By Carolyn McAvinn, FLMI, AALU, PMC-IVJuly 18, 2023
Do any of the following statements apply to your organization?
What if we also have an opportunity to slash your underwriting requirement budget? Are you intrigued enough to say, "tell me more?"
As we roll into the 3rd quarter of 2023, the use of electronic health records within the life underwriting process has clearly cemented itself as a staple for many carriers. Most have weaved it into workflows in some fashion, many at scale. However, we still have some members that only dabble in searching for an EHR when they cannot obtain a traditional APS or need medical information quickly. The obstacles to fully embracing new data products or solutions are seldom unique among our members. Common reasons include resource limitations to execute the searching task and adoption resistance.
For carriers that are still wary about fully embracing a digital medical data solution or are burdened with other priorities, we encourage you to start or expand your journey using with the following use cases:
Here is one example of the cost savings impact of using EHR as a data optimization tool:
We encourage new users of electronic medical data to consider the benefits of searching for information early in workflows to see if there is a quicker and cheaper alternative to underwriting information than traditional sources. With no search fees unless a record is returned, it is a great way to save money and pivot to traditional underwriting requirements only when necessary.
MIB is always here to support you in taking the first steps. Call us, we will always "tell you more."
Carolyn McAvinn is the Director of Underwriting Innovations for MIB. Prior to joining MIB in late 2018, she held various underwriting roles supporting multiple companies, product lines and distribution platforms. These included underwriting management, direct line production underwriting in the life, disability and long-term care markets and assisting with the development of underwriting engine automation and accelerated underwriting programs. Carolyn is a graduate of the University of Massachusetts - Amherst and currently serves as a board member of the MUD (Metropolitan Underwriting Discussion) Group in NYC.