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.