In just some months’ time, the COVID-19 disaster caused years of change in the way in which firms in all sectors and areas do enterprise. In line with a brand new McKinsey World Survey of executives,1 their firms have accelerated the digitization of their buyer and supply-chain interactions and of their inside operations by 3 to 4 years. And the share of digital or digitally enabled merchandise of their portfolios has accelerated by a stunning 7 years.1 The insurance coverage trade is not any exception.
Actual-time well being knowledge helps fluidless fashions and retains mortality expertise low
The speedy development of automated underwriting along with the challenges offered by the onset of COVID-19 has solely exacerbated the necessity for fluidless underwriting, vaulting knowledge to the forefront of the expansion alternatives within the insurance coverage market. ExamOne’s present suite of well-established knowledge merchandise gives a powerful place to help our shoppers by way of this transitional interval, permitting them to take care of their firm’s mortality expertise in a risky market and really feel assured within the choices they’re making.
Hit charges for LabPiQture, now solidly within the excessive 60s, proceed to rise steadily as extra knowledge sources are added, together with a number of the high laboratories in the US. LabPiQture supplies the underwriter with real-time knowledge that’s extremely correct and full. Having this knowledge supply on the underwriter’s fingertips initially of the underwriting course of grants near-instant insights into the applicant’s medical historical past, offering them the boldness to make rapid choices. Because of this, firms have improved their acceptance standards and are higher in a position to place candidates.
LabPiQture identifies most popular instances too
Typically, we deal with those that are unhealthy or who pose an elevated threat to an organization’s backside line. Having knowledge with a 7-year longitudinal lookback, as supplied with LabPiQture, cannot solely level out areas of concern, but additionally spotlight the proactive people who’re targeted on preventative measures for positively managing their well being.
LabPiQture shoppers report a discount in medical file orders- bettering turnaround time and decreasing underwriting prices
Over the previous years, the main focus has shifted from not solely striving to enhance challenge occasions and ease with which underwriters obtain and course of data, however to boost the applicant expertise. Utilizing knowledge supplied at the beginning of the appliance course of serves to offer a extra streamlined route to finish functions. Lengthy gone are the times when each case, even at smaller face quantities, required the ordering of oral fluids, bloods, parameds or…the dreaded medical information. Having LabPiQure as a part of the underwriting course of permits you to acquire sufficient data to shrewdly restrict the ordering of an APS, digital medical file or digital well being file. This not solely reduces the time from utility consumption to challenge, however drastically reduces prices related to unnecessarily ordering APSs. One wants to remember a ballpark determine for every APS is $65-$70 plus incidentals like underwriter time, particular authorizations, or time misplaced when information can’t be positioned.
General, the insurance coverage trade has had nice success in managing the large modifications imposed upon it with the onset of the pandemic. ExamOne shoppers, with using LabPiQture of their underwriting processes, have been in a position to obtain lowered challenge time (real-time knowledge at the beginning the appliance assessment course of), lowered acquisition bills (lowered APS or EHR ordering), all of the whereas protecting mortality impartial and even bettering mortality. Knowledge is a wealthy and helpful instrument to find out sequencing with large development potential. We are able to solely anticipate to see it proceed this trajectory within the foreseeable future.
Are you positioned to get the information you want to assist your candidates get insurance policies sooner?
For 50 years, ExamOne has been serving to insurers and people full the life insurance coverage utility course of with ease. We have now advanced and tailored to the altering trade whereas staying devoted to bettering the applicant expertise. Our purpose, like our insurer shoppers, is to assist defend extra households.
We’re all the time in search of new methods to broaden and develop our partnership. Please be happy to achieve out to me (Heather.X.Haslam@questdiagnostics.com), your Strategic Account Government, or your Account Supervisor. We’d love to debate how our knowledge sources, together with LabPiQture, may greatest suit your underwriting and enterprise wants.