Electronic health records (EHRs) can have a transformative impact on the traditional life & health underwriting process, claims Swiss Re in a new report.
During the past two years, Swiss Re put together a team comprising of actuarial, data science and underwriting experts, to conduct an analysis evaluating the effectiveness of using EHRs in lieu of traditional requirements.
The results demonstrated that EHRs can be used in place of traditional age and policy value requirements to provide faster, non-invasive underwriting processes for a significant volume of customers.
The company says studies indicate that using EHRs in place of routine age and value requirements can speed up the underwriting process from 15 to two days.
“These study results underscore the need for adaptability and forward thinking when it comes to underwriting solutions,” said Michael Bacon, Head US L&H Globals, Swiss Re.
“EHRs can benefit the underwriting process by reducing redundant requirement ordering, and eliminating the traditional age and amount approach.”
In order to adopt EHRs and manage the transition for underwriters, Swiss Re developed the Underwriting Ease software.
The platform enables underwriters to streamline EHR ingestion and tie them together with disclosures in one intuitive view.