The last word measure of an underwriting device’s efficacy is its “protecting worth.” It represents the quantifiable mortality financial savings achieved by precisely figuring out and pricing dangers which may in any other case be missed. The subtle, condition-focused guidelines engine inside ExamOne’s Threat Identifier supplies a holistic view of an applicant, delivering a monetary and danger administration profit that makes full use of all accessible knowledge sources, with notably low ranges of redundancy.
A granular evaluation of our knowledge demonstrates the dramatic monetary affect of this holistic view. When seen in isolation, a single knowledge supply like prescription historical past yields a protecting worth
of roughly $1,303 on a typical coverage. Nevertheless, when this info is fused with medical and life insurance coverage lab knowledge and medical claims by ExamOne’s Threat Identifier, the protecting worth extra than triples, climbing to $4,435.
This substantial improve stems from the distinctive, minimally overlapping insights every knowledge supply supplies; our evaluation exhibits that even when prescription and claims knowledge are already in use, 67.1% of the entire protecting worth of lab knowledge is solely new to the underwriting course of. This precept is finest illustrated by a sensible underwriting state of affairs that Threat Identifier is constructed to unravel. Think about two 45-year-old male candidates who each disclose a historical past of diabetes and therapy with metformin. On paper, they current an identical danger. But, the combination of historic A1c lab knowledge inside ExamOne’s Threat Identifier reveals an important distinction: one applicant’s A1c of 6.6% factors to a well-managed situation, warranting a advisable table-rating approval. The opposite’s A1c of 11.2% alerts a poorly managed, high-risk profile that will necessitate a decline or RUW. This perception, accessible solely by the synthesis of knowledge inside Threat Identifier, immediately prevents antiselection and protects in opposition to important mortality prices.
In the end, this built-in and condition-focused method delivers a superior and quantifiable return on funding. The multidimensional and correct view of danger supplied by ExamOne’s Threat Identifier immediately enhances the underside line by a demonstrable improve in protecting worth.
To be taught extra about ExamOne’s Threat Identifier and the way it can match into your workflow, contact your Strategic Account Govt or request a gathering right here.