SCOR upgrades underwriting system

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.”