Transamerica Reinsurance has received a patent on the VELOGICA system for automating the sale of simplified issue, non-medically underwritten life insurance.
Transamerica Re, Charlotte, N.C., a unit of AEGON N.V., The Hague, Netherlands (NYSE:AEG), says the system uses information from life application, prescription drug databases, motor vehicle records and Medical Information Bureau reports to making underwriting decisions quickly.
The applications for the patent, U.S. Patent No. 7,831,451 B1, and a related patent were filed in 2003 and 2004.
Because of the work on the system, Transamerica Re now knows a great deal about how to use prescription information in efforts to estimate mortality expectations, the company says.
- Allison Bell