Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

RPA in Banking: Strategies and Pitfalls

Insights on RPA Suppliers and Case Studies. Subscribe now

Verisk, Equifax codevelop new insurance scoring solution

VeriskData analytics provider Verisk and Equifax Inc have entered into an agreement to jointly develop an insurance scoring solution ‘Inflection Insurance Score’.

Inflection is a new credit-based scoring solution that combines the credit data of Equifax with the insurance expertise and analytics of Verisk to help personal auto and property insurers enhance underwriting and improve growth and profitability.

“The Inflection Insurance Score will leverage comprehensive credit data and advanced predictive modeling, enabling insurers to evaluate and price risk with greater speed and precision,” Rod Bazzani, general manager of insurance solutions at Equifax stated.

Inflection will provide insurers with a balanced framework in which to evaluate consumers, based on two years of trended credit data. The score will supplement traditional point-in-time snapshots, helping insurers gain a more dynamic picture of risk levels and quickly develop more precise quotes for increased profitability and customer satisfaction, according to a statement.

“Inflection presents a way for insurers to take their underwriting to the next level, with a solution that can help improve risk segmentation, pricing, and the customer experience across the policy life cycle,” Doug Caccese, president of personal lines for ISO, a Verisk business added.

Verisk is a data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze records, the company draws on data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows.

It offers predictive analytics and decision-support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. The company helps customers protect people, property, and financial assets.

Headquartered in Atlanta, Equifax is a global data, analytics, and technology company. The company blends unique data, analytics, and technology to serve customers globally, to create insights that power decisions to move people forward.

Related Posts