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 turn out to be extra essential for underwriters to have at their fingertips instruments that streamline data-driven underwriting. On this context, Hannover Re was awarded the celebrated “International Growth Award” from Safety Assessment. 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 Assessment, 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 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 answer that permits life insurers to automate the usage of LabPiQture’s complete, real-time medical laboratory data to reinforce accelerated underwriting packages and overcome information interpretation challenges. ExamOne LabPiQture returns medical and insurance coverage labs outcomes usually considered LOINCs (Logical Remark Identifiers Names and Codes). Because of the quantity and complexity of the information, underwriting outcomes are usually produced manually. hr | ReFlex Choose permits for the automated ingestion and analysis of this information, offering a useful automated danger evaluation software to the life insurance coverage underwriting {industry}. The information supplied consists of as much as 7 years of lab historical past leads to an FCRA-compliant report that may assist cut back total underwriting time and value, serving as a attainable 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 accessible to hr | ReFlex purchasers, the principles are actually accessible to carriers by way of hr | ReFlex Choose, an API-based answer 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 resolution 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 information to provide 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 handle LabPiQture information with nuance. To develop the principles and launch the automated answer, the HLR US crew collaborated extensively between underwriting, medical administrators, information analytics, and hr | ReFlex crew. Hannover Re’s Chief Medical Director is on the heart of rule improvement, providing a stage of experience for every rule that’s not attainable with conventional handbook opinions.
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 provides clear, structured underwriting suggestions based mostly on the distinctive dataset of laboratory outcomes accessible by way of 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 choices and coverage issuance.
Conclusion
hr | ReFlex Choose guidelines for LabPiQture helps carriers’ use of the information to assist make automated choices, cut back handbook case opinions and enhance the effectivity and consistency of these instances requiring handbook assessment 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, a lot of which haven’t been formally studied within the US Life Insurance coverage house.
To study extra about LabPiQture and the way it can rework 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, inside information.
