In a major announcement this month, Verisk, a leader in software solutions for the insurance industry, has launched a breakthrough product. Its EHR Triage Engine uses data from consumer-authorized electronic health records (EHRs) to help life insurers fast-track many applications for coverage. This powerful tool uses medical research, biostatistics, and data science to help determine underwriting decisions on as many as 85% of applications in one minute or less.
Background on the Complexities of the Medical Industry
The medical industry is constantly under scrutiny because of the need to always make sure that medical patients are getting the best care. The US medical industry is the largest industry in the world, but it is a complicated industry with a sometimes contradictory mix of insurance policies, privacy issues, government funding, technology, and legal issues. When you combine this with a mix of stakeholders that include patients, doctors, hospitals and clinics, insurance companies, and government agencies, it is easy to understand why things can get so complicated, and, at times, move so slowly. Speed is definitely a critical component of providing great medical care, but with so many elements to consider and groups to appease, getting things done quickly is often very challenging.
This is why companies that manage to find ways to improve speed within the medical industry are so favored. If an organization can work within the complexities and deliver an improvement in speed without a reduction in quality, everyone involved will take notice. If they can improve speed and quality, they will be highly coveted. Verisk has placed its focus on delivering speed and an increase in quality, and as a result, the announcement of Verisk’s new EHR Triage Engine is great news for all medical industry stakeholders.
It takes four weeks to underwrite the average life insurance policy, according to current research. And about half of all life insurance shoppers are more likely to buy if they can bypass the most intrusive and time-consuming element of acquiring insurance; a mandatory physical examination. The EHR Triage Engine has been developed to respond to those customer expectations. By utilizing a range of advanced diagnostics and data, the platform can speed up the process and give insurers all of the data they need to either approve or reject an application.
Benefits of the EHR Triage Engine
Standard underwriting processes bog down companies with slow manual workflows. These are often rife with inaccuracies that can be exacerbated as the data flows through the system. Customers meanwhile get subjected to intrusive physical exams and lab work that sometimes must be repeated because of errors. With the push to move things quickly because of backlogs, things can get even messier and slow down more.
With the new Verisk EHR Triage Engine, medical professionals no longer need to make the awful choice of either speed or accuracy. The platform provides both consistently. Here are some of the key details and benefits.
The EHR Triage Engine Bypasses Manual Workflows
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.
Underwriting decision making is improved
The EHR Triage Engine will help to enable underwriting decisions consistently. Data shows that the platform can assist on as many as 85% of applications and deliver results in one minute or less. The platform examines more than 50 risk elements and 95,000 impairments.
Compliance and security are key concerns
Compliance and security are key concerns for anyone handling medical data. The platform is extremely secure with many built-in security elements. Additionally, it is overseen by experts in compliance and security.
Development of the EHR Triage Engine was done making sure that the platform could work alongside or be integrated into any underwriting system. It works as a standalone API, and with FAST, a Verisk business and leading provider of end-to-end software for the life insurance and annuity markets. The basic system was created in conjunction with SCOR, a global Tier 1 reinsurer, so it has been fully tested in the field.
SCOR plans to integrate Verisk’s EHR Triage Engine into SCOR Global Life’s Velogica underwriting system. Verisk’s EHR Triage Engine is setting the standard in the marketplace.