Capture Trend Risk at an Individual Level
Life insurance underwriting traditionally uses industry tables and long-term trends based on historical averages. These one-size-fits-all trends ignore variability among factors such as age, sex, regionality, and socioeconomic cohort, as well as trend risk over time. Assessing and simulating risk at an individual level diminishes adverse selection, increasing profitability through greater pricing precision.
Verisk’s risk models and proprietary data assets not only model detailed cause-of-death scenarios but can also augment policyholder data within your portfolio. Life Risk Navigator can provide probabilistic analyses and enhancements for portfolios ranging from bare-bones policy data to those with detailed health information.
Tap into Insights across a Full Risk Distribution
Making pricing and other risk decisions based on a single point on a distribution leads to a lot of guesswork. Life Risk Navigator simulates a range of stochastic scenarios, providing robust risk metrics, capturing uncertainty, and offering insight into correlations between policies and portfolios. This full range of tail risk metrics enables portfolio benchmarking, optimization, and Solvency II modeling.
Access Your Risk Analytics in a Single Platform
Maintaining workflows across disparate data and analytics sources is time-consuming and disruptive. Evaluating life insurance, annuity, and pension risk transfer products in separate places leaves room for error. Life Risk Navigator unifies these workflows and data sources into a single, easy-to-use, and customizable platform, adding efficiency and simplicity to your business.
To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling. To learn more about Verisk’s life insurance solutions, visit verisk.com/life.