Alyssa Lane
CRL, or CRL Corp, is a company that provides a range of services to insurance providers. CRL's services are designed to help insurance companies with risk selection insights and improve their analyses. CRL's services include CRL Plus, a tool that uses application information and third-party data to make underwriting recommendations, and OASIS, a secure online reporting system that provides access to laboratory reports, test explanations, and other documents. CRL also offers a risk assessment tool called Smart Score, which provides a simple, validated assessment of an applicant's risk based on a single score encompassing laboratory studies and physical measurements. CRL's services aim to streamline insurance providers' operations and improve their decision-making processes.
| Characteristics | Values |
|---|---|
| Definition | A critical process that involves identifying, evaluating, and quantifying risks associated with insurable assets and activities. |
| Objective | Help insurers determine the likelihood and potential financial impact of various risks, allowing them to set appropriate premium rates, coverage limits, and policy terms. |
| Types of Risks | Natural disasters (floods, earthquakes, hurricanes), human activities (theft, vandalism, accidents), market risks, operational risks, driving history, age, vehicle type, location, health status, medical history, lifestyle choices, and demographic factors. |
| Tools and Techniques | Actuarial analysis, data analytics, big data, predictive modelling, machine learning algorithms, geospatial analysis, mapping, qualitative analysis, cost-benefit analysis. |
| Industry Solutions | CRL offers Insurer Services and CRL Plus to help insurance providers streamline operations, make underwriting recommendations, and provide expert insight. |
| Regulatory Framework | The NAIC Risk Management and Own Risk and Solvency Assessment Model Act requires large and medium-size U.S. insurers to conduct regular assessments, document results, and submit confidential summary reports. |
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What You'll Learn
CRL's role in insurance risk assessment
CRL plays a significant role in insurance risk assessment by offering a range of services to insurance providers. CRL's services are designed to streamline insurance providers' operations and enhance their risk assessment capabilities.
One of CRL's key contributions is its Smart Score system, which provides a simple and validated assessment of an applicant's risk. This system combines various laboratory studies and physical measurements into a single score, allowing for a more efficient and effective global risk assessment. CRL's secure online reporting system, OASIS®, further enhances risk assessment by providing easy access to laboratory reports, test explanations, and imaging documents.
CRL also offers CRL PLUS, a tool that captures application information and third-party data to make intelligent underwriting recommendations. CRL PLUS automates the underwriting process, from application to decision-making, saving time and improving accuracy. The dedicated team of underwriters at CRL brings technical expertise and specific skill sets for various types of underwriting, including accelerated, automated, and financial underwriting.
Additionally, CRL provides tele-applications and phone inspections, aiding in risk assessment by gathering pertinent personal, business, and retirement information. CRL's Inspection team is knowledgeable in risk assessment and trained in impairment identification and detail acquisition. CRL also offers a library of interviews covering different ages, health conditions, and face amounts, supporting a comprehensive understanding of risks.
Through its various services, CRL assists insurance providers in improving their risk assessment processes, enabling them to make more informed decisions and offer tailored coverage options to their clients. CRL's data-driven approach, combined with its commitment to research and insights, makes it a valuable partner for insurance providers in managing and mitigating risks effectively.
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How CRL helps insurance providers
CRL offers a range of services to help insurance providers. CRL's Smart Score, for example, is a simple and validated assessment of an applicant's risk based on a single score that encompasses all laboratory studies and physical measurements. CRL's secure online reporting system, OASIS®, provides easy access to laboratory reports, test explanations, testing requirements, and scanned documents. CRL also offers CRL PLUS, a tool that uses provider-defined rules to make intelligent underwriting recommendations, streamlining operations and automating the underwriting process.
CRL's services also extend to structural insurance and warranties, particularly for new-build homes. CRL no longer trades in this area, but it previously offered standard 10-year coverage against latent defects in design, workmanship, and materials for a range of building professionals, including self-builders and developers. CRL's structural insurance services enhanced the saleability of properties by offering reassurance to buyers and lenders.
In addition, CRL provides life insurance services, such as AccessMyHealth, a secure mobile technology solution that allows applicants to view and interact with their biometric screening and laboratory data. CRL also offers InsurCheck, a guided app that enables applicants to self-collect their life insurance samples conveniently. CRL is committed to providing useful insights through industry and medical research, helping insurance providers make better policy decisions.
CRL's services are designed to address the challenges faced by insurance providers, including pressure for better turnaround times, demanding needs for an enhanced customer experience, and the need for innovation. CRL's professional staff, including Tele-Interview Associates and Quality Assurance Specialists, work within the provider's system to ease the burden and provide unbiased expertise. CRL's goal is to become a seamless resource, partnering with insurance providers to improve their operations and bottom line.
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CRL's Smart Score
The Smart Score algorithm considers around three dozen different factors, including age and sex, to determine an applicant's risk. This comprehensive approach ensures that the assessment is more accurate than traditional knockout systems, which typically use only three or four factors. CRL has published peer-reviewed literature and industry journal articles demonstrating the effectiveness of the Smart Score in predicting mortality risk.
The Smart Score is particularly useful for life insurance underwriting, where predictive analytics are crucial. By utilising the Smart Score, insurance providers can make more informed decisions about policy offerings and pricing based on an individual's risk profile. This can help improve the accuracy of risk selection insights and drive better policy decisions, ultimately improving the insurer's bottom line.
However, it's important to note that the increased accuracy of the Smart Score comes with added complexity. The large number of factors considered by the Smart Score may make conversations with applicants more challenging. To address this, the Smart Score breaks down the contribution of each factor to the overall score using a simple debit/credit scale familiar to life insurance agents.
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CRL Plus
The dedicated team of underwriters at CRL PLUS has the technical expertise to complete a range of services, including full case assessment from submission to final decision, and underwriting audit expertise from a neutral perspective. They bring best practices to every case and have specific skill sets for accelerated, automated, term, whole, indexed life, impaired risk, and financial underwriting.
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Types of insurance risk assessment
Risk assessment is a critical process in the insurance industry that involves identifying, evaluating, and quantifying risks associated with insurable assets and activities. It helps insurers determine the likelihood and potential financial impact of various risks, allowing them to set appropriate premium rates, coverage limits, and policy terms.
There are several types of insurance risk assessments, and they generally align with the principles of risk management: identification, evaluation, and control. Here are some examples:
Property and Casualty (P&C) Insurance Risk Assessment
This type of risk assessment focuses on identifying and assessing potential risks that policyholders might face related to property damage or liabilities. These risks can include fire, theft, natural disasters, injuries, or damages caused to others. The assessment helps insurers decide whether to insure a risk, what terms and coverage to offer, and how much to charge.
Auto Insurance Risk Assessment
In auto insurance, risk assessment involves evaluating a driver's risk based on factors such as driving history, age, vehicle type, and location. Usage-based insurance (UBI) programs use telematics data to offer discounts to safe drivers.
Health Insurance Risk Assessment
Health insurance risk assessment involves evaluating an individual's health status, medical history, lifestyle choices, and demographic factors to adjust premiums accordingly.
Life Insurance Risk Assessment
Life insurance risk assessment often includes medical and non-medical elements. CRL, for example, offers Tele-Apps, which are applications with specific guidelines, and phone inspections to help assess risk and insurability.
Own Risk and Solvency Assessment (ORSA)
The ORSA is a requirement for large and medium-size U.S. insurers and insurance groups that meet certain criteria. It is an internal process for insurers to evaluate their current and future risk management and solvency positions under various stress scenarios. This includes assessing underwriting, credit, market, operational, and liquidity risks, among others.
Cybersecurity Risk Assessment
With the sensitive nature of the data collected by insurance companies, cybersecurity risk assessment is crucial. This involves assessing the likelihood of cyber-attacks and estimating their potential impact. Insurance companies must also continuously train their employees and managers to maintain effective cybersecurity controls.
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Frequently asked questions
Insurance risk assessment is a critical process that involves identifying, evaluating, and quantifying risks associated with insurable assets and activities. This process helps insurers determine the likelihood and potential financial impact of various risks, allowing them to set appropriate premium rates, coverage limits, and policy terms.
CRL provides a range of services to help insurance providers. CRL's Smart Score is a simple, validated assessment of an applicant's risk based on a single score encompassing laboratory studies, physical measurements, and risk patterns by age and sex. CRL PLUS is another tool that streamlines underwriting by capturing application information and third-party data to make intelligent recommendations.
CRL's Smart Score is based on years of research. CRL compares the results of each laboratory test to later mortality for millions of applicants using its database and external Death Master Files. This allows for a simple, single-score assessment of an applicant's risk.
Risk factors vary depending on the type of insurance. For auto insurance, risk factors include driving history, age, vehicle type, location, and mileage. For health insurance, risk assessment involves evaluating an individual's health status, medical history, lifestyle choices, and demographic factors. For property insurance, the risk of damage or loss due to natural disasters, fire, theft, and other perils is assessed.
Understanding the insurance risk assessment process can help you take control of many risk factors considered by insurers. For example, simply having a security system may not be enough to reduce your insurance costs. However, providing specific information about monitoring services and response protocols may lead to relevant discounts. Additionally, CRL's AccessMyHealth platform allows life insurance applicants to interact with their biometric screening and laboratory data, enabling them to take control of their health-related risk factors.
