Munich Re Life US and Clareto, a Munich Re company, have launched Automated EHR Summarizer, a new digital solution for life insurance underwriting.
The tool provides a synopsis of electronic health record (EHR) data in two formats: a readable HTML report and structured digital data for use in rules, models and analytics.
It extracts and normalises EHR data directly from the source, highlighting key points essential to underwriters and providing triage guidance.
Furthermore, it helps reduce the burden of manual review of lengthy EHRs, paving the way for a more streamlined and accurate picture of projected health trajectories in accelerated underwriting programmes.
According to the company, the new solution is ideal for use in post-issue audit and light-touch underwriting.
June Quah, vice president for integrated analytics at Munich Re North America Life, comments: “Automated EHR Summarizer helps life insurance carriers further align with customer expectations by enabling fast and accurate decision making.
“This product leverages our leadership in risk assessment, technical expertise in data analytics, including artificial intelligence and natural language processing techniques, and access to an unparalleled EHR network to push the boundaries of digital transformation in the industry.”
Dave Dorans, Clareto CEO, says: “We believe this product will accelerate the adoption of EHRs and further streamline underwriting, benefiting both customers and carriers.
“With EHRs replacing more onerous and costly data sources, and Automated EHR Summarizer simplifying their use, we are bridging the gap between access to digital medical records and their practical use in the industry.”
