CHARLOTTE, N.C.--(BUSINESS WIRE)--SCOR Global Life announced the release of Version 4 of Velogica, its automated underwriting platform for point-of-sale life insurance transactions. The new version further facilitates the evolution of non-fluid underwriting, a movement that is transforming the way life insurance is bought and sold.
“In the past few years, there has been a profound shift in the way life insurers approach the underwriting process for much of their business,” said Dave Dorans, Senior Vice President of Value Added Services for SCOR Global Life in the Americas. “New underwriting algorithms and the availability of electronic data sources allow life insurers to offer consumers a simple and fast buying experience.”
Velogica – which has processed more than two million life insurance applications – continues to build on more than 10 years of experience. Version 4 keeps Velogica and SCOR Global Life at the forefront of innovation in automated underwriting.
“The architecture of the underwriting algorithm in Version 4 gives us an agile, dynamic means to incorporate new sources of underwriting evidence into our correlation and decision process,” said Al Mele, who heads the Velogica technology and operations team. “Coupled with our support of flexible, product-specific scoring, we are well-positioned to help our clients take advantage of the emerging wealth of instantly available electronic information.”
J.C. Brueckner, CEO of SCOR Global Life in the Americas, said innovation in life underwriting offers exciting growth opportunities for individual companies and the industry as a whole.
“We have known for some time that to maintain relevance in the larger financial services industry, life companies need to offer alternative approaches to underwriting and distribution,” Brueckner said. “SCOR Global Life is working with life insurers as they adjust to these new paradigms. We not only have underwriting know-how and mortality risk expertise, but we also have more than 10 years of experience helping companies successfully deploy automated underwriting solutions.”
About SCOR Global Life
SCOR Global Life is a leader in the life reinsurance market in the Americas providing solutions to companies in the U.S., Canada and Latin America. A full service reinsurer, SCOR Global Life offers broad capabilities in risk management, capital management and value-added services and solutions.
Offices in the US are located in Charlotte, NC, Leawood, KS and Minneapolis, MN.
SCOR Global Life is part of the SCOR Group, the fifth largest reinsurer in the world with a unique track record of growth and commitment to partnering with clients. SCOR Global Life is a top five global life reinsurer. Its expert teams have been providing worldwide clients superior reinsurance products and services for more than 40 years with an approach based on the development of long-term relationships with clients.
For more information, please go to www.SCOR.com.