How Does The Insurance Automation Platform Save Time?

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How does the MRS insurance automation platform save time?

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There are three primary ways the Management Research Services (MRS) products can save our clients’ time: the technology that allows for rapid decision-making, the functionality of the no-code platform, and our customer-service driven approach to integration.

Many underwriting decisions are easy ones. The issue is that it requires analysis of massive data sets to arrive at the decision. Technology improvements offered in the MRS no-code platform will never eliminate the need for underwriters; they just eliminate the need for underwriters to spend hours upon hours of reading and scanning the intel provided for each client.

Consider the recent history and changes in recordkeeping across the medical industry. Generations of paper records yielded to the first-generation Electronic Medical Record (EMR). EMRs are not standardized across providers; they are really an in-house chart; something of a relic from the days before cloud computing. The lack of standardization means there is a lot to manually unpack and interpret.

Before EMRs achieved industry-wide adoption in 2014, the use of Electronic Health Records (EHR) was rapidly expanding. The EHR is more expansive, standardized, and designed to be shared; it is everyone’s file combined and cloud-hosted. Different providers, specialists, labs, and pharmacies share information to allow for informed decisions and coordinated care. If these were old fashioned file-folders, they would be fat files! Complete health histories. Of course insurance carriers want to review all information available, but it’s grown into a momentous task.

An EHR is likely hundreds, perhaps thousands of pages. It can include fifteen different sets of medical codes with over one million unique code possibilities. We have created something beyond the scope of human memory or mental capacity. Luckily, the challenges EHRs present are the exact sort of problems modern AI is designed to handle: rapid, accurate data crunching into short bits of standardized, meaningful output. The MRS system uses the EHR along with other sources to arrive at a score or rating.

The process has been turned upside down: most underwriting decisions are already made. The applications become about seeing how and where each applicant qualifies, according to each client’s pre-programmed rules and decisions. The result is rapid underwriting decisions made at the point of sale; over 95% of applicants are processed within just minutes.

The example of the rise of EHRs provides a behind-the-scenes way technology saves time in application processing. It is notable, but where MRS is truly going to save time for insurance carriers or third-party vendors is with the sleek functionality of the no-code platform. Our system bypasses an expensive and time-consuming step in the process by removing the need to work with developers or IT. We’ve already taken care of that step for you; no programming or coding experience is required in the process. Our clients become empowered.

Our customer service driven approach means rapid integration times for systems customized from the ground-up and with minimal maintenance costs. We want to work with you to build the platform or E-App that best serves your organizational and client needs. We are eager to talk with prospective clients about trying out a customized demo of our time-saving products. To request a demo, contact us at https://managementresearchservices.com/contact

The World Of Electronic Health Records (EHR) For Life Insurance Underwriting

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Electronic Health Records (EHR) are the hottest trend in life insurance underwriting today. The growing accessibility and innovation by solution providers is transforming the life underwriting process. Understanding Electronic Health Records and the benefits are important. We will also explore how you get access to EHR and who is offering EHR services.

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What is EHR and How to “Triage” the Data?

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I first reached out to Drake Livada, life sales, and Nicholas Irwin, director of underwriting, at Verisk to educate on EHR and how it has impacted the industry today. As the COVID-19 pandemic adds risk to countless business and personal interactions, ways of life are shifting toward the virtual world. Suddenly caught up in this transformation, life insurers are urgently seeking electronic sources of information to enable a digital customer journey, and electronic health data is coming to the fore.

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Electronic health data can be compiled from many sources and shared digitally through mechanisms such as health information exchanges (HIEs). Health data can be either structured data such as coded diagnosis (ICD), lab testing results with standardized values, and vital signs; or unstructured data, which often includes narrative style notes to document vital information such as visit summary, radiology results, or pathology results. Some types of electronic health data such as pharmacy, lab, and health claims are much more widely available and easier to use than electronic health records, but the latter can provide greater granularity to support a more refined view of mortality risk.

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The health data information available within the EHR can create opportunities for the digitization of life insurance underwriting. Unfortunately, the structure—or lack of it—in the EHR presents challenges. For starters there are 15 different medical coding systems representing over one million different codes that need to be handled and processed. Even if one built a system to handle these over one million unique codes there is still the challenge of numerous medical coding errors, duplicate values, and transcription errors which requires a robust data validation system to handle. Moreover, many key rating elements, such as cancer stage and EKG interpretations, are only available in unstructured format requiring natural language processing in order to ingest.

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Due to the incredible challenge of processing this data nearly all carriers are still treating EHRs like attending physician statements and reviewing the entire file manually. This can take one to two hours per case as the files are often over 1000 pages long with most of the information being completely useless from an underwriting perspective. To solve this challenge Verisk has made the upfront investment on behalf of the industry and assembled a massive team of seasoned life underwriters, medical professionals, biostatisticians, and IT professionals to develop a comprehensive system to ingest, interpret, and evaluate EHR data in real time. Nicholas Irwin, director of underwriting, explained, “Verisk’s EHR Triage engine is an API that ingests a batch of EHR files (CCDs) via API and generates a one to two page summary of the key underwriting elements in the file(s) as well as providing an overall underwriting score in the form of number of debits. Verisk’s tool is called “triage” as it rates the simple cases that underwriters would rate in their sleep, while referring the more complex cases to underwriters. Verisk’s tool presents substantial time savings even for the cases Verisk refers to underwriters by supplying a summary of the key data elements an underwriter needs to rate the case. The intent of the tool is not to replace underwriters, but rather to enable underwriters to spend more of their time on assessing mortality risk and less of their time on scanning 1000 pages to find the 10 nuggets of useful data.”

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An Easy Connection for Life Carriers and Distributors to EHR Data

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As I continued my research, I discovered all roads lead to Human API. I recently synced up with Nick Zambruno, solutions lead, and Anthony Chan in Product Marketing to learn more about their platform and services. Human API is a leading insurtech vendor in the electronic health records (EHR) category. The Human API platform helps life insurance carriers create better client and agent experiences by delivering health records from a variety of different health data sources, both online and offline. The company started by accessing medical records through patient portal integrations but has expanded their connectivity to health information exchanges (HIEs) and national EHR networks such as Epic ChartGateway and Veradigm, as well as strategic partnerships for the delivery of traditional APS. Over the last few years Human API has helped carriers such as Prudential, Allstate, John Hancock, AAA and Principal offer a streamlined digital underwriting process that relies less on traditional underwriting requirements such as exams, fluids and attending physician statements. Carrier customers have cited hit rates of over 40 percent with the EHR platform and are optimistic that the health data can be used to automate manual elements of the underwriting process. The new EHR data sources added to the Human API platform enable hit rates to exceed 50 percent, while the addition of offline medical record retrieval partnerships will drive hit rates to nearly 100 percent.

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Due to the final interoperability and information blocking rules from the Department of Health and Human Services going into effect in April 2021, Human API is increasingly surfacing more clinical notes in EHR data, positioning the platform to deliver comprehensive medical data access. “Access to comprehensive EHR data is foundational to innovation and transformation of the underwriting process. We’re encouraged by the progress made to date by Human API and look forward to working together to drastically improve the consumer purchase process and experience,” said Susan Ghalili, VP of Underwriting Transformation and chief underwriter at John Hancock Insurance.

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Over the past year, distribution firms have also found value in partnering with Human API directly in an effort to access health data more quickly to expedite the sales process. LIBRA and AIMCOR were two new organizations that announced partnerships in the last year with Human API. Through the Human API platform, a firm can access EHR records and digitally share the data directly with a carrier in a secure setting so automation can still be realized at the carrier level. “The insurance industry is ripe for innovation. We’re incredibly excited to be the ‘one platform for all health data’ that helps carriers create and deliver better customer and agent experiences,” said Andrei Pop, CEO of Human API.

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More EHR Services by Solution Providers You Work with Everyday

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I continue to see more solution providers who actively or plan to add EHR to their services for distributors and carriers this year. Those solution providers who play key roles in the life insurance new business process like Management Research Services (MRS), MediPro Direct, and Employee Pooling (EP) explained the value EHR brings to their clients.

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MRS is introducing Electronic Health Records to their suite of products with guidance from clients’ requirements. Their No Code platform will allow carriers to configure their relevant products workflows based on the data source. As carriers become more confident with their actuarial models with the onset of the data source, they will be able to regulate the data used in the process. They anticipate being able to deliver a searchable interface of CCDA (standardize the content and structure for medical documents)—information that will prioritize APS requirements to improve processing time and decrease non-placement issues.

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As healthcare needs become increasingly mobile or virtual, today’s EHR systems need to do more than track medical records in fixed clinical settings. MediPro Direct’s MedLink software works across all service models, from clinical to mobile to virtual, and ties into MediPro Direct’s network of several thousand mobile medical examiners nationwide. This means their systems not only track patient data but also connect service providers with ways to expand their service model and better meet patient needs.

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Employee Pooling’s (EP) value proposition is to remove obstacles that get in the way of sales and enhance the customer experience. When it comes to formal and informal underwriting, obtaining medical records can hinder the fluidity of the process. “The ability to obtain electronic health records (EHR) within hours versus the days and weeks it could take to retrieve traditional medical records is a game changer and surprisingly cost effective,” says Steven Lacher, VP of Business Development. “With formal underwriting still playing a vital role in our industry, it makes sense to try and whittle down the underwriting process time by getting health records to the underwriter and the carrier in an efficient and timely manner.”

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EP recently partnered with Human API (HAPI) to improve turnaround times related to obtaining medical records for both formal and informal underwriting. EHR has been fully incorporated into EP’s Accelerated Informal platform, which reduces the standard informal underwriting process from weeks to days. Lacher states, “The goal is to help agencies quickly and affordably put their important cases up to bid with conviction. Accelerated Informals stands true to its name with EP’s in-house underwriters, on-demand access to prescription drug and clinical laboratory data, and now rapidly obtained EHR data.”

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In 12-24 months from now, you probably can’t even imagine a world without electronic health records playing a key role in the life insurance underwriting process. The goal is always to arrive at an underwriting decision quickly and accurately. EHR data with innovative platforms are connecting solution providers with more carriers and distributors every month to accelerate the life underwriting process.

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Novarica Report 2020: Management Research Services is an Established Player

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Management Research Services is recognized by Novarica as an established player in their field

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An industry thought leader granted Management Research Services (MRS) accolades and recognition by profiling them among a select group of vendors in an annual niche publication. Novarica is a leading research and consulting firm that analyzes technology and strategy across the insurance industry. They publish numerous research reports that examine trends, best practices, and vendor options for insurers, clients, and anyone willing to buy and leverage their data. In a November report, Novarica recognized MRS as an “established player” in the field of companies providing partial and full-service underwriting solutions to insurers of life, health and annuity.

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Novarica’s 2020 report on Life / Annuity / New Business Underwriting Systems offers an overview of MRS and 15 competitors. The companies included are not rank-ordered or endorsed but presented as the short-list for new businesses evaluating potential vendors in the marketplace. MRS is recognized as being an established player among their peers, which Novarica defines as “having shown staying power in the marketplace as well as substantial customer experience.”

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Their report includes a several-page company profile for each of the 16 firms listed. The profiles summarize each organization, their client base, and the technologies they incorporate. Each description speaks to their product’s key functionality, deployment options, and approach to implementation. Though the company profiles and associated analysis are not available to the general public, they are shared with Novarica’s consultation clients. Non-clients can also purchase and download the full report from their website.

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Inclusion in Novarica’s annual published research represents a win for MRS on multiple levels. It provides affirmation that our team continues to provide industry-leading technology and customer service in a competitive and rapidly changing field. This is confirmation that our no-code platform is among the most sophisticated and dependable options available.

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Furthermore, inclusion represents another growth opportunity for us; our brand and logo are placed alongside those of the dominant providers in the marketplace. Along with their library of research, Novarica is known for providing consultation. They specialize in taking a needs-analysis approach towards helping their customers with vendor selection. Being on their short-list and getting their stamp-of-approval for our no-code platform can only help us continue to connect with clients that will benefit from our product. For those familiar with general consumer products, it’s like MRS just got the Good Housekeeping Seal of approval!

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We’ve already been growing. Since March of 2020, the staff at MRS has grown by 50%! We are heavily invested in our people and platform; we look to continue working alongside other industry leaders during this time of revolutionary transformation. The old adage, “the only constant thing is change,” remains just as true today as it was when we started in 1988. We are poised to embrace and adapt with continued change and growth in the times to come.

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The MRS no-code platform provides companies with everything they need to build a complex, secure, and powerful application – capable of supporting even the most complicated underwriting decisions. Our hands-on, personalized approach to customer services means our platform can be customized from the ground up and fully integrated in surprisingly short spans of time. We offer a flexible, single solution with low start-up costs, rapid integration times, and little-to-no ongoing maintenance costs. The end result is substantially less expensive for insurers and third-party providers than status quo options.

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Find out more about how our technologies and innovation are leading the industry.

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For more information about the MRS no-code insurance services platform, please visit www.managementresearchservices.com or email us at sales@msrreps.com.

No-Code – What Does It Mean?

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What does “no-code” mean, anyway?

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Though still a new term to many of us, the no-code phenomenon is everywhere. Laymen, civilians, and folks across industries find themselves asking, “What do they mean by no-code?” If you look it up, you might find a definition that reads something like this: “No-code technology allows users to develop rapid solutions which transform business processes and meet customer needs.” Um, it does what, now? Explain this to me in English, please.

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Maybe this will help.

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Consider a common scenario from twenty years ago: you hear a friend proudly proclaim they had built their own website. You think, “Hm, I didn’t know so and so could speak Java,” and of course, they couldn’t. They had merely taken advantage of early, first-generation website design programs like Dreamweaver or FrontPage. The end-result looked almost like the output of a professional, at least it did for the standard of the early 2000s.

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The current “no-code” era is just progression of this same thing: designing applications to be do-it-yourself for the non-technically inclined masses. Dreamweaver and FrontPage were some of the first no-code programs in the mainstream. Modern no-code applications have the same pieces: drag-and-drop, clicking, drop-down-menus and template choices allowing users to create something which previously required a programmer fluent in HTML. Real world applications of no-code are all around us. You can create your own virtual storefront with Shopify or design an internal company web-app with Budibase. Today’s DIY, non-coding website designers use tools with late-generation sophistication like WordPress and Carrd.

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The insurance realm is no exception to the no-code revolution. Third-party administrators and carriers can choose from a wide variety of insurance-specific platforms that interface with employee or customer portals based on underwriting decisions. Management Research Services (MRS) has developed an easy-to-use, yet sophisticated application that gives their clients the tools they need to manage their workflow. Their system has comparatively low maintenance costs and no coding experience is necessary for implementation.

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At MRS, we have decades of insurance industry experience to inform the design and features of our no-code insurance services platform. Our rules engine can be customized by SMEs to accommodate even the most complex underwriting or scripting scenarios. The MRS proprietary system is cloud-hosted on Microsoft Azure to ensure state-of-the-art security, stability and scalability that is available to our partners at any time, all year round. Recent metrics show the MRS platform experiences online uptime of over 99%.

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To learn more about how the MRS no-code platform serves their partner clients, customers, and carriers, visit www.managementresearchservices.com.

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