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 change into extra important 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 Evaluate. This award acknowledges Hannover Life Reassurance Firm of America (HLR US) for its strategic and seamless integration of third-party scientific laboratory knowledge from ExamOne® LabPiQtureTM product into Hannover Re’s automated underwriting answer, hr | ReFlex Choose. Safety Evaluate, 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 objective 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 using LabPiQture’s complete, real-time scientific laboratory data to reinforce accelerated underwriting applications and overcome knowledge interpretation challenges. ExamOne LabPiQture returns scientific and insurance coverage labs outcomes usually considered LOINCs (Logical Statement Identifiers Names and Codes). As a result of quantity and complexity of the information, underwriting outcomes are usually produced manually. hr | ReFlex Choose permits for the automated ingestion and analysis of this knowledge, offering a worthwhile automated danger evaluation device 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 value, serving as a doable APS different. 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 cut back analysis time.
Initially solely accessible to hr | ReFlex shoppers, the foundations are actually accessible to carriers by hr | ReFlex Choose, an API-based answer that permits carriers to make use of hr | ReFlex Choose guidelines for LabPiQture regardless of their present underwriting engine. Hit charges are roughly 70%2 with an automatic underwriting resolution 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 different options. The hr | ReFlex Choose product instantaneously analyzes massive units of lab knowledge supplied by ExamOne and interprets the information to provide complete underwriting suggestions that matches seamlessly into conventional underwriting constructions.
Rule-building philosophy and issues
Hannover Re’s guidelines for LabPiQture are firmly grounded within the hr | Ascent underwriting guide and likewise present further steering with guidelines that tackle LabPiQture knowledge with nuance. To develop the foundations and launch the automated answer, the HLR US workforce collaborated extensively between underwriting, medical administrators, knowledge analytics, and hr | ReFlex workforce. Hannover Re’s Chief Medical Director is on the heart of rule improvement, providing a degree of experience for every rule that isn’t doable with conventional guide evaluations.
Consequently, hr | ReFlex Choose for LabPiQture has supplied suggestions on over 500,000 digital functions from over 20 distinctive US shoppers. This answer affords clear, structured underwriting suggestions based mostly on the distinctive dataset of laboratory outcomes accessible 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 selections and coverage issuance.
Conclusion
hr | ReFlex Choose guidelines for LabPiQture helps carriers’ use of the information to assist make automated selections, scale back guide case evaluations and enhance the effectivity and consistency of these circumstances requiring guide overview 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, lots of which haven’t been formally studied within the US Life Insurance coverage house.
To study 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, inside knowledge.