Do any of the following statements apply to your organization?

1. Our underwriting cycle time metrics are stagnant or slipping.
2. We have an opportunity to improve our customers’ and/or producers’ experience.
3. Our organization has yet to fully embrace a medical data strategy.

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:

• A Disclosure Tool
  • An EHR is the ideal tool if you are introducing a new process (think direct-to-consumer) or a new distribution source that you would like to examine more closely before you fully fold it into an existing workflow.
• An Acceleration Enhancer
  • For those that use a mortality risk score or tool that determines if a case qualifies to stay on an accelerated path, you know that there is a large ‘gray zone’ where the correct path is not clear. Consider using an EHR to keep more customers within the accelerated journey.
• A Data Optimization Tool (See example below)
  • An EHR is the only piece of electronic medical data that provides an opportunity to capture critical information such as build, medical history, smoking status, medical history, procedures, etc. so that the underwriter can determine which requirement to order next…if any!
• A Final Action Confirmation Checkpoint
  • Use an EHR to ensure that there are no surprises before you place or auto-bind that large case.
• Post Issue Review Option
  • Whether your workflow or treaty obligations call for random holdouts, post issue audits or some level of forensic underwriting, an EHR is often a cheaper and quicker option.
• A Quicker Customer Service Activity Solution
  • Reinstatements, Policy changes, and claims adjudication may be handled more quickly with an EHR.

Here is one example of the cost savings impact of using EHR as a data optimization tool:

Case Study:

• Initial Review: Male/ Age 53
• Death Benefit Amount: $100,000
• Product: T-10 / Non-Tobacco (Quoted Standard)
• Premium Amount: $350.00/Annual (Several A+ rated companies were used to establish the baseline premium)
  
  
  

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."