“A One Stop Life Insurance Resource.”

Velogica

Velogica

Helping major clients drive new models of efficient distribution through predictive risk assessment & point- of- sale policyholder capture

What is Velogica?

Velogica is one of the first point-of-sale, instant life underwriting systems in the industry with a history of more than 15 years.

SCOR’s solution for point-of-sale life insurance combines reinsurance, product development and Velogica®, an advanced algorithm that utilizes a patented process to deliver instant underwriting decisions.

Velogica is helping major clients drive new models of efficient distribution through predictive risk assessment and point-of-sale policyholder capture. The Velogica algorithm correlates information from the life insurance application, motor vehicle reports, MIB reports and prescription drug history, and, in some states, criminal history. Clinical lab histories and credit-based mortality scores are on the horizon.

Velogica is designed with the flexibility required for new data sources as they become available on policy applicants. The most recent release of Velogica integrates SCOR’s predictive analytics capabilities and Electronic Health Records scores. The platform now features powerful data visualization and analytics functions that allow for strong case management and tracking (see Velogica Valet above). With more than four million life insurance applications processed, this proven platform has a record of achievement that is unmatched in the industry.

Benefits
  • Increased application flow
  • Underwriting decisions in less than a minute
  • Lower acquisition costs
  • Lower underwriting costs
  • Consistent underwriting assessments
  • Success across distribution channels
  • Risk participation of a life reinsurance leader

Performance Metrics

  • 90% of underwriting evaluations within one minute
  • 24/7 application submission capability
  • Thousands of applications processed weekly
  • Sales process and decision that takes less than 15 minutes
  • Human underwriting on less than 5% of applications
  • Validated risk assessment effectiveness

Velogica Valet

Velogica Valet delivers a set of dashboards which provide business intelligence analytics for underwriting recommendations to SCOR’s Velogica clients in the U.S. The analytical tool enables clients to visualize trends over time and supports streamlined reporting of client metrics in a user-friendly portal.

The Case Detail dashboard (lower right corner) was originally designed to enable Velogica clients who did not use a separate underwriting workbench to see case details. It was the first dashboard developed for Velogica Valet, which has been greatly expanded to provide both underwriting and executive reporting functionality.
The dashboards provide high-level summaries of the Velogica business and enable clients to drill down easily for more details about specific cases, producers, risk factors and other available analyses.
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