Gain a competitive advantage with the right digital health data strategy

Gain a competitive advantage with the right digital health data strategy

By LexisNexis Risk Solutions - 13 May 2024

Electronic Health Records (EHRs) are an essential and strategic data asset in life insurance underwriting

The use of data and analytics has transformed the life insurance underwriting process by enabling a simpler, friction-free customer experience and more precise pricing and risk assessment. Electronic health records (EHRs) are the next notable data set with transformative potential. They offer speed and cost advantages over traditional evidence-based methods for securing an applicant’s medical data. Over the next few years, EHRs will become a fundamental component of the life insurance underwriting workflow – driven largely by the impetus for insurers to deliver a simplified buying experience with the best mortality and pricing for most applicants. Substantive adoption of electronic health records under the market’s current trajectory is still several years away, but insurers that embed EHRs into their underwriting workflows can realize a significant competitive advantage.


The EHR Tipping Point: How to achieve widespread coverage for a majority of life insurance applicants


To keep pace with today’s trends and consumer demands and be competitive in the future, life insurance carriers need to adopt EHRs at scale. This tipping point to move the market most likely equates to at least 80% coverage, meaning that EHR data will be returned on eight of 10 life insurance applicants. Eighty percent has historically been the pivotal usage level with other new or emerging life insurance underwriting data sets like prescription history and non-medical data.


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