have access to a tremendous wealth of vital health data.  But the real picture that the data is sending can get lost in the sheer volume of information. This is where Rx Scoring can help. 

  • Rx Scoring translates large volumes of data into actionable information for an underwriter.
  • Allows underwriters an immediate review of clean cases and non-critical prescription histories
  • Provides support for simplified issue or fully underwritten cases
  • Flags drugs of critical importance to help avoid costly errors
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What’s next? Powerful solutions to help assess risk and capture the right opportunities throughout every stage of the insurance life cycle. Get started.