What You Should Know:
– Verisk launches its new EHR Triage Engine, a tool that
uses data from consumer-authorized electronic health records (EHRs) to help
life insurers fast-track many applications for coverage.
– The EHR Triage Engine bypasses manual workflows,
leveraging advanced predictive analytics and automation to digitally ingest and
analyze EHRs and the tool can evaluate 95,000 impairments in five minutes or
less.
Verisk, a data
analytics provider, announced today the launch of its new EHR
Triage Engine, a tool that uses data from consumer-authorized electronic health records
(EHRs) to help life insurers fast-track many applications for
coverage—potentially cutting decision time from weeks to minutes.
EHR Triage Engine Overview
The typical life underwriting process traps companies and
agents in slow, manual workflows—and subjects customers to intrusive physical
exams and lab work. The EHR Triage Engine bypasses manual workflows, leveraging
advanced predictive analytics and automation to digitally ingest and analyze
EHRs.
The tool can evaluate 95,000 impairments in five minutes or
less, so life insurers can qualify as much as 85 percent of applicants for
coverage with minimal or no underwriter review. With automated processing of
low-risk cases, carriers can provide a streamlined customer experience for the
vast majority of their applications and enable underwriters to focus their
energy on complex risks.
Research shows that it takes four weeks to underwrite the
average life policy, but half of all life insurance shoppers are more likely to
buy if they can forego the most intrusive and time-consuming element—a required
physical exam. The EHR Triage Engine helps respond to those customer
expectations, an effort supported by a team of Verisk experts in biostatistics,
data science, medical research, regulatory compliance, and data privacy.
Development Background
Verisk developed the EHR Triage Engine in collaboration with
SCOR, a global Tier 1 reinsurer. SCOR plans to integrate Verisk’s EHR Triage
Engine into SCOR Global Life’s Velogica underwriting system. The Verisk
solution can also be easily delivered via a stand-alone API or integrated into technology
from FAST, a Verisk business and leading provider of end-to-end software for
the life insurance and annuity markets.
“Many life insurers are looking to implement digital strategies to modernize and streamline their business for a competitive advantage,” said Maroun Mourad, president of global underwriting at Verisk. “Verisk is at the forefront of a revolution in analyzing structured digital health data for insurers that’s shared by their applicants, and is indispensable for automating real-time, low-, or no-touch decision making. This can help insurers deliver a quick purchase process for the vast majority of applicants who are relatively low risk.”
