The life insurance coverage {industry} is quickly progressing in direction of a extra automated and instantaneous paradigm, highlighting the significance of detailed third-party knowledge and automatic rule units1. Because the life insurance coverage {industry} has made this shift, it has turn out to be extra important for underwriters to have at their fingertips instruments that streamline data-driven underwriting. On this context, Hannover Re was awarded the distinguished “World Growth 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 knowledge from ExamOne® LabPiQtureTM product into Hannover Re’s automated underwriting resolution, hr | ReFlex Choose. Safety Evaluation, a number one authority on the UK’s well being and safety insurance coverage {industry}, highlights international developments in life and medical health insurance, and this recognition underscores the purpose 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 resolution that permits life insurers to automate the usage of LabPiQture’s complete, real-time medical laboratory data to reinforce accelerated underwriting packages and overcome knowledge interpretation challenges. ExamOne LabPiQture returns medical and insurance coverage labs outcomes sometimes considered LOINCs (Logical Commentary Identifiers Names and Codes). Because of the quantity and complexity of the info, underwriting outcomes are sometimes produced manually. hr | ReFlex Choose permits for the automated ingestion and analysis of this knowledge, offering a worthwhile automated threat evaluation device to the life insurance coverage underwriting {industry}. The information supplied consists of as much as 7 years of lab historical past ends in an FCRA-compliant report that may assist cut back general underwriting time and price, serving as a attainable APS various. hr | ReFlex Choose for LabPiQture streamlines the method by automating guidelines for exact underwriting assessments, in step with Hannover Re’s underwriting handbook hr | Ascent, and has been proven to scale back analysis time.
Initially solely obtainable to hr | ReFlex shoppers, the principles at the moment are obtainable to carriers by hr | ReFlex Choose, an API-based resolution that permits 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 choice for the LabPiQture knowledge 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 knowledge in comparison with various options. The hr | ReFlex Choose product instantaneously analyzes giant units of lab knowledge supplied by ExamOne and interprets the info to supply complete underwriting suggestions that matches seamlessly into conventional underwriting buildings.
Rule-building philosophy and concerns
Hannover Re’s guidelines for LabPiQture are firmly grounded within the hr | Ascent underwriting handbook and likewise present extra steerage with guidelines that tackle LabPiQture knowledge with nuance. To develop the principles and launch the automated resolution, the HLR US crew collaborated extensively between underwriting, medical administrators, knowledge analytics, and hr | ReFlex crew. Hannover Re’s Chief Medical Director is on the heart of rule growth, providing a degree of experience for every rule that isn’t attainable with conventional handbook evaluations.
Because of this, hr | ReFlex Choose for LabPiQture has supplied suggestions on over 500,000 digital purposes from over 20 distinctive US shoppers. This resolution provides clear, structured underwriting suggestions based mostly on the distinctive dataset of laboratory outcomes obtainable by 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 knowledge, this integration streamlines underwriting choices and coverage issuance.
Conclusion
hr | ReFlex Choose guidelines for LabPiQture helps carriers’ use of the info to assist make automated choices, cut back handbook case evaluations and enhance the effectivity and consistency of these circumstances requiring handbook evaluation 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 consists of detailed mortality research on key lab outcomes, lots 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 Govt or request a gathering.
- (2022). “Insurance coverage Business 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 knowledge.
