hr | ReFlex Select for LabPiQture wins “Global Development Award” for data driven underwriting automation
The life insurance industry is rapidly progressing towards a more automated and instantaneous paradigm, highlighting the importance of detailed third-party data and automated rule sets1. As the life insurance industry has made this shift, it has become more critical for underwriters to have at their fingertips tools that streamline data-driven underwriting. In this context, Hannover Re was awarded the prestigious “Global Development Award” from Protection Review. This award recognizes Hannover Life Reassurance Company of America (HLR US) for its strategic and seamless integration of third-party clinical laboratory data from ExamOne® LabPiQtureTM product into Hannover Re’s automated underwriting solution, hr | ReFlex Select. Protection Review, a leading authority on the UK’s health and protection insurance industry, highlights global advancements in life and health insurance, and this recognition underscores the goal of the hr | ReFlex Select product to drive efficiency and accuracy for life insurers in underwriting.
hr | ReFlex Select – Underwriting rules for LabPiQture
Hannover Re collaborated with ExamOne to develop a rules-based solution that enables life insurers to automate the use of LabPiQture’s comprehensive, real-time clinical laboratory records to enhance accelerated underwriting programs and overcome data interpretation challenges. ExamOne LabPiQture returns clinical and insurance labs results typically regarded as LOINCs (Logical Observation Identifiers Names and Codes). Due to the volume and complexity of the data, underwriting outcomes are typically produced manually. hr | ReFlex Select allows for the automatic ingestion and evaluation of this data, providing a valuable automatic risk assessment tool to the life insurance underwriting industry. The data provided includes up to 7 years of lab history results in an FCRA-compliant report that can help reduce overall underwriting time and cost, serving as a possible APS alternative. hr | ReFlex Select for LabPiQture streamlines the process by automating rules for precise underwriting assessments, in line with Hannover Re’s underwriting manual hr | Ascent, and has been shown to reduce evaluation time.
Initially only available to hr | ReFlex clients, the rules are now available to carriers through hr | ReFlex Select, an API-based solution that enables carriers to use hr | ReFlex Select rules for LabPiQture irrespective of their current underwriting engine. Hit rates are approximately 70%2 with an automated underwriting decision for the LabPiQture data on more than 85% of people with LabPiQture results per Hannover Re Underwriting Analytics.
Protective Value of hr | ReFlex Select
The hr | ReFlex Select product optimizes the protective value of ExamOne’s LabPiQture data compared to alternative solutions. The hr | ReFlex Select product instantaneously analyzes large sets of lab data provided by ExamOne and interprets the data to produce comprehensive underwriting recommendations that fits seamlessly into traditional underwriting structures.
Rule-building philosophy and considerations
Hannover Re’s rules for LabPiQture are firmly grounded in the hr | Ascent underwriting manual and also provide additional guidance with rules that address LabPiQture data with nuance. To develop the rules and launch the automated solution, the HLR US team collaborated extensively between underwriting, medical directors, data analytics, and hr | ReFlex team. Hannover Re’s Chief Medical Director is at the center of rule development, offering a level of expertise for each rule that is not possible with traditional manual reviews.
As a result, hr | ReFlex Select for LabPiQture has provided recommendations on over 500,000 digital applications from over 20 unique US clients. This solution offers clear, structured underwriting recommendations based on the unique dataset of laboratory results available through LabPiQture; recommendations are complete with detailed rationales and precise follow-up actions. It also expedites accurate and complex decision-making at the point of sale. By enabling real-time access to comprehensive data, this integration streamlines underwriting decisions and policy issuance.
Conclusion
hr | ReFlex Select rules for LabPiQture supports carriers’ use of the data to help make automated decisions, reduce manual case reviews and improve the efficiency and consistency of those cases requiring manual review without negatively impacting mortality. hr | ReFlex Select for LabPiQture highlights the value of the collaboration between Hannover Re and ExamOne, unlocking the potential of laboratory results for data-driven underwriting. This collaboration also includes detailed mortality studies on key lab results, many of which have not been formally studied in the US Life Insurance space.
To learn more about LabPiQture and how it can transform your underwriting processes, reach out to your ExamOne Strategic Account Executive or request a meeting.
(2022). “Insurance Industry Outlook.” (https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html)
ExamOne, a Quest Diagnostics Company, internal data.
