The life insurance coverage {industry} is quickly progressing in 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 change into extra vital 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 information 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 world developments in life and medical 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 resolution that permits 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 usually considered LOINCs (Logical Commentary Identifiers Names and Codes). As a result of quantity and complexity of the info, 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 instrument to the life insurance coverage underwriting {industry}. The info supplied consists of 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, according to Hannover Re’s underwriting guide hr | Ascent, and has been proven to scale back analysis time.
Initially solely accessible to hr | ReFlex shoppers, the principles at the moment are accessible to carriers by way of 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 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 giant units of lab information supplied by ExamOne and interprets the info to provide complete underwriting suggestions that matches seamlessly into conventional underwriting buildings.
Rule-building philosophy and issues
Hannover Re’s guidelines for LabPiQture are firmly grounded within the hr | Ascent underwriting guide and likewise present extra steerage with guidelines that tackle LabPiQture information with nuance. To develop the principles and launch the automated resolution, 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 guide critiques.
In consequence, hr | ReFlex Choose for LabPiQture has supplied suggestions on over 500,000 digital functions from over 20 distinctive US shoppers. This resolution affords clear, structured underwriting suggestions primarily based 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 complicated 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 guide case critiques and enhance the effectivity and consistency of these circumstances requiring guide 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 study 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 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 information.
