With sweeping stay-at-home orders across the country and social distancing guidelines in effect, nearly all industries have had to adapt by making significant changes to once routine business practices. For many life insurers, this means figuring out how to handle underwriting in the absence of in-person exams or the collection of fluids, like blood and urine.
electronic health records
Life insurers are using digital health data to streamline the underwriting process
For decades medical records, a.k.a. APSs, have been known as the gold standard for life insurance underwriting data, though the acquisition of medical records remains largely an inefficient paper process. Since the introduction of electronic health records (EHR) in the health field, life insurance labeled them the Holy Grail and vendors of this data as potential disruptors.
When it comes to Electronic Health Records (EHRs), for some time now life insurers have wondered when or if EHRs would become a reality. This is no longer in question, and RGA's Sue Wehrman now explores the question of how the industry will use this new technology.
The marriage between technology and faster underwriting is a union the life insurance industry has encouraged for many years. Progress has been slow, but MIB Group is making headway, recently signing an agreement with Epic to utilize its electronic health records system.