(Image source: ExamOne homepage.)
LexisNexis Risk Solutions (New York), a provider of data, analytics and technology to the insurance industry, and ExamOne (Lenexa, Kan.), a Quest Diagnostics company and laboratory and prescription history data provider for life insurance, announced a strategic relationship to offer insurance carriers a next-generation life mortality model to underwrite new policies. The collaboration allows life insurers to more confidently expand age and policy ranges, utilize data in a more consistent, cost-effective manner, and deliver better experiences to consumers within minutes versus weeks using LexisNexis Risk Classifier, according to a LexisNexis statement.
Combining the current Risk Classifier model from LexisNexis Risk Solutions—which includes public records, credit attributes and driving behavior data—with ExamOne’s accelerated medical solution historical laboratory testing and prescription information creates an underwriting solution that contains data sources to form a single, predictive mortality score that is unique to the market, according to the vendors. This combination of the data will help life insurers evaluate relevant data into one streamlined and integrated model, assisting in the carrier’s overall underwriting decision process, the LexisNexis statement says.
“Collaborating with LexisNexis Risk Solutions demonstrates our commitment to help life insurers transform their workflows as well as simplify, streamline and accelerate the completion window of application to policy issuance for a better customer experience,” comments Joey Grant, President, ExamOne. “We are pleased with the preliminary results illustrating how our extensive data assets, including clinical laboratory history databases and prescription history, can be used in combination with LexisNexis Risk Classifier data to help life insurers offer consumers the protection they need for their families.”
Combining Non-Medical Data with Lab and Prescription Data
Life insurers can benefit from unprecedented lift when combining these data sets into one streamlined model, asserts Debra Gangelhoff, VP and general manager, Life Insurance, LexisNexis Risk Solutions. “The industry is seeing heightened pressure to speed up the traditional application process to meet the needs of consumers who increasingly have less tolerance for long underwriting cycle times, all while maintaining a touchless process to comply with social distancing guidelines,” she comments. “Incorporating historical laboratory, prescription history and medical claims data into Risk Classifier provides insurers an alternative to obtaining medical information from traditional paramedical exams and laboratory testing. We are proud to help life insurers innovate and are excited about the analysis we’ve been delivering with ExamOne to continue challenging the status quo by creating a better process.”
LexisNexis Risk Solutions and ExamOne say that by combining their solutions, they can help life insurers gain a unique competitive advantage, reduce risk and expenses, and improve carrier workflows. “This collaboration can arm life insurers with relevant data, using one streamlined and integrated mortality model,” the LexisNexis statement says. “It is important to note that the combined product will meet the applicable legal and regulatory requirements around consumer authorization for the disclosure and use of consumer information.”