Verisk Analytics enters Egypt health insurance market through AXA deal

AXA Life & Health Reinsurance Solutions has selected Verisk’s Health Risk Rating Tool and Ratings Engine to help its insurance partners in Egypt automate health insurance underwriting based on the declared pre-existing medical conditions of their customers. This deal marks the first time Verisk, a global data analytics and technology provider for insurers, provides a product or service to Egypt’s insurance market. Verisk’s Health Risk Rating Tool, which will be marketed as AXA’s Intelligent Medical Acceptance Tool, or IMPACT, enables insurers to grow by helping them make more informed underwriting decisions at point of sale. The solution analyses an applicant’s responses to a dynamic question set, assesses the applicant’s pre-existing medical conditions, and generates risk scores that insurers can use to better understand the cost of maintaining a condition and any potential complications. Verisk’s Health Risk Ratings Engine is an additional module of the solution that streamlines the process by allowing insurers to configure their own rules based on the risk scores and generate real-time automated underwriting decisions. This deal builds on an existing business relationship between Verisk and AXA Life & Health Reinsurance, with AXA using Verisk’s Health Risk Rating Tool in China, Vietnam and the Philippines.