The life insurance coverage {industry} is quickly progressing in the direction of a extra automated and instantaneous paradigm, highlighting the significance of detailed third-party information and automatic rule units1. Because the life insurance coverage {industry} has made this shift, it has develop into extra crucial for underwriters to have at their fingertips instruments that streamline data-driven underwriting. On this context, Hannover Re was awarded the distinguished “International Improvement Award” from Safety Evaluation. This award acknowledges Hannover Life Reassurance Firm of America (HLR US) for its strategic and seamless integration of third-party medical laboratory information from ExamOne® LabPiQtureTM product into Hannover Re’s automated underwriting answer, hr | ReFlex Choose. Safety Evaluation, a number one authority on the UK’s well being and safety insurance coverage {industry}, highlights world developments in life and medical health insurance, and this recognition underscores the aim of the hr | ReFlex Choose product to drive effectivity and accuracy for all times insurers in underwriting.
hr | ReFlex Choose – Underwriting guidelines for LabPiQture
Hannover Re collaborated with ExamOne to develop a rules-based answer that allows life insurers to automate the usage of LabPiQture’s complete, real-time medical laboratory information to reinforce accelerated underwriting applications and overcome information interpretation challenges. ExamOne LabPiQture returns medical and insurance coverage labs outcomes sometimes thought to be LOINCs (Logical Statement Identifiers Names and Codes). As a result of quantity and complexity of the info, underwriting outcomes are sometimes produced manually. hr | ReFlex Choose permits for the automated ingestion and analysis of this information, offering a invaluable automated threat evaluation software to the life insurance coverage underwriting {industry}. The information supplied contains as much as 7 years of lab historical past leads to an FCRA-compliant report that may assist scale back general underwriting time and price, serving as a potential APS various. hr | ReFlex Choose for LabPiQture streamlines the method by automating guidelines for exact underwriting assessments, consistent with Hannover Re’s underwriting handbook hr | Ascent, and has been proven to cut back analysis time.
Initially solely obtainable to hr | ReFlex purchasers, the principles at the moment are obtainable to carriers via hr | ReFlex Choose, an API-based answer that allows carriers to make use of hr | ReFlex Choose guidelines for LabPiQture no matter their present underwriting engine. Hit charges are roughly 70%2 with an automatic underwriting determination for the LabPiQture information on greater than 85% of individuals with LabPiQture outcomes per Hannover Re Underwriting Analytics.
Protecting Worth of hr | ReFlex Choose
The hr | ReFlex Choose product optimizes the protecting worth of ExamOne’s LabPiQture information in comparison with various options. The hr | ReFlex Choose product instantaneously analyzes massive units of lab information supplied by ExamOne and interprets the info to provide complete underwriting suggestions that matches seamlessly into conventional underwriting constructions.
Rule-building philosophy and concerns
Hannover Re’s guidelines for LabPiQture are firmly grounded within the hr | Ascent underwriting handbook and in addition present extra steering with guidelines that handle LabPiQture information with nuance. To develop the principles and launch the automated answer, the HLR US workforce collaborated extensively between underwriting, medical administrators, information analytics, and hr | ReFlex workforce. Hannover Re’s Chief Medical Director is on the middle of rule growth, providing a degree of experience for every rule that’s not potential with conventional handbook evaluations.
Because of this, hr | ReFlex Choose for LabPiQture has supplied suggestions on over 500,000 digital functions from over 20 distinctive US purchasers. This answer presents clear, structured underwriting suggestions primarily based on the distinctive dataset of laboratory outcomes obtainable via LabPiQture; suggestions are full with detailed rationales and exact follow-up actions. It additionally expedites correct and sophisticated decision-making on the level of sale. By enabling real-time entry to complete information, this integration streamlines underwriting selections and coverage issuance.
Conclusion
hr | ReFlex Choose guidelines for LabPiQture helps carriers’ use of the info to assist make automated selections, scale back handbook case evaluations and enhance the effectivity and consistency of these circumstances requiring handbook evaluate with out negatively impacting mortality. hr | ReFlex Choose for LabPiQture highlights the worth of the collaboration between Hannover Re and ExamOne, unlocking the potential of laboratory outcomes for data-driven underwriting. This collaboration additionally contains detailed mortality research on key lab outcomes, a lot of which haven’t been formally studied within the US Life Insurance coverage area.
To be taught extra about LabPiQture and the way it can remodel your underwriting processes, attain out to your ExamOne Strategic Account Government or request a gathering.
- (2022). “Insurance coverage Trade Outlook.” (https://www2.deloitte.com/us/en/insights/{industry}/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html)
- ExamOne, a Quest Diagnostics Firm, inner information.
