LabPiQture tool, combined with advanced rules-processing from Hannover Re US, promises major leap forward in automated accelerated underwriting for life insurers
ORLANDO, FL – August 16 2021, 9:00am EST– Hannover Life Reassurance Company of America (Hannover Re US) today announced a collaboration with ExamOne, a Quest Diagnostics Company, to incorporate ExamOne’s innovative LabPiQture data into hr | ReFlex, Hannover Re’s automated underwriting solution for life insurers.
This integration allows hr | ReFlex clients to automate the use of LabPiQture’s comprehensive, real-time clinical laboratory records to enhance the accelerated underwriting of life insurance policies. Combined with sophisticated rule-sets developed by the medical underwriting team at Hannover Re US in collaboration with ExamOne, the new LabPiQture module of hr | ReFlex allows life insurers to significantly enhance their automated underwriting capabilities, make more offers to life insurance applicants without any manual, in-person processes, and achieve a large reduction in the time and cost of policy issuance.
Data from LabPiQture captures wide-ranging medical information such as serum biochemistry, hematology, microbiology and toxicology test results in a digitally standardized format. hr | ReFlex then uses that applicant disclosed data to provide intelligent and objective signals for underwriting decisions.
The combination of LabPiQture’s real-time data, and hr | ReFlex’s rule-sets, represents a critical step towards a fully standardized system of evaluating Logical Observation Identifiers Names and Codes (LOINCs), widely regarded as a necessary prerequisite for unleashing the full potential of electronic health records in accelerated underwriting within the life insurance industry.
Results from early testing show that when sophisticated and comprehensive rules are applied to LabPiQture data, clients are able to increase the amount of automated decisions made from that data from around 20% to the 75-80% range. This enables life insurers to dramatically increase their automated underwriting decisions and drive efficiencies.
“This is a natural collaboration for us and we’re excited about where it will take us on the road to deep automation within the life insurance space,” said Kevin Oldani, Senior Vice President and Chief Underwriter at Hannover Re US, “ExamOne has created an industry-leading tool, providing access to a comprehensive suite of real-time laboratory data from across the country. But it’s not just the data itself that counts, it’s what is done with it. Our rule-sets allow insurers to make immediate and productive use of the data for the purposes of sophisticated risk-assessment and automated, accelerated underwriting.”
“We are delighted to collaborate with Hannover Re US to expand access and utilization of our unique data set. LabPiQture has proven to be a valuable tool over the past year, providing insurers with real-time laboratory data on their applicants,” said Subu Ramachandran, President of ExamOne. “This collaboration further demonstrates our commitment to the industry to help life insurers reduce costs, improve efficiency and issue policies faster.”
Currently, the hr | ReFlex rule-set for LabPiQture’s data is only available to hr | ReFlex clients. ExamOne and Hannover Re US plan to make the hr | ReFlex LabPiQture rule-set and an accompanying predictive model available to current LabPiQture users through their existing connection to LabPiQture data, allowing insurers to gain the full benefits of the module without the need to install new technology.
The module meets all legal and regulatory requirements around consumer authorization for the disclosure and use of consumer information.
About Hannover Re
Hannover Re, with gross premium of more than EUR 24 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with more than 3,000 staff. Established in 1966, the Hannover Re Group today has a network of more than 170 subsidiaries, branches and representative offices worldwide. The rating agencies most relevant to the insurance industry have awarded Hannover Re outstanding financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior". For more information, please visit www.hannover-re.com.
ExamOne, A Quest Diagnostics Company, is a leading provider in the risk assessment industry who is committed to empowering decisions with health-based insights. Through in-depth personal history and national specimen collection capabilities, as well as access to instant health-based data, we provide quick and reliable health insights for life insurers. For more information, please visit ExamOne.com.
Manager, Life Solutions
Hannover Life Reassurance Company of America
Tel. +1 407 244 7532