CHARLOTTE, N.C.--()--SCOR Global Life Americas announced today that Velogica®, its innovative underwriting solution for the middle market, has just processed its one millionth life insurance policy application – a remarkable milestone for the system that instantly correlates details from electronic databases with information collected on the policy application to underwrite in real time.
“Hitting the one million mark is a really big event for us. At a time when life insurers are focused on using technology to improve the buying experience for both producers and consumers, we have just underscored Velogica’s effectiveness in doing just that.”
In 95 percent of all cases, Velogica has made an underwriting recommendation without the involvement of an underwriter, and 90 percent of the time it delivered the result in under a minute.
“At SCOR, we believe that innovation is quickly becoming the number one lever for life insurance profitability and growth,” said Glenn Cunningham, Executive Vice President, US Reinsurance for SCOR Global Life Americas. “Velogica is a winner in the innovation arena, both for us as a reinsurer and, more importantly, for our client partners. In working directly with our clients, we are developing product, underwriting, technology and knowledge innovations that work and deliver true strategic support for their growth, differentiation and profitability strategies.”
Dave Dorans, Senior Vice President of SCOR’s Value Added Services, said, “Hitting the one million mark is a really big event for us. At a time when life insurers are focused on using technology to improve the buying experience for both producers and consumers, we have just underscored Velogica’s effectiveness in doing just that.”
Velogica was introduced to the market in 2004 as a technology-driven underwriting solution for companies entering or expanding their presence in the middle market. Companies using Velogica report increased application flow, underwriting decisions in less than a minute, lower acquisition and underwriting costs, consistent underwriting assessments and success across distribution channels.
For information on Velogica contact Dave Dorans at 704-330-7821 or email@example.com.
About SCOR Global Life Americas
Headquartered in Charlotte, North Carolina, USA, SCOR Global Life Americas provides life reinsurance solutions and facultative underwriting services to approximately 500 companies in the U.S., Canada and Latin America. The reinsurer offers broad capabilities in risk and capital management as well as value added services that help life insurers develop competitive products and enter new markets with speed and efficiency. SCOR’s patented process commercialized as VELOGICA® offers new opportunities for effectively and efficiently underwriting middle market business.
SCOR Global Life Americas is the second largest life reinsurer in the U.S. market based on recurring new business. The company was formed in 2011 when SCOR SE acquired Transamerica Reinsurance from AEGON N.V.
SCOR Global Life Americas is part of the SCOR Group, a global reinsurer headquartered in Paris and with major Hubs in Paris, Zurich, Cologne, London, Singapore and New York. Visit www.scor.com for more information.