#United States #Atlanta #Life Insurance #LexisNexis #Health Intelligence

Revolutionizing Life Insurance Underwriting with LexisNexis Health Intelligence

In a major leap forward for the life insurance industry, LexisNexis® Risk Solutions has announced groundbreaking advancements in its digital health data platform, LexisNexis® Health Intelligence. This platform is set to transform the underwriting process for life insurers in the U.S., providing them with enhanced access to essential health data while addressing critical gaps in coverage for underserved populations.

With the increasing demand for efficient, accurate, and user-friendly underwriting experiences, the innovations introduced by LexisNexis aim to facilitate faster interactions between life insurance carriers and applicants. Central to this advancement is a newly designed Clinical History Report, which condenses essential medical information into a more accessible format. This report is not only 30% shorter than traditional electronic health records (EHRs), but also presents data in a format that is easy to interpret, allowing underwriters to make faster decisions based on clear, relevant health insights.

Empowering Life Insurers with Advanced Data Insights

The integration of this innovative report enables insurance providers to access data more efficiently, allowing them to assess risks effectively without additional burdens of evidence gathering in many cases. Justin Baker, Associate Vice President of Life Insurance at LexisNexis Risk Solutions, emphasized the necessity for life insurers to operate with confidence in using EHRs, moving towards a future where insurance decisions can be largely supported by comprehensive digital health data.

* Key Features of LexisNexis Health Intelligence:
- Revolutionary Clinical History Report:
Offering a highlight summary for quick reference of an applicant's health history, including critical details like age, social history, and recent lab results.
- Advanced Linking Capabilities:
Utilizing LexID®, the proprietary linking technology, to enhance data accuracy and decision-making.
- Data Normalization and Parsing:
Structuring health data for clearer usability, thus reducing noise and duplication which ultimately aids in informed underwriting.
- Comprehensive Change Management:
Providing life insurance companies with expert resources and knowledge to seamlessly adopt digital health data processes.

These advanced features not only improve the overall efficiency of the underwriting process but also play a crucial role in helping insurers reach a broader audience, particularly those who have been historically underserved in the market. The ability to harness digital health insights is vital in addressing the coverage gap and assisting in mortality reduction strategies.

Driving Transformation and Enhancing Customer Experience

The combination of these innovations positions LexisNexis Health Intelligence at the forefront of a significant shift within the life insurance landscape. By automating the insights drawn from health data, life insurers can mitigate risks more effectively, price their policies with greater accuracy, and, importantly, deliver a customer experience that stands out in the industry.

Baker articulates a future where life insurance becomes more universally accessible, thanks to effective digital health strategies that close the gaps in coverage. With significant investments in network expansion and data insight validation, LexisNexis is committed to creating a more equitable insurance landscape.

Conclusion

LexisNexis Health Intelligence exemplifies how leveraging digital health data can transform traditional insurance practices, ultimately leading to a more inclusive and efficient system of risk underwriting. As these innovations take root within the industry, it is anticipated that more individuals will gain access to the life insurance they need, positively impacting public health outcomes across the nation. To explore more about LexisNexis Health Intelligence and its remarkable offerings, visit their official website.