Life Underwriting

Diameter Health Fusion

Fusion’s automated Upcycling Data™ process, which normalizes and enriches raw clinical data for both machine and human use, makes clinical data from EHRs usable to drive real-time underwriting and risk analytics. Carriers, aggregators, and re-insurers benefit from greater insights into applicant health issues without the delays and costs of traditional health assessments or PDF Attending Physician Statements.

AdamsBridge Global is known for medical data annotation and providing high end resources for staff augmentation, managed services, captive, and semi-captive centers in the Insurance, Life Settlement, Trials and Real Estate verticals.

LexisNexis® Risk Classifier with Medical Data integrates behavioral and medical history into a single underwriting model. This helps enable life insurers to better understand and segment risk, minimize invasive requirements and accelerate the underwriting decision process.

As an interactive single-inquiry solution, LexisNexis^® Life Data Prefill helps streamline the insurance process at the point of application, reducing the time and cost of capturing some of the data necessary to help properly evaluate your applicants.

TransUnion’s DriverRisk^SM Life supplies traffic-related court record data to help insurers obtain a more comprehensive view of consumers’ driving history. Insurers can reduce expenses by ordering MVRs only when specific convictions are present on the driver’s record, and gain insight into convictions not on the state MVR – such as those received outside the license state or associated with a prior driver’s license. With more than 428 million violation records and 300 million consumer records — plus the ability to pull MVRs — we can provide information you won’t find using MVR-only solutions.

TrueRisk® Life is a credit-based insurance score that is predictive of mortality and lapse for use across the life insurance policy lifecycle. Validated by RGA, TrueRisk Life consists of only credit-based data attributes and is provided as a score ranging from 1 to 100 (low risk to high risk).

The dacadoo Risk Engine is designed for reinsurers, insurers and providers.

With limited self-reported data, the Risk Engine calculates mortality and morbidity risks and provides full data sets with 100 data points for each record. It does this by imputing estimated values for all missing data. For example, if only age, gender, height and weight of a person are provided, the engine will impute 96 missing data points, including blood values and other bio-metric data.

The dacadoo Risk Engine works with as little as four data points (age, gender, height and weight) and can work with up to 100.

Accelerate all automated underwriting with one platform that connects to every online and offline health data source.

Sell more policies and deliver better customer experiences with comprehensive access to Electronic Health Records (EHRs).

Velogica is one of the first point-of-sale, instant life underwriting systems in the industry with a history of more than 15 years.

SCOR’s solution for point-of-sale life insurance combines reinsurance, product development and Velogica®, an advanced algorithm that utilizes a patented process to deliver instant automated underwriting system decisions.

Velogica is helping major clients drive new models of efficient distribution through predictive risk assessment and point-of-sale policyholder capture. The Velogica algorithm correlates information from the life insurance application, motor vehicle reports, MIB reports and prescription drug history, and, in some states, criminal history. Clinical lab histories and credit-based mortality scores are on the horizon.

Velogica is designed with the flexibility required for new data sources as they become available on policy applicants. The most recent release of Velogica integrates SCOR’s predictive analytics capabilities and Electronic Health Records scores. The platform now features powerful data visualization and analytics functions that allow for strong case management and tracking (see Velogica Valet above). With more than four million life insurance applications processed, this proven platform has a record of achievement that is unmatched in the industry.

Verisk’s EHR Triage Engine evaluates more than 50 risk elements and 95,000 impairments to process applicant authorized EHRs in one minute or less. Qualified risks can move more quickly toward bind, while your underwriters see only the applicants who need review. With fewer medical tests and faster cycles, you can save money and time while gaining efficiency across the underwriting workflow. Jump-start your digital strategy with automated underwriting that helps drive real-time, low- or no-touch decision making. Our solution can help you attract lower-risk prospects seeking a quick purchase process; keep more of them in the pipeline; and protect your book from adverse selection—all at the same time.

Employee Pooling’s Automated Underwriting tool box includes APS Summary & QuickQuote, Risk Identifier, APS Retrieval, Electronic Health Records (EHR) and Life Underwriters available as a resource. Accelerated process for Informals and quick offers on Rated Cases.

The Insurance Industry has been focused on acceleration and automation automated underwriting process by negating the need in ordering exam requirements and medical records for certain segments of applications. What hasn’t been addressed, until now, is the need to create efficiencies for Underwriters who are working on applications which require a higher level of review. The need for medical records is not going away and the process of reviewing 100s of pages of records is time-consuming and incredibly onerous.

eXtract+ uses Data Abstraction along with Machine Learning, Artificial Intelligence, Cognitive Computing and Predictive Analytics to create meaningful Data Clusters from medical records allowing what could take hours in review time, shortening to as little as 10-15 minutes.

It not only makes the Underwriter’s life significantly easier by simplifying the process but also minimizes human labor and human error, allowing for greater efficiency and accuracy.

Resonant® Field Underwriting is a tool that helps you accurately set customer expectations at the beginning of the sale process. On-demand field underwriting returns a health class rating or range based on published and unpublished carrier rules, and gives you immediate, automated responses to almost all of your quick quotes. Multi-carrier results are generated instantly with table/health class and price range, and you can manage multiple impairment cases seamlessly.

Please join the Life Brokerage Technology Committee as we host Brad Gabel, Chief Underwriter at Protective Life Insurance Company for a discussion on Accelerated Underwriting and the evolution of the art and science of Underwriting. December 5, 2019

Digital Life Insurance Service

iCover‘s algorithmic underwriting helps insurers sell to the middle market. Leveraging data and predictive analytics iCover can assess, price, and deliver life insurance to your customers in 5 minutes.

Improving Risk Selection is a goal of all insurers and agencies. eValuate supports carrier-specific underwriting rules including multiple impairments, co-morbidities, debits and credits, temporary flat extras and other ‘secret-sauce’. It provides Agency workflow and the ability to review and quote multiple Carriers, including specific automated underwriting guidelines and impairment parameters!

Trends point to an accelerated future for risk selection. Learn about Accelerated Underwriting by viewing or downloading the document written by Reinsurance Group of America,Inc. (RGA). Click on the button below:

HealthPiQture, by ExamOne, is a highly flexible platform that allows you to make quick and confident decisions. Through HealthPiQture, insurers receive access to our extensive data sources. From a snapshot of an applicant’s past health, to a view of their current health, HealthPiQture combines health and behavioral insights for insurers.

On 19 January 2019, the New York State Department for Financial Services (DFS) issued a circular letter1 concerning the use of external consumer data and information sources for life insurance underwriting. This followed a prior notice sent to insurers that the Department was investigating the use of such data for potentially unfair or discriminatory practices.

In the US the deployment of predictive models for life insurance has grown exponentially over the past five years, providing carriers with an opportunity to break out of the preferred underwriting ‘strait-jacket’ that has required anyone applying for life insurance over relatively low levels (around $100,000) to undergo a medical exam with blood and urine testing. Whilst preferred underwriting has enabled the industry to offer some of the most affordable life insurance in the world, it has conversely created an expensive and time-consuming underwriting process that has become an inhibitor for some consumers to purchase cover.