Innovation in Insurance Underwriting: ExamOne Introduces Risk Identifier
— Real-time, health data product takes a personalized approach to risk assessment
— Underwriters have new tool to guide smarter decisions and receive instant decision-making results
LENEXA, Kansas, February 6, 2017 – ExamOne, a Quest Diagnostics company and leader in helping insurers meet their underwriting needs, announced today the introduction of Risk IdentifierTM. The innovative Risk Identifier tool draws upon years of historical experience with fully underwritten applications, using QuestCheck®, our clinical laboratory history product and ScriptCheck®, our prescription history tool, to develop a real-time, health-driven, scoring model for life insurance applicants.
Risk Identifier scores are highly compatible with underwriting engines and automated processes, while relevance-driven detail reports are optimized for efficient underwriter review in more complex cases. Whether ordered in conjunction with laboratory testing, or as a standalone requirement, Risk Identifier serves to place clinical and prescription histories within the context of credible and established underwriting guidelines.
“This customized approach to developing a risk score for insurance applicants will assist insurers in identifying riskier applicants sooner,” said Troy Hartman, President at ExamOne. “High-risk scores may show a need for additional underwriting requirements that will allow the insurance company to accurately rate a premium. Conversely, those insurance applicants with low-risk scores may not need to go through as many underwriting steps, making the process faster, more efficient and less costly.”
As insurers look to introduce instant-issue policies, real-time data products play an increasingly significant role in the underwriting and pricing process for life policies. With the growing demand for data, various models and multiple sources of behavioral or lifestyle data have emerged. Risk Identifier offers the unique potential to base risk assessment decisions on the more direct, better understood and less controversial foundation of an applicant’s health history. Scores reflect expertise-driven qualitative assessment of an applicant’s health risk level.
ExamOne has provided a portfolio of services to the insurance industry since 1972, giving it a great deal of understanding about the needs of life, health and disability insurance providers and their customers. Laboratory testing was part of the company’s original services and its role has expanded to include paramedical exams, fraud detection, electronic data collection, and gathering electronic medical records and motor vehicle records. ExamOne has also expanded into helping individuals learn about their own health through its Inside Look® and Blueprint for Wellness® products. (www.Examone.com)
About Quest Diagnostics®
Quest Diagnostics is the world’s leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at www.QuestDiagnostics.com.