08 Feb How Clinical Health Data Can Help Life Insurance Providers

In the life insurance sector, actuaries play a critical role in leveraging statistical analysis for developing annuity and life insurance policies for individuals and groups.

This involves analyzing and estimating how long someone is expected to live, based on a wide-range of factors – with the goal of minimizing the risk for the life insurance provider.

When it comes to analyzing the health of a potential new policyholder, life insurance actuaries typically leveraged data from health insurance claims. However, there is an emerging effort where life insurance providers are beginning to analyze the clinical and EHR data of potential policyholders.

According to this recent CB Insights study, EHR platforms enable underwriters to supplement existing underwriting data with new health data that they have traditionally only been able to obtain from in-person physician visits.

This data comes from health data aggregation solutions, which can now provide access to key clinical data for providing a more comprehensive picture of a potential policyholder’s health status.

To meet these needs, IMAT Solutions has capitalized on existing clinical data integration competencies and extended the Data-as-a-Service (DaaS) offering into the life insurance sector by providing back-end data aggregation services that provide a comprehensive view of all structured and unstructured health data.

The benefits of leveraging clinical data for life insurance include improved risk assessments and risk modeling, streamlined underwriting and enhanced policyholder experiences.

Are you a life insurance provider looking to minimize risk though leveraging clinical data? Please contact IMAT Solutions today for an initial consultation.